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VALE SA 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings. Page generated 02 October 2026.

56Reported items
151Asset managers
4,248Fund votes
2024-04-26Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore VALE SA in the interactive database Compare manager voting policies

How asset managers voted at the VALE SA 2023-2024 meeting

Each item below shows how the 151 asset managers that disclosed a VALE SA vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of VALE SA’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Approve Absorption of FRD

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (604,751,200 for, 0 against).

FOR: 604,751,200 (100.0%)

Largest asset managers voting on “Approve Absorption of FRD” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	For
Aberdeen	828,300	For

Showing the 25 largest of 76 asset managers. See all 76 in the interactive database.

2. Approve Agreement to Absorb Florestas Rio Doce S.A. (FRD)

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (604,751,200 for, 0 against).

FOR: 604,751,200 (100.0%)

Largest asset managers voting on “Approve Agreement to Absorb Florestas Rio Doce S.A. (FRD)” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	For
Aberdeen	828,300	For

Showing the 25 largest of 76 asset managers. See all 76 in the interactive database.

3. Approve Independent Firm's Appraisal

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (606,347,554 for, 0 against).

FOR: 606,347,554 (100.0%)

Largest asset managers voting on “Approve Independent Firm's Appraisal” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
RWC Asset Management LLP	1,672,395	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	For

Showing the 25 largest of 76 asset managers. See all 76 in the interactive database.

4. Approve Remuneration of Company's Management and Fiscal Council

COMPENSATION

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (628,030,872 for, 0 against).

FOR: 628,030,872 (100.0%)

Largest asset managers voting on “Approve Remuneration of Company's Management and Fiscal Council” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
APG Asset Management US Inc.	19,219,088	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
RWC Asset Management LLP	4,137,500	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For

Showing the 25 largest of 76 asset managers. See all 76 in the interactive database.

5. Ratify Macso Legate Auditores Independentes as Independent Firm to Appraise Proposed Transaction

AUDIT-RELATED

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (606,347,554 for, 0 against).

FOR: 606,347,554 (100.0%)

Largest asset managers voting on “Ratify Macso Legate Auditores Independentes as Independent Firm to Appraise Proposed Transaction” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
RWC Asset Management LLP	1,672,395	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	For

Showing the 25 largest of 76 asset managers. See all 76 in the interactive database.

6. Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2023

INVESTMENT COMPANY MATTERSCORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 80%ABSTAIN 20%

The 75 asset managers below cast 100% of the shares they voted on this item FOR (485,382,216 for, 0 against).

FOR: 485,382,216 (80.2%)ABSTAIN: 119,462,631 (19.8%)

Largest asset managers voting on “Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2023” at VALE SA, 2023-2024
Asset manager	For	Abstain	Vote
Capital Group	205,604,500	0	For
BlackRock	0	118,796,573	Abstain
Vanguard	109,296,939	0	For
Fidelity	42,080,652	0	For
TIAA	14,283,254	0	For
Invesco	13,338,247	0	For
Dimensional	13,140,147	0	For
State Street	10,910,400	0	For
MFS	9,300,003	0	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	0	For
T. Rowe Price	8,582,125	0	For
WisdomTree	6,902,398	0	For
RWC ASSET ADVISORS (US) LLC	5,895,869	0	For
Delaware/Macquarie	5,363,623	0	For
GMO	4,388,925	0	For
DWS	3,108,246	0	For
Lazard	2,830,195	0	For
Franklin Templeton	2,088,458	0	For
Goldman Sachs	1,919,800	0	For
PIMCO	1,618,500	0	For
American Century	1,497,899	0	For
Allspring	1,392,098	0	For
Victory Capital	1,296,297	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	0	For
Aberdeen	828,300	0	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

7. Approve Allocation of Income and Dividends

CAPITAL STRUCTURE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 75 asset managers below cast 100% of the shares they voted on this item FOR (604,786,979 for, 0 against).

FOR: 604,786,979 (100.0%)

Largest asset managers voting on “Approve Allocation of Income and Dividends” at VALE SA, 2023-2024
Asset manager	For	Vote
Capital Group	205,604,500	For
BlackRock	118,796,573	For
Vanguard	109,296,939	For
Fidelity	42,080,652	For
TIAA	14,283,254	For
Invesco	13,338,247	For
Dimensional	13,140,147	For
State Street	10,910,400	For
MFS	9,300,003	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	For
T. Rowe Price	8,582,125	For
WisdomTree	6,902,398	For
RWC ASSET ADVISORS (US) LLC	5,895,869	For
Delaware/Macquarie	5,363,623	For
GMO	4,388,925	For
DWS	3,108,246	For
Lazard	2,830,195	For
Franklin Templeton	2,088,458	For
Goldman Sachs	1,919,800	For
PIMCO	1,618,500	For
American Century	1,497,899	For
Allspring	1,392,098	For
Victory Capital	1,296,297	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	For
Aberdeen	828,300	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

8. Elect Heloisa Belotti Bedicks as Fiscal Council Member and Adriana Andrade Sole as Alternate Appointed by Geracao L. Par and Others

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

98% fund support · no official result

FOR 78%ABSTAIN 21%

The 75 asset managers below cast 98% of the shares they voted on this item FOR (470,480,168 for, 9,065,326 against).

