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VALE SA 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings. Page generated 04 October 2026.

158Reported items
154Asset managers
15,774Fund votes
2025-04-30Main meeting 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 2024-2025 meetings

Each item below shows how the 154 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. Elect Manuel Lino Silva de Sousa Oliveira (Ollie) as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

Combines 3 wordings of this item as funds reported it.

98% fund support · no official result

FOR 98%

The 108 asset managers below cast 98% of the shares they voted on this item FOR (629,331,977 for, 12,965,205 against).

FOR: 629,331,977 (98.0%)AGAINST: 12,965,205 (2.0%)ABSTAIN: 36,491 (0.0%)

Largest asset managers voting on “Elect Manuel Lino Silva de Sousa Oliveira (Ollie) as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,689,900	0	For
Vanguard	105,404,987	0	For
EUPAC FUND	43,473,774	0	For
Advisors' Inner Circle Fund III	23,562,486	0	For
Dimensional	23,138,114	0	For
Charles Schwab	21,445,458	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
BlackRock	15,475,647	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
Jackson National	3,988,912	0	For
Hartford	3,923,745	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For

Showing the 25 largest of 108 asset managers. See all 108 in the interactive database.

2. Elect Reinaldo Duarte Castanheira Filho as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; 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 99.7%

The 108 asset managers below cast 99.7% of the shares they voted on this item FOR (629,658,219 for, 1,706,922 against).

FOR: 629,658,219 (99.7%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 36,491 (0.0%)

Largest asset managers voting on “Elect Reinaldo Duarte Castanheira Filho as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	165,134,951	0	For
Fidelity	108,435,407	0	For
Vanguard	103,426,044	0	For
EUPAC FUND	43,473,774	0	For
Advisors' Inner Circle Fund III	23,561,611	0	For
Dimensional	23,138,114	0	For
Charles Schwab	21,445,458	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
BlackRock	15,475,647	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
Jackson National	3,988,912	0	For
Hartford	3,923,745	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For

Showing the 25 largest of 108 asset managers. See all 108 in the interactive database.

3. Elect Daniel Andre Stieler as Board Chair

CORPORATE GOVERNANCE

Meeting held 2025-04-30; no official results are on file for this meeting.

76% fund support · no official result

FOR 76%AGAINST 24%

The 89 asset managers below cast 76% of the shares they voted on this item FOR (473,531,463 for, 145,938,092 against).

FOR: 473,531,463 (76.4%)AGAINST: 145,938,092 (23.6%)ABSTAIN: 36,491 (0.0%)

Largest asset managers voting on “Elect Daniel Andre Stieler as Board Chair” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	103,379	109,586,521	Against
Vanguard	105,404,987	0	For
EUPAC FUND	43,473,774	0	For
Advisors' Inner Circle Fund III	21,338,986	2,223,500	For
Dimensional	23,138,114	0	For
Charles Schwab	0	21,445,458	Against
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
Hartford	3,923,745	0	For
State Street	3,754,654	0	For
GMO	3,406,180	100,996	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	0	2,212,100	Against
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Russell Investments	0	1,414,297	Against

Showing the 25 largest of 89 asset managers. See all 89 in the interactive database.

4. Elect Marcelo Gasparino da Silva as Board Vice-Chair

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

Combines 2 wordings of this item as funds reported it.

99.1% fund support · no official result

FOR 99.1%

The 89 asset managers below cast 99.1% of the shares they voted on this item FOR (614,420,633 for, 5,048,922 against).

FOR: 614,420,633 (99.2%)AGAINST: 5,048,922 (0.8%)ABSTAIN: 36,491 (0.0%)

Largest asset managers voting on “Elect Marcelo Gasparino da Silva as Board Vice-Chair” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,689,900	0	For
Vanguard	105,404,987	0	For
EUPAC FUND	43,473,774	0	For
Advisors' Inner Circle Fund III	23,562,486	0	For
Dimensional	23,138,114	0	For
Charles Schwab	21,445,458	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
Hartford	3,923,745	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	0	2,212,100	Against
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Russell Investments	1,414,297	0	For

Showing the 25 largest of 89 asset managers. See all 89 in the interactive database.

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

COMPENSATION

Meeting held 2025-04-30; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 81 asset managers below cast 100% of the shares they voted on this item FOR (599,422,998 for, 0 against).

