Vale's Management Team Is on Thin Ice After Deadly Dam Break

While Vale has taken steps in recent years to shield itself from state intervention, the government is still indirectly the company’s largest shareholder through a Banco do Brasil pension fund, known as Previ. As Brazil’s largest exporter and a producer of raw materials, Vale is heavily reliant on key agreements with the government like railway concessions, mining licenses, and favorable foreign policy. On Sunday, Renan Calheiros, a candidate for Senate president, tweeted that he supported the dismissal of Vale’s top executives.

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