FOR: 470,480,168 (77.8%)AGAINST: 9,065,326 (1.5%)ABSTAIN: 125,128,819 (20.7%)NOT VOTED: 1,043 (0.0%)

Largest asset managers voting on “Elect Heloisa Belotti Bedicks as Fiscal Council Member and Adriana Andrade Sole as Alternate Appointed by Gera” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
Capital Group	83,217,950	0	122,386,550	Abstain
BlackRock	118,796,573	0	0	For
Vanguard	109,296,939	0	0	For
Fidelity	41,894,406	186,246	0	For
TIAA	14,283,254	0	0	For
Invesco	13,338,247	0	0	For
Dimensional	13,140,147	0	0	For
State Street	10,910,400	0	0	For
MFS	9,300,003	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	6,041,027	0	2,742,269	For
T. Rowe Price	0	8,582,125	0	Against
WisdomTree	6,902,398	0	0	For
RWC ASSET ADVISORS (US) LLC	5,895,869	0	0	For
Delaware/Macquarie	5,363,623	0	0	For
GMO	4,388,925	0	0	For
DWS	3,108,246	0	0	For
Lazard	2,830,195	0	0	For
Franklin Templeton	2,088,458	0	0	For
Goldman Sachs	1,919,800	0	0	For
PIMCO	1,618,500	0	0	For
American Century	1,497,899	0	0	For
Allspring	1,392,098	0	0	For
Victory Capital	1,296,297	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	0	0	For
Aberdeen	828,300	0	0	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

9. Elect Marcio de Souza as Fiscal Council Member and Ana Maria Loureiro Recart as Alternate Appointed by Caixa de Previdencia dos Funcionarios do Banco do Brasil - Previ

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

65% fund support · no official result

FOR 63%AGAINST 34%

The 75 asset managers below cast 65% of the shares they voted on this item FOR (380,637,696 for, 205,544,100 against).

FOR: 380,637,696 (62.9%)AGAINST: 205,544,100 (34.0%)ABSTAIN: 18,492,517 (3.1%)NOT VOTED: 1,043 (0.0%)

Largest asset managers voting on “Elect Marcio de Souza as Fiscal Council Member and Ana Maria Loureiro Recart as Alternate Appointed by Caixa d” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
Capital Group	0	187,111,983	18,492,517	Against
BlackRock	118,796,573	0	0	For
Vanguard	109,296,939	0	0	For
Fidelity	41,894,406	186,246	0	For
TIAA	14,283,254	0	0	For
Invesco	13,338,247	0	0	For
Dimensional	13,140,147	0	0	For
State Street	10,910,400	0	0	For
MFS	9,300,003	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	8,783,296	0	Against
T. Rowe Price	0	8,582,125	0	Against
WisdomTree	6,902,398	0	0	For
RWC ASSET ADVISORS (US) LLC	5,895,869	0	0	For
Delaware/Macquarie	5,363,623	0	0	For
GMO	4,388,925	0	0	For
DWS	3,108,246	0	0	For
Lazard	2,830,195	0	0	For
Franklin Templeton	2,088,458	0	0	For
Goldman Sachs	1,919,800	0	0	For
PIMCO	1,618,500	0	0	For
American Century	1,497,899	0	0	For
Allspring	1,392,098	0	0	For
Victory Capital	1,296,297	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	0	0	For
Aberdeen	828,300	0	0	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

10. Elect Paulo Clovis Ayres Filho as Fiscal Council Member and Guilherme Jose de Vasconcelos Cerqueira as Alternate Appointed by Cosan Oito S.A.

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

87% fund support · no official result

FOR 87%13%

The 75 asset managers below cast 87% of the shares they voted on this item FOR (524,259,032 for, 80,415,281 against).

FOR: 524,259,032 (86.7%)AGAINST: 80,415,281 (13.3%)NOT VOTED: 1,043 (0.0%)

Largest asset managers voting on “Elect Paulo Clovis Ayres Filho as Fiscal Council Member and Guilherme Jose de Vasconcelos Cerqueira as Alterna” at VALE SA, 2023-2024
Asset manager	For	Against	Vote
Capital Group	140,879,067	64,725,433	For
BlackRock	118,796,573	0	For
Vanguard	109,296,939	0	For
Fidelity	41,894,406	186,246	For
TIAA	14,283,254	0	For
Invesco	13,338,247	0	For
Dimensional	13,140,147	0	For
State Street	10,910,400	0	For
MFS	9,300,003	0	For
INTERNATIONAL GROWTH & INCOME FUND	2,742,269	6,041,027	Against
T. Rowe Price	0	8,582,125	Against
WisdomTree	6,902,398	0	For
RWC ASSET ADVISORS (US) LLC	5,895,869	0	For
Delaware/Macquarie	5,363,623	0	For
GMO	4,388,925	0	For
DWS	3,108,246	0	For
Lazard	2,830,195	0	For
Franklin Templeton	2,088,458	0	For
Goldman Sachs	1,919,800	0	For
PIMCO	1,618,500	0	For
American Century	1,497,899	0	For
Allspring	1,392,098	0	For
Victory Capital	1,296,297	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	0	For
Aberdeen	828,300	0	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

11. Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate Appointed by Geracao L. Par and Others

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

99% fund support · no official result

FOR 99%

The 75 asset managers below cast 99% of the shares they voted on this item FOR (595,608,987 for, 9,065,326 against).

FOR: 595,608,987 (98.5%)AGAINST: 9,065,326 (1.5%)NOT VOTED: 1,043 (0.0%)

Largest asset managers voting on “Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate Appointed” at VALE SA, 2023-2024
Asset manager	For	Against	Vote
Capital Group	205,604,500	0	For
BlackRock	118,796,573	0	For
Vanguard	109,296,939	0	For
Fidelity	41,894,406	186,246	For
TIAA	14,283,254	0	For
Invesco	13,338,247	0	For
Dimensional	13,140,147	0	For
State Street	10,910,400	0	For
MFS	9,300,003	0	For
INTERNATIONAL GROWTH & INCOME FUND	8,783,296	0	For
T. Rowe Price	0	8,582,125	Against
WisdomTree	6,902,398	0	For
RWC ASSET ADVISORS (US) LLC	5,895,869	0	For
Delaware/Macquarie	5,363,623	0	For
GMO	4,388,925	0	For
DWS	3,108,246	0	For
Lazard	2,830,195	0	For
Franklin Templeton	2,088,458	0	For
Goldman Sachs	1,919,800	0	For
PIMCO	1,618,500	0	For
American Century	1,497,899	0	For
Allspring	1,392,098	0	For
Victory Capital	1,296,297	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,143,447	0	For
Aberdeen	828,300	0	For

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

12. SETTING THE GLOBAL ANNUAL COMPENSATION OF ADMINISTRATORS AND MEMBERS OF THE FISCAL COUNCIL FOR THE YEAR 2024, IN ACCORDANCE WITH THE MANAGEMENT PROPOSAL, EXHIBIT IV.

OTHER

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 4 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 43 asset managers below cast 100% of the shares they voted on this item FOR (8,917,493 for, 0 against).

FOR: 8,917,493 (100.0%)

Largest asset managers voting on “SETTING THE GLOBAL ANNUAL COMPENSATION OF ADMINISTRATORS AND MEMBERS OF THE FISCAL COUNCIL FOR THE YEAR 2024, ” at VALE SA, 2023-2024
Asset manager	For	Vote
Clark Capital Management Group, Inc.	2,740,511	For
CONTRARIAN CAPITAL MANAGEMENT, L.L.C.	1,522,483	For
JPMorgan	1,129,869	For
Brookfield Investment Funds	575,154	For
Jackson National	360,995	For
Virtus	309,200	For
Miller/Howard High Income Equity Fund	275,000	For
Cohen & Steers	265,057	For
Tidal ETF Trust	233,412	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	For
Clough Global Opportunities Fund	168,900	For
John Hancock	149,292	For
Gateway Trust	136,842	For
Janney Montgomery Scott LLC	121,020	For
Pacer Funds Trust	110,436	For
Clough Global Equity Fund	99,700	For
Listed Funds Trust	77,331	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	For
Clough Global Dividend & Income Fund	56,300	For
TrimTabs ETF Trust	51,883	For
Investment Managers Series Trust	40,000	For
ETF Opportunities Trust	39,541	For
NEOS ETF Trust	35,672	For
PFM Multi-Manager Series Trust	35,426	For
Calamos	26,450	For

Showing the 25 largest of 43 asset managers. See all 43 in the interactive database.

13. APPROVAL OF THE MANAGEMENT REPORT AND ACCOUNTS AND EXAMINATION, DISCUSSION, AND VOTING ON THE FINANCIAL STATEMENTS, REFERRING TO THE FISCAL YEAR ENDED DECEMBER 31, 2023.

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 96%

The 40 asset managers below cast 100% of the shares they voted on this item FOR (9,236,513 for, 0 against).

