Brazil's Vale dam disaster report highlights governance shortcomings [Reuters (UK)]
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Source: Reuters
Brazil's Vale dam disaster report highlights governance shortcomings - Reuters 4 Min Read RIO DE JANEIRO (Reuters) - Brazilian prosecutors on Friday slammed Vale SA’s ( VALE3.SA ) corporate risk management policies, saying a report released by the iron ore miner a day earlier highlighted governance issues that contributed to a dam burst last year that killed 270 people, just four years after a similar disaster. “It’s obvious from the report that profound changes in corporate governance and risk management need to be made if new disasters like those which happened in Brumadinho and Mariana are to be avoided,” José Adércio Sampaio, the head federal prosecutor investigating the dam burst, told Reuters. Brazil-listed shares in the company, which reported middling fourth-quarter results on Thursday, were down some 4% in Friday afternoon trade, a much steeper decline than the Brazil’s benchmark Bovespa equities index which was off 1.1%. In January 2019, the company’s B1 dam in the town of
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