FOR: 599,422,998 (100.0%)

Largest asset managers voting on “Approve Remuneration of Company's Management and Fiscal Council” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	172,033,886	For
Fidelity	109,586,521	For
Vanguard	103,899,933	For
EUPAC FUND	43,473,774	For
Dimensional	23,138,114	For
Advisors' Inner Circle Fund III	21,338,986	For
TIAA	21,169,291	For
MFS	16,227,632	For
APG Asset Management US Inc.	14,874,468	For
T. Rowe Price	11,174,436	For
PIMCO	10,375,500	For
Lazard	4,958,811	For
American Century	4,136,746	For
State Street	3,754,654	For
GMO	3,507,176	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	For
Advisors' Inner Circle Fund II	2,606,082	For
Franklin Templeton	2,332,743	For
Goldman Sachs	2,212,100	For
DWS	1,717,051	For
DRIEHAUS MUTUAL FUNDS	1,691,429	For
Allspring	1,590,978	For
Delaware/Macquarie	1,585,148	For
Northern Trust	1,290,513	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For

Showing the 25 largest of 81 asset managers. See all 81 in the interactive database.

6. Amend Long-Term Incentive Plan

COMPENSATION

Meeting held 2025-04-30; no official results are on file for this meeting.

60% fund support · no official result

FOR 60%AGAINST 40%

The 79 asset managers below cast 60% of the shares they voted on this item FOR (352,275,869 for, 232,278,601 against).

FOR: 352,275,869 (60.3%)AGAINST: 232,278,601 (39.7%)

Largest asset managers voting on “Amend Long-Term Incentive Plan” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	0	109,586,521	Against
Vanguard	103,336,833	563,100	For
EUPAC FUND	43,473,774	0	For
Dimensional	0	23,138,114	Against
Advisors' Inner Circle Fund III	21,338,111	875	For
TIAA	0	21,169,291	Against
MFS	1,473,900	14,753,732	Against
T. Rowe Price	0	11,174,436	Against
PIMCO	0	10,375,500	Against
Lazard	0	4,958,811	Against
American Century	0	4,136,746	Against
State Street	3,754,654	0	For
GMO	0	3,507,176	Against
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	0	2,606,082	Against
Franklin Templeton	0	2,332,743	Against
Goldman Sachs	0	2,212,100	Against
DWS	0	1,717,051	Against
DRIEHAUS MUTUAL FUNDS	0	1,691,429	Against
Allspring	0	1,590,978	Against
Delaware/Macquarie	0	1,585,148	Against
Northern Trust	0	1,290,513	Against
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	0	1,175,401	Against

Showing the 25 largest of 79 asset managers. See all 79 in the interactive database.

7. Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2024

CORPORATE GOVERNANCE

Meeting held 2025-04-30; no official results are on file for this meeting.

100% fund support · no official result

FOR 99.9%

The 78 asset managers below cast 100% of the shares they voted on this item FOR (584,435,791 for, 0 against).

FOR: 584,435,791 (100.0%)ABSTAIN: 104,909 (0.0%)

Largest asset managers voting on “Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2024” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	172,033,886	For
Fidelity	109,586,521	For
Vanguard	103,899,933	For
EUPAC FUND	43,473,774	For
Dimensional	23,138,114	For
Advisors' Inner Circle Fund III	21,338,986	For
TIAA	21,169,291	For
MFS	16,227,632	For
T. Rowe Price	11,174,436	For
PIMCO	10,375,500	For
Lazard	4,958,811	For
American Century	4,136,746	For
State Street	3,754,654	For
GMO	3,507,176	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	For
Advisors' Inner Circle Fund II	2,606,082	For
Franklin Templeton	2,332,743	For
Goldman Sachs	2,212,100	For
DWS	1,717,051	For
DRIEHAUS MUTUAL FUNDS	1,691,429	For
Allspring	1,590,978	For
Delaware/Macquarie	1,585,148	For
Northern Trust	1,290,513	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Global Macro Absolute Return Advantage Portfolio	1,175,401	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

8. Approve Allocation of Income and Dividends

CAPITAL STRUCTURE

Meeting held 2025-04-30; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 78 asset managers below cast 100% of the shares they voted on this item FOR (584,540,700 for, 0 against).