FOR: 9,236,513 (95.6%)ABSTAIN: 421,175 (4.4%)

Largest asset managers voting on “APPROVAL OF THE MANAGEMENT REPORT AND ACCOUNTS AND EXAMINATION, DISCUSSION, AND VOTING ON THE FINANCIAL STATEM” at VALE SA, 2023-2024
Asset manager	For	Abstain	Vote
ADVISORS SERIES TRUST	2,855,300	0	For
JPMorgan	1,636,269	0	For
Jackson National	573,724	421,175	For
John Hancock	702,669	0	For
Brookfield Investment Funds	575,154	0	For
Virtus	309,200	0	For
Brown Advisory Funds	296,000	0	For
Miller/Howard High Income Equity Fund	275,000	0	For
Cohen & Steers	265,057	0	For
Tidal ETF Trust	233,412	0	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	0	For
Clough Global Opportunities Fund	168,900	0	For
Gateway Trust	136,842	0	For
CULLEN FUNDS TRUST	111,510	0	For
Pacer Funds Trust	110,436	0	For
Clough Global Equity Fund	99,700	0	For
Listed Funds Trust	77,331	0	For
Krane Shares Trust	69,900	0	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	For
Cambria ETF Trust	64,200	0	For
Clough Global Dividend & Income Fund	56,300	0	For
TrimTabs ETF Trust	51,883	0	For
Investment Managers Series Trust	40,000	0	For
ETF Opportunities Trust	39,541	0	For
NEOS ETF Trust	35,672	0	For

Showing the 25 largest of 40 asset managers. See all 40 in the interactive database.

14. APPROVE THE VALUATION REPORT, PREPARED BY MACSO.

OTHER

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 40 asset managers below cast 100% of the shares they voted on this item FOR (9,657,688 for, 0 against).

FOR: 9,657,688 (100.0%)

Largest asset managers voting on “APPROVE THE VALUATION REPORT, PREPARED BY MACSO.” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
JPMorgan	1,636,269	For
Jackson National	994,899	For
John Hancock	702,669	For
Brookfield Investment Funds	575,154	For
Virtus	309,200	For
Brown Advisory Funds	296,000	For
Miller/Howard High Income Equity Fund	275,000	For
Cohen & Steers	265,057	For
Tidal ETF Trust	233,412	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	For
Clough Global Opportunities Fund	168,900	For
Gateway Trust	136,842	For
CULLEN FUNDS TRUST	111,510	For
Pacer Funds Trust	110,436	For
Clough Global Equity Fund	99,700	For
Listed Funds Trust	77,331	For
Krane Shares Trust	69,900	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	For
Cambria ETF Trust	64,200	For
Clough Global Dividend & Income Fund	56,300	For
TrimTabs ETF Trust	51,883	For
Investment Managers Series Trust	40,000	For
ETF Opportunities Trust	39,541	For
NEOS ETF Trust	35,672	For

Showing the 25 largest of 40 asset managers. See all 40 in the interactive database.

15. Ratify the appointment of Macso Legate Auditores Independentes ("Macso"), a specialized company hired to carry out the evaluation of the FRD.

AUDIT-RELATED

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 39 asset managers below cast 100% of the shares they voted on this item FOR (9,635,325 for, 0 against).

FOR: 9,635,325 (100.0%)

Largest asset managers voting on “Ratify the appointment of Macso Legate Auditores Independentes ("Macso"), a specialized company hired to carry” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
JPMorgan	1,636,269	For
Jackson National	994,899	For
John Hancock	702,669	For
Brookfield Investment Funds	575,154	For
Virtus	309,200	For
Brown Advisory Funds	296,000	For
Miller/Howard High Income Equity Fund	275,000	For
Cohen & Steers	265,057	For
Tidal ETF Trust	233,412	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	For
Clough Global Opportunities Fund	168,900	For
Gateway Trust	136,842	For
CULLEN FUNDS TRUST	111,510	For
Pacer Funds Trust	110,436	For
Clough Global Equity Fund	99,700	For
Listed Funds Trust	77,331	For
Krane Shares Trust	69,900	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	For
Cambria ETF Trust	64,200	For
Clough Global Dividend & Income Fund	56,300	For
TrimTabs ETF Trust	51,883	For
Investment Managers Series Trust	40,000	For
ETF Opportunities Trust	39,541	For
NEOS ETF Trust	35,672	For

Showing the 25 largest of 39 asset managers. See all 39 in the interactive database.

16. APPROVE THE MERGER, WITHOUT CAPITAL INCREASE OR ISSUANCE OF NEW SHARES, OF FRD BY VALE.

CAPITAL STRUCTURE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 99.1%

The 32 asset managers below cast 100% of the shares they voted on this item FOR (4,481,356 for, 0 against).

FOR: 4,481,356 (99.1%)ABSTAIN: 39,861 (0.9%)

Largest asset managers voting on “APPROVE THE MERGER, WITHOUT CAPITAL INCREASE OR ISSUANCE OF NEW SHARES, OF FRD BY VALE.” at VALE SA, 2023-2024
Asset manager	For	Abstain	Vote
JPMorgan	1,129,869	0	For
Brookfield Investment Funds	575,154	0	For
Jackson National	360,995	0	For
Virtus	309,200	0	For
Miller/Howard High Income Equity Fund	275,000	0	For
Cohen & Steers	265,057	0	For
Tidal ETF Trust	233,412	0	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	0	For
Clough Global Opportunities Fund	168,900	0	For
John Hancock	149,292	0	For
Gateway Trust	136,842	0	For
Pacer Funds Trust	110,436	0	For
Clough Global Equity Fund	99,700	0	For
Listed Funds Trust	37,470	39,861	Abstain
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	For
Clough Global Dividend & Income Fund	56,300	0	For
TrimTabs ETF Trust	51,883	0	For
Investment Managers Series Trust	40,000	0	For
ETF Opportunities Trust	39,541	0	For
NEOS ETF Trust	35,672	0	For
PFM Multi-Manager Series Trust	35,426	0	For
Calamos	26,450	0	For
TIMOTHY PLAN	22,363	0	For
Principal	20,100	0	For
Gabelli	10,000	0	For

Showing the 25 largest of 32 asset managers. See all 32 in the interactive database.

