Following the disasters at the Mariana and Brumadinho mines, Vale announced that he would create an audit committee to improve the corporate governance of the company.
The committee will assist the Board of Directors in oversight of the internal audit activities, the area of ??internal control and the area responsible for the preparation of Vale's financial statements.
The committee will consist of at least three members, two of whom are appointed today by the Board of Directors: Isabella Saboya de Albuquerque, independent board member of Vale and Wiz Soluções, and Luciana Pires Diaz, lawyer who served on the audit committee. and the Board of Directors of the National Bank for Economic and Social Development of Brazil - BNDES.
The company also decided to revise its charter to create a compliance department (CCO), which will be responsible for the areas of integrity and internal audit, as well as for managing the whistleblower channel.
The decision to amend the charter will be made at the General Meeting of Shareholders on April 30, 2020.
The Brazilian iron ore company recently published an independent report that showed the company knew about the risks at the Brumadinho tailing pit before the collapse, which killed 270 people.
“The creation of a CCO will strengthen Vale’s risk management model in its third line of defense by monitoring the corporate integrity of the organization and confirming compliance with laws, regulations, policies and procedures, with autonomy and independence from management,” the company said.