FOR: 584,540,700 (100.0%)

Largest asset managers voting on “Approve Allocation of Income and Dividends” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	172,033,886	For
Fidelity	109,586,521	For
Vanguard	103,899,933	For
EUPAC FUND	43,473,774	For
Dimensional	23,138,114	For
Advisors' Inner Circle Fund III	21,338,986	For
TIAA	21,169,291	For
MFS	16,227,632	For
T. Rowe Price	11,174,436	For
PIMCO	10,375,500	For
Lazard	4,958,811	For
American Century	4,136,746	For
State Street	3,754,654	For
GMO	3,507,176	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	For
Advisors' Inner Circle Fund II	2,606,082	For
Franklin Templeton	2,332,743	For
Goldman Sachs	2,212,100	For
DWS	1,717,051	For
DRIEHAUS MUTUAL FUNDS	1,691,429	For
Allspring	1,590,978	For
Delaware/Macquarie	1,585,148	For
Northern Trust	1,290,513	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Global Macro Absolute Return Advantage Portfolio	1,175,401	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

9. Do You Wish to Adopt Cumulative Voting for the Election of the Members of the Board of Directors, Under the Terms of Article 141 of the Brazilian Corporate Law?

SHAREHOLDER RIGHTS AND DEFENSES

Meeting held 2025-04-30; no official results are on file for this meeting.

2% fund support · no official result

AGAINST 16%ABSTAIN 83%

The 78 asset managers below cast 2% of the shares they voted on this item FOR (1,706,922 for, 95,916,063 against).

FOR: 1,706,922 (0.3%)AGAINST: 95,916,063 (16.4%)ABSTAIN: 486,917,715 (83.3%)

Largest asset managers voting on “Do You Wish to Adopt Cumulative Voting for the Election of the Members of the Board of Directors, Under the Te” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	0	0	172,033,886	Abstain
Fidelity	0	82,670,138	26,916,383	Against
Vanguard	0	563,100	103,336,833	Abstain
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	0	0	23,138,114	Abstain
Advisors' Inner Circle Fund III	0	0	21,338,986	Abstain
TIAA	0	0	21,169,291	Abstain
MFS	0	0	16,227,632	Abstain
T. Rowe Price	0	0	11,174,436	Abstain
PIMCO	0	0	10,375,500	Abstain
Lazard	0	4,958,811	0	Against
American Century	0	0	4,136,746	Abstain
State Street	0	3,754,654	0	Against
GMO	0	0	3,507,176	Abstain
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	0	0	2,606,082	Abstain
Franklin Templeton	272,323	0	2,060,420	Abstain
Goldman Sachs	0	0	2,212,100	Abstain
DWS	0	0	1,717,051	Abstain
DRIEHAUS MUTUAL FUNDS	0	0	1,691,429	Abstain
Allspring	0	0	1,590,978	Abstain
Delaware/Macquarie	0	0	1,585,148	Abstain
Northern Trust	0	0	1,290,513	Abstain
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	0	0	For
Global Macro Absolute Return Advantage Portfolio	0	0	1,175,401	Abstain

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

10. Elect Anelise Quintao Lara as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.7% fund support · no official result

FOR 99.7%

The 78 asset managers below cast 99.7% of the shares they voted on this item FOR (582,833,778 for, 1,706,922 against).

FOR: 582,833,778 (99.7%)AGAINST: 1,706,922 (0.3%)

Largest asset managers voting on “Elect Anelise Quintao Lara as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

11. Elect Aristoteles Nogueira Filho as Fiscal Council Member and Leda Maria Deiro Hahn as Alternate Appointed by Franklin Templeton Investimentos Brasil, Argucia Capital Management, and Capstone Partners

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

98% fund support · no official result

FOR 98%

The 78 asset managers below cast 98% of the shares they voted on this item FOR (570,844,214 for, 11,258,283 against).

FOR: 570,844,214 (97.7%)AGAINST: 11,258,283 (1.9%)ABSTAIN: 2,438,203 (0.4%)

Largest asset managers voting on “Elect Aristoteles Nogueira Filho as Fiscal Council Member and Leda Maria Deiro Hahn as Alternate Appointed by ” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,332,743	0	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	0	For
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

12. Elect Daniel Andre Stieler as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

78% fund support · no official result

FOR 78%AGAINST 22%

The 78 asset managers below cast 78% of the shares they voted on this item FOR (457,126,478 for, 127,414,222 against).