17. PROPOSAL FOR THE ALLOCATION OF THE RESULTS FOR THE 2023 FINANCIAL YEAR, IN ACCORDANCE WITH EXHIBIT II OF THE MANAGEMENT PROPOSAL.

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 32 asset managers below cast 100% of the shares they voted on this item FOR (4,521,217 for, 0 against).

FOR: 4,521,217 (100.0%)

Largest asset managers voting on “PROPOSAL FOR THE ALLOCATION OF THE RESULTS FOR THE 2023 FINANCIAL YEAR, IN ACCORDANCE WITH EXHIBIT II OF THE M” at VALE SA, 2023-2024
Asset manager	For	Vote
JPMorgan	1,129,869	For
Brookfield Investment Funds	575,154	For
Jackson National	360,995	For
Virtus	309,200	For
Miller/Howard High Income Equity Fund	275,000	For
Cohen & Steers	265,057	For
Tidal ETF Trust	233,412	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	For
Clough Global Opportunities Fund	168,900	For
John Hancock	149,292	For
Gateway Trust	136,842	For
Pacer Funds Trust	110,436	For
Clough Global Equity Fund	99,700	For
Listed Funds Trust	77,331	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	For
Clough Global Dividend & Income Fund	56,300	For
TrimTabs ETF Trust	51,883	For
Investment Managers Series Trust	40,000	For
ETF Opportunities Trust	39,541	For
NEOS ETF Trust	35,672	For
PFM Multi-Manager Series Trust	35,426	For
Calamos	26,450	For
TIMOTHY PLAN	22,363	For
Principal	20,100	For
Gabelli	10,000	For

Showing the 25 largest of 32 asset managers. See all 32 in the interactive database.

18. Pursuant to articles 224 and 225 of Law No. 6,404/76, approve the Filing and Justification of the Merger of Florestas Rio Doce S.A. ("FRD"), a wholly-owned subsidiary of Vale.

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 31 asset managers below cast 100% of the shares they voted on this item FOR (4,498,854 for, 0 against).

FOR: 4,498,854 (100.0%)

Largest asset managers voting on “Pursuant to articles 224 and 225 of Law No. 6,404/76, approve the Filing and Justification of the Merger of Fl” at VALE SA, 2023-2024
Asset manager	For	Vote
JPMorgan	1,129,869	For
Brookfield Investment Funds	575,154	For
Jackson National	360,995	For
Virtus	309,200	For
Miller/Howard High Income Equity Fund	275,000	For
Cohen & Steers	265,057	For
Tidal ETF Trust	233,412	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	200,000	For
Clough Global Opportunities Fund	168,900	For
John Hancock	149,292	For
Gateway Trust	136,842	For
Pacer Funds Trust	110,436	For
Clough Global Equity Fund	99,700	For
Listed Funds Trust	77,331	For
TRUST FOR PROFESSIONAL MANAGERS	69,484	For
Clough Global Dividend & Income Fund	56,300	For
TrimTabs ETF Trust	51,883	For
Investment Managers Series Trust	40,000	For
ETF Opportunities Trust	39,541	For
NEOS ETF Trust	35,672	For
PFM Multi-Manager Series Trust	35,426	For
Calamos	26,450	For
Principal	20,100	For
Gabelli	10,000	For
Neuberger Berman	8,667	For

Showing the 25 largest of 31 asset managers. See all 31 in the interactive database.

19. Election of the Fiscal Council by Candidate: Heloísa Belotti Bedicks (effective) / Adriana de Andrade Solé (alternate)

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 3 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99%

The 26 asset managers below cast 99.7% of the shares they voted on this item FOR (3,885,620 for, 10,359 against).

