Brazil: Vale to create compliance department to oversee integrity, internal audits and whistleblower channel
Author: Bruno Venditti, Mining.com, Published on: 16 March 2020
"Vale to create compliance department after Brumadinho", 11 March 2020.
After the Mariana and Brumadinho disasters, Vale (NYSE: VALE) said on Wednesday that will install an audit committee to improve company’s corporate governance. The committee will assist the Board of Directors in supervising the internal audit activities, the area of internal controls and the area responsible for preparing Vale’s financial statements...The company also decided to revise its bylaws to establish the Compliance Department (CCO) that will be responsible for the areas of integrity and internal audit and for the management of the Whistleblower Channel. The proposed revision of the bylaws will be decided at the General Meeting of Shareholders on April 30th, 2020. The Brazilian iron ore miner recently published results of an independent report which revealed the company knew about the risks at Brumadinho’s tailing dam before the collapse that killed 270 people...
Related companies: Vale