FOR: 457,126,478 (78.2%)AGAINST: 127,414,222 (21.8%)

Largest asset managers voting on “Elect Daniel Andre Stieler as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	0	109,586,521	Against
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,406,180	100,996	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	0	2,212,100	Against
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

13. Elect Fernando Jorge Buso Gomes as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

45.8% fund support · no official result

FOR 45.7%AGAINST 54.2%

The 78 asset managers below cast 45.8% of the shares they voted on this item FOR (267,394,431 for, 316,919,409 against).

FOR: 267,394,431 (45.7%)AGAINST: 316,919,409 (54.2%)ABSTAIN: 226,860 (0.0%)

Largest asset managers voting on “Elect Fernando Jorge Buso Gomes as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	0	172,033,886	Against
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	0	43,473,774	Against
Dimensional	0	23,138,114	Against
Advisors' Inner Circle Fund III	21,338,111	875	For
TIAA	0	21,169,291	Against
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	0	10,375,500	Against
Lazard	0	4,958,811	Against
American Century	0	4,136,746	Against
State Street	3,754,654	0	For
GMO	3,406,180	100,996	For
INTERNATIONAL GROWTH & INCOME FUND	0	3,477,347	Against
Advisors' Inner Circle Fund II	0	2,606,082	Against
Franklin Templeton	0	2,332,743	Against
Goldman Sachs	2,212,100	0	For
DWS	0	1,717,051	Against
DRIEHAUS MUTUAL FUNDS	0	1,691,429	Against
Allspring	0	1,590,978	Against
Delaware/Macquarie	0	1,585,148	Against
Northern Trust	0	1,290,513	Against
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	0	1,175,401	Against

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

14. Elect Franklin Lee Feder as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.7% fund support · no official result

FOR 99.7%

The 78 asset managers below cast 99.7% of the shares they voted on this item FOR (582,833,778 for, 1,706,922 against).

FOR: 582,833,778 (99.7%)AGAINST: 1,706,922 (0.3%)

Largest asset managers voting on “Elect Franklin Lee Feder as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

15. Elect Heloisa Belotti Bedicks as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.7% fund support · no official result

FOR 99.7%

The 78 asset managers below cast 99.7% of the shares they voted on this item FOR (573,317,580 for, 1,706,922 against).

FOR: 573,317,580 (99.7%)AGAINST: 1,706,922 (0.3%)

Largest asset managers voting on “Elect Heloisa Belotti Bedicks as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	165,134,951	0	For
Fidelity	108,332,028	0	For
Vanguard	103,336,833	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,111	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

16. Elect Joao Luiz Fukunaga as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

50.8% fund support · no official result

FOR 50.8%AGAINST 49.2%

The 78 asset managers below cast 50.8% of the shares they voted on this item FOR (297,093,814 for, 287,446,886 against).

FOR: 297,093,814 (50.8%)AGAINST: 287,446,886 (49.2%)

Largest asset managers voting on “Elect Joao Luiz Fukunaga as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	31,266,108	140,767,778	Against
Fidelity	26,916,383	82,670,138	Against
Vanguard	103,899,933	0	For
EUPAC FUND	0	43,473,774	Against
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	3,477,347	Against
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

17. Elect Marcelo Gasparino da Silva as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

97% fund support · no official result

FOR 97%

The 78 asset managers below cast 97% of the shares they voted on this item FOR (568,233,495 for, 16,307,205 against).

FOR: 568,233,495 (97.2%)AGAINST: 16,307,205 (2.8%)

Largest asset managers voting on “Elect Marcelo Gasparino da Silva as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	0	2,212,100	Against
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

18. Elect Marcio de Souza as Fiscal Council Member and Alessandra Eloy Gadelha as Alternate Appointed by Caixa de Previdencia dos Funcionarios do Banco do Brasil - Previ

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

60% fund support · no official result

FOR 60%AGAINST 39%

The 78 asset managers below cast 60% of the shares they voted on this item FOR (348,775,485 for, 230,806,390 against).