FOR: 3,885,620 (98.5%)AGAINST: 10,359 (0.3%)ABSTAIN: 46,906 (1.2%)

Largest asset managers voting on “Election of the Fiscal Council by Candidate: Heloísa Belotti Bedicks (effective) / Adriana de Andrade Solé (al” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
JPMorgan	1,129,869	0	0	For
Brookfield Investment Funds	575,154	0	0	For
Jackson National	350,636	10,359	0	For
Miller/Howard High Income Equity Fund	275,000	0	0	For
Cohen & Steers	265,057	0	0	For
Tidal ETF Trust	233,412	0	0	For
Clough Global Opportunities Fund	168,900	0	0	For
John Hancock	149,292	0	0	For
Gateway Trust	136,842	0	0	For
Pacer Funds Trust	110,436	0	0	For
Clough Global Equity Fund	99,700	0	0	For
Listed Funds Trust	37,470	0	39,861	Abstain
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	0	For
Clough Global Dividend & Income Fund	56,300	0	0	For
TrimTabs ETF Trust	51,883	0	0	For
ETF Opportunities Trust	39,541	0	0	For
NEOS ETF Trust	35,672	0	0	For
PFM Multi-Manager Series Trust	35,426	0	0	For
Calamos	26,450	0	0	For
TIMOTHY PLAN	22,363	0	0	For
Gabelli	10,000	0	0	For
Northern Lights Fund Trust IV	0	0	7,045	Abstain
Amplify ETF Trust	5,522	0	0	For
CITY NATIONAL ROCHDALE FUNDS	1,011	0	0	For
Boltwood Capital Management	200	0	0	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

20. Election of the Fiscal Council by Candidate: Márcio de Souza (effective) / Ana Maria Loureiro Recart (alternate)

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 3 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99%

The 26 asset managers below cast 99.7% of the shares they voted on this item FOR (3,885,620 for, 10,359 against).

FOR: 3,885,620 (98.5%)AGAINST: 10,359 (0.3%)ABSTAIN: 46,906 (1.2%)

Largest asset managers voting on “Election of the Fiscal Council by Candidate: Márcio de Souza (effective) / Ana Maria Loureiro Recart (alternat” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
JPMorgan	1,129,869	0	0	For
Brookfield Investment Funds	575,154	0	0	For
Jackson National	350,636	10,359	0	For
Miller/Howard High Income Equity Fund	275,000	0	0	For
Cohen & Steers	265,057	0	0	For
Tidal ETF Trust	233,412	0	0	For
Clough Global Opportunities Fund	168,900	0	0	For
John Hancock	149,292	0	0	For
Gateway Trust	136,842	0	0	For
Pacer Funds Trust	110,436	0	0	For
Clough Global Equity Fund	99,700	0	0	For
Listed Funds Trust	37,470	0	39,861	Abstain
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	0	For
Clough Global Dividend & Income Fund	56,300	0	0	For
TrimTabs ETF Trust	51,883	0	0	For
ETF Opportunities Trust	39,541	0	0	For
NEOS ETF Trust	35,672	0	0	For
PFM Multi-Manager Series Trust	35,426	0	0	For
Calamos	26,450	0	0	For
TIMOTHY PLAN	22,363	0	0	For
Gabelli	10,000	0	0	For
Northern Lights Fund Trust IV	0	0	7,045	Abstain
Amplify ETF Trust	5,522	0	0	For
CITY NATIONAL ROCHDALE FUNDS	1,011	0	0	For
Boltwood Capital Management	200	0	0	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

21. Election of the fiscal council by candidate: Paulo Clovis Ayres Filho (effective) / Guilherme José de Vasconcelos Cerqueira (alternate)

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 4 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99%

The 26 asset managers below cast 99.7% of the shares they voted on this item FOR (3,885,620 for, 10,359 against).

FOR: 3,885,620 (98.5%)AGAINST: 10,359 (0.3%)ABSTAIN: 46,906 (1.2%)

Largest asset managers voting on “Election of the fiscal council by candidate: Paulo Clovis Ayres Filho (effective) / Guilherme José de Vasconce” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
JPMorgan	1,129,869	0	0	For
Brookfield Investment Funds	575,154	0	0	For
Jackson National	350,636	10,359	0	For
Miller/Howard High Income Equity Fund	275,000	0	0	For
Cohen & Steers	265,057	0	0	For
Tidal ETF Trust	233,412	0	0	For
Clough Global Opportunities Fund	168,900	0	0	For
John Hancock	149,292	0	0	For
Gateway Trust	136,842	0	0	For
Pacer Funds Trust	110,436	0	0	For
Clough Global Equity Fund	99,700	0	0	For
Listed Funds Trust	37,470	0	39,861	Abstain
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	0	For
Clough Global Dividend & Income Fund	56,300	0	0	For
TrimTabs ETF Trust	51,883	0	0	For
ETF Opportunities Trust	39,541	0	0	For
NEOS ETF Trust	35,672	0	0	For
PFM Multi-Manager Series Trust	35,426	0	0	For
Calamos	26,450	0	0	For
TIMOTHY PLAN	22,363	0	0	For
Gabelli	10,000	0	0	For
Northern Lights Fund Trust IV	0	0	7,045	Abstain
Amplify ETF Trust	5,522	0	0	For
CITY NATIONAL ROCHDALE FUNDS	1,011	0	0	For
Boltwood Capital Management	200	0	0	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

22. Election of the Fiscal Council by Candidate: Raphael Manhães Martins (effective) / Jandaraci Ferreira de Araújo (alternate)

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99%

The 25 asset managers below cast 99.7% of the shares they voted on this item FOR (3,875,620 for, 10,359 against).

FOR: 3,875,620 (98.5%)AGAINST: 10,359 (0.3%)ABSTAIN: 46,906 (1.2%)

Largest asset managers voting on “Election of the Fiscal Council by Candidate: Raphael Manhães Martins (effective) / Jandaraci Ferreira de Araúj” at VALE SA, 2023-2024
Asset manager	For	Against	Abstain	Vote
JPMorgan	1,129,869	0	0	For
Brookfield Investment Funds	575,154	0	0	For
Jackson National	350,636	10,359	0	For
Miller/Howard High Income Equity Fund	275,000	0	0	For
Cohen & Steers	265,057	0	0	For
Tidal ETF Trust	233,412	0	0	For
Clough Global Opportunities Fund	168,900	0	0	For
John Hancock	149,292	0	0	For
Gateway Trust	136,842	0	0	For
Pacer Funds Trust	110,436	0	0	For
Clough Global Equity Fund	99,700	0	0	For
Listed Funds Trust	37,470	0	39,861	Abstain
TRUST FOR PROFESSIONAL MANAGERS	69,484	0	0	For
Clough Global Dividend & Income Fund	56,300	0	0	For
TrimTabs ETF Trust	51,883	0	0	For
ETF Opportunities Trust	39,541	0	0	For
NEOS ETF Trust	35,672	0	0	For
PFM Multi-Manager Series Trust	35,426	0	0	For
Calamos	26,450	0	0	For
TIMOTHY PLAN	22,363	0	0	For
Northern Lights Fund Trust IV	0	0	7,045	Abstain
Amplify ETF Trust	5,522	0	0	For
CITY NATIONAL ROCHDALE FUNDS	1,011	0	0	For
Boltwood Capital Management	200	0	0	For
SARATOGA ADVANTAGE TRUST	0	0	0	--

23. Remuneration Policy

COMPENSATION

Meeting held 2024-04-26; no official results are on file for this meeting.

99.9% fund support · no official result

FOR 99.9%

The 17 asset managers below cast 99.9% of the shares they voted on this item FOR (29,204,298 for, 850 against).

FOR: 29,204,298 (100.0%)AGAINST: 850 (0.0%)

Largest asset managers voting on “Remuneration Policy” at VALE SA, 2023-2024
Asset manager	For	Against	Vote
Charles Schwab	15,668,295	0	For
Hartford	5,321,891	0	For
Russell Investments	1,900,143	0	For
Brighthouse	1,152,800	0	For
VanEck ETF Trust	961,831	0	For
VanEck Funds	855,300	0	For
Fidelity	795,024	0	For
Vanguard	577,448	0	For
Prudential/PGIM	533,596	0	For
Mercer Funds	507,800	0	For
SEI	432,982	0	For
VanEck VIP Trust	414,400	0	For
Goldman Sachs	39,450	0	For
Global X	24,014	0	For
ADVISORS' INNER CIRCLE FUND	16,500	0	For
Federated Hermes	2,824	0	For
Genus Capital Management Inc.	0	850	Against

24. Accounts and Reports

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Accounts and Reports” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

25. Allocation of Profits/Dividends

CAPITAL STRUCTURE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Allocation of Profits/Dividends” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

26. Elect Heloisa Belotti Bedicks

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Elect Heloisa Belotti Bedicks” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

27. Elect Marcio de Souza

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Elect Marcio de Souza” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

28. Elect Paulo Clovis Ayres Filho

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Elect Paulo Clovis Ayres Filho” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

29. Elect Raphael Manhaes Martins

DIRECTOR ELECTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Elect Raphael Manhaes Martins” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

30. Merger Agreement

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Merger Agreement” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

31. Merger by Absorption (Florestas Rio Doce S.A.)

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Merger by Absorption (Florestas Rio Doce S.A.)” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

32. Ratification of Appointment of Appraiser

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Ratification of Appointment of Appraiser” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

33. Valuation Report

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (29,204,298 for, 0 against).

FOR: 29,204,298 (100.0%)

Largest asset managers voting on “Valuation Report” at VALE SA, 2023-2024
Asset manager	For	Vote
Charles Schwab	15,668,295	For
Hartford	5,321,891	For
Russell Investments	1,900,143	For
Brighthouse	1,152,800	For
VanEck ETF Trust	961,831	For
VanEck Funds	855,300	For
Fidelity	795,024	For
Vanguard	577,448	For
Prudential/PGIM	533,596	For
Mercer Funds	507,800	For
SEI	432,982	For
VanEck VIP Trust	414,400	For
Goldman Sachs	39,450	For
Global X	24,014	For
ADVISORS' INNER CIRCLE FUND	16,500	For
Federated Hermes	2,824	For

34. SETTING THE GLOBAL ANNUAL COMPENSATION OF ADMINISTRATORS AND MEMBERS OF THE FISCAL COUNCIL FOR THE YEAR 2024, IN ACCORDANCE WITH THE MANAGEMENT PROPOSAL, ANNEX IV

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (6,710,585 for, 0 against).