FOR: 348,775,485 (59.7%)AGAINST: 230,806,390 (39.5%)ABSTAIN: 4,958,825 (0.8%)

Largest asset managers voting on “Elect Marcio de Souza as Fiscal Council Member and Alessandra Eloy Gadelha as Alternate Appointed by Caixa de ” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	0	172,033,886	0	Against
Fidelity	109,586,521	0	0	For
Vanguard	103,336,833	563,100	0	For
EUPAC FUND	0	43,473,774	0	Against
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	21,169,291	0	0	For
MFS	16,227,632	0	0	For
T. Rowe Price	0	11,174,436	0	Against
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	3,477,347	0	Against
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	0	272,323	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	0	1,203,004	Abstain
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

19. Elect Rachel de Oliveira Maia as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

97% fund support · no official result

FOR 97%

The 78 asset managers below cast 97% of the shares they voted on this item FOR (568,946,099 for, 15,594,601 against).

FOR: 568,946,099 (97.3%)AGAINST: 15,594,601 (2.7%)

Largest asset managers voting on “Elect Rachel de Oliveira Maia as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,406,180	100,996	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	0	2,212,100	Against
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

20. Elect Shunji Komai as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

83% fund support · no official result

FOR 83%AGAINST 17%

The 78 asset managers below cast 83% of the shares they voted on this item FOR (485,626,413 for, 98,914,287 against).

FOR: 485,626,413 (83.1%)AGAINST: 98,914,287 (16.9%)

Largest asset managers voting on “Elect Shunji Komai as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	26,916,383	82,670,138	Against
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	0	11,174,436	Against
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

21. Elect Wilfred Theodoor Bruijn (Bill) as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.7% fund support · no official result

FOR 99.7%

The 78 asset managers below cast 99.7% of the shares they voted on this item FOR (582,833,778 for, 1,706,922 against).

FOR: 582,833,778 (99.7%)AGAINST: 1,706,922 (0.3%)

Largest asset managers voting on “Elect Wilfred Theodoor Bruijn (Bill) as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Vote
Capital Group	172,033,886	0	For
Fidelity	109,586,521	0	For
Vanguard	103,899,933	0	For
EUPAC FUND	43,473,774	0	For
Dimensional	23,138,114	0	For
Advisors' Inner Circle Fund III	21,338,986	0	For
TIAA	21,169,291	0	For
MFS	16,227,632	0	For
T. Rowe Price	11,174,436	0	For
PIMCO	10,375,500	0	For
Lazard	4,958,811	0	For
American Century	4,136,746	0	For
State Street	3,754,654	0	For
GMO	3,507,176	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	For
Advisors' Inner Circle Fund II	2,606,082	0	For
Franklin Templeton	2,060,420	272,323	For
Goldman Sachs	2,212,100	0	For
DWS	1,717,051	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	For
Allspring	1,590,978	0	For
Delaware/Macquarie	1,585,148	0	For
Northern Trust	1,290,513	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

22. Fix Number of Directors at 13

CORPORATE GOVERNANCE

Meeting held 2025-04-30; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 78 asset managers below cast 100% of the shares they voted on this item FOR (584,540,700 for, 0 against).

FOR: 584,540,700 (100.0%)

Largest asset managers voting on “Fix Number of Directors at 13” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	172,033,886	For
Fidelity	109,586,521	For
Vanguard	103,899,933	For
EUPAC FUND	43,473,774	For
Dimensional	23,138,114	For
Advisors' Inner Circle Fund III	21,338,986	For
TIAA	21,169,291	For
MFS	16,227,632	For
T. Rowe Price	11,174,436	For
PIMCO	10,375,500	For
Lazard	4,958,811	For
American Century	4,136,746	For
State Street	3,754,654	For
GMO	3,507,176	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	For
Advisors' Inner Circle Fund II	2,606,082	For
Franklin Templeton	2,332,743	For
Goldman Sachs	2,212,100	For
DWS	1,717,051	For
DRIEHAUS MUTUAL FUNDS	1,691,429	For
Allspring	1,590,978	For
Delaware/Macquarie	1,585,148	For
Northern Trust	1,290,513	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Global Macro Absolute Return Advantage Portfolio	1,175,401	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

23. Percentage of Votes to Be Assigned - Elect Anelise Quintao Lara as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Anelise Quintao Lara as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

24. Percentage of Votes to Be Assigned - Elect Daniel Andre Stieler as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

91% fund support · no official result

FOR 50.6%ABSTAIN 44%

The 78 asset managers below cast 91% of the shares they voted on this item FOR (295,968,359 for, 28,636,558 against).