FOR: 6,710,585 (100.0%)

Largest asset managers voting on “SETTING THE GLOBAL ANNUAL COMPENSATION OF ADMINISTRATORS AND MEMBERS OF THE FISCAL COUNCIL FOR THE YEAR 2024, ” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Encompass Capital Advisors LLC	1,574,114	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

35. APPROVE THE FRDS MERGER INTO VALE, WITHOUT A CAPITAL INCREASE OR NEW SHARE ISSUANCE

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “APPROVE THE FRDS MERGER INTO VALE, WITHOUT A CAPITAL INCREASE OR NEW SHARE ISSUANCE” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

36. ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER MAY NOMINATE AS MANY CANDIDATES AS THERE ARE SEATS TO BE FILLED IN THE GENERAL ELECTION. LIMIT OF VACANCIES 4. HELOISA BELOTTI BEDICKS. EFFECTIVE AND ADRIANA ANDRADE SOLE

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER M” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

37. ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER MAY NOMINATE AS MANY CANDIDATES AS THERE ARE SEATS TO BE FILLED IN THE GENERAL ELECTION. LIMIT OF VACANCIES 4. MARCIO DE SOUZA. EFFECTIVE AND ANA MARIA LOUREIRO RECART

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER M” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

38. ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER MAY NOMINATE AS MANY CANDIDATES AS THERE ARE SEATS TO BE FILLED IN THE GENERAL ELECTION. LIMIT OF VACANCIES 4. PAULO CLOVIS AYRES FILHO. EFFECTIVE AND GUILHERME JOSE DE VASCONCELOS CERQUEIRA

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER M” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

39. ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER MAY NOMINATE AS MANY CANDIDATES AS THERE ARE SEATS TO BE FILLED IN THE GENERAL ELECTION. LIMIT OF VACANCIES 4. RAPHAEL MANHAES MARTINS. EFFECTIVE AND JANDARACI FERREIRA DE ARAUJO

CORPORATE GOVERNANCE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “ELECTION OF THE FISCAL COUNCIL BY CANDIDATE. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL, THE SHAREHOLDER M” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

40. PROPOSAL FOR THE ALLOCATION OF THE RESULTS FOR THE 2023 FINANCIAL YEAR, IN ACCORDANCE WITH ANNEX III OF THE MANAGEMENT PROPOSAL

CAPITAL STRUCTURE

Meeting held 2024-04-26; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 11 asset managers below cast 100% of the shares they voted on this item FOR (5,136,471 for, 0 against).

FOR: 5,136,471 (100.0%)

Largest asset managers voting on “PROPOSAL FOR THE ALLOCATION OF THE RESULTS FOR THE 2023 FINANCIAL YEAR, IN ACCORDANCE WITH ANNEX III OF THE MA” at VALE SA, 2023-2024
Asset manager	For	Vote
ADVISORS SERIES TRUST	2,855,300	For
Jackson National	633,904	For
John Hancock	553,377	For
JPMorgan	506,400	For
Brown Advisory Funds	296,000	For
CULLEN FUNDS TRUST	111,510	For
Krane Shares Trust	69,900	For
Cambria ETF Trust	64,200	For
GPS Funds I	19,780	For
Advisors' Inner Circle Fund III	19,100	For
WILSHIRE MUTUAL FUNDS INC	7,000	For

Showing the 40 reported items with the widest manager coverage, of 56 in total. View every item.

Largest VALE SA shareholders voting in 2023-2024

Ranked by the number of VALE SA shares each manager voted on the most widely held ballot item of the 2023-2024 meeting.

Top VALE SA shareholders by shares voted, 2023-2024
#	Asset manager	Shares voted
1	Capital Group	205,604,500
2	BlackRock	118,796,573
3	Vanguard	109,296,939
4	Fidelity	42,080,652
5	TIAA	14,283,254
6	Invesco	13,338,247
7	Dimensional	13,140,147
8	State Street	10,910,400
9	MFS	9,300,003
10	INTERNATIONAL GROWTH & INCOME FUND	8,783,296

Shown as share counts, not percentages: no shares-outstanding figure has been matched to VALE SA for the 2023-2024 season, so there is no denominator to divide by.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At VALE SA's shareholder meeting held 2024-04-26, in the 2023-2024 proxy season, 151 asset managers reported how they voted in their SEC Form N-PX filings, covering 4,248 separate fund positions. Their filings are grouped here into 56 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. No official Form 8-K vote tally has been matched to this meeting, so this page states no certified outcome for its most widely held ballot item. On that item — Approve Absorption of FRD — the reporting funds cast 100% of the shares they voted in favour (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). That is the aggregate of those managers' own N-PX disclosures, not the company's certified result, and the funds are a subset of all shareholders.

VALE SA proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.