FOR: 295,968,359 (50.6%)AGAINST: 28,636,558 (4.9%)ABSTAIN: 259,935,783 (44.5%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Daniel Andre Stieler as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	0	26,916,383	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

25. Percentage of Votes to Be Assigned - Elect Fernando Jorge Buso Gomes as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

40% fund support · no official result

FOR 32%AGAINST 49.1%ABSTAIN 18%

The 78 asset managers below cast 40% of the shares they voted on this item FOR (189,626,556 for, 286,965,520 against).

FOR: 189,626,556 (32.4%)AGAINST: 286,965,520 (49.1%)ABSTAIN: 107,948,624 (18.5%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Fernando Jorge Buso Gomes as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	0	172,033,886	0	Against
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	43,473,774	0	Against
Dimensional	0	23,138,114	0	Against
Advisors' Inner Circle Fund III	21,338,111	875	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	0	10,375,500	0	Against
Lazard	0	4,958,811	0	Against
American Century	0	4,136,746	0	Against
State Street	3,754,654	0	0	For
GMO	3,406,180	100,996	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	3,477,347	0	Against
Advisors' Inner Circle Fund II	0	2,606,082	0	Against
Franklin Templeton	0	2,332,743	0	Against
Goldman Sachs	0	2,212,100	0	Against
DWS	0	1,717,051	0	Against
DRIEHAUS MUTUAL FUNDS	0	1,691,429	0	Against
Allspring	0	1,590,978	0	Against
Delaware/Macquarie	0	1,585,148	0	Against
Northern Trust	0	1,290,513	0	Against
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	0	1,175,401	0	Against

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

26. Percentage of Votes to Be Assigned - Elect Franklin Lee Feder as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Franklin Lee Feder as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

27. Percentage of Votes to Be Assigned - Elect Heloisa Belotti Bedicks as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Heloisa Belotti Bedicks as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

28. Percentage of Votes to Be Assigned - Elect Joao Luiz Fukunaga as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

60% fund support · no official result

FOR 49.2%AGAINST 32%ABSTAIN 18%

The 78 asset managers below cast 60% of the shares they voted on this item FOR (287,371,215 for, 189,425,821 against).

FOR: 287,371,215 (49.2%)AGAINST: 189,425,821 (32.4%)ABSTAIN: 107,743,664 (18.4%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Joao Luiz Fukunaga as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	31,266,108	140,767,778	0	Against
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	43,473,774	0	Against
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	3,477,347	0	Against
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

29. Percentage of Votes to Be Assigned - Elect Manuel Lino Silva de Sousa Oliveira (Ollie) as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.6% fund support · no official result

FOR 81%ABSTAIN 18%

The 78 asset managers below cast 99.6% of the shares they voted on this item FOR (475,925,714 for, 1,706,922 against).

FOR: 475,925,714 (81.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 106,908,064 (18.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Manuel Lino Silva de Sousa Oliveira (Ollie) as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	172,033,886	0	0	For
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	43,473,774	0	0	For
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	0	For
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

30. Percentage of Votes to Be Assigned - Elect Marcelo Gasparino da Silva as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (322,897,995 for, 1,706,922 against).

FOR: 322,897,995 (55.2%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,935,783 (44.5%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Marcelo Gasparino da Silva as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

31. Percentage of Votes to Be Assigned - Elect Rachel de Oliveira Maia as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Rachel de Oliveira Maia as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

32. Percentage of Votes to Be Assigned - Elect Reinaldo Duarte Castanheira Filho as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Reinaldo Duarte Castanheira Filho as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

33. Percentage of Votes to Be Assigned - Elect Shunji Komai as Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (322,876,095 for, 1,706,922 against).

FOR: 322,876,095 (55.2%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,957,683 (44.5%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Shunji Komai as Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

34. Percentage of Votes to Be Assigned - Elect Wilfred Theodoor Bruijn (Bill) as Independent Director

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

99.4% fund support · no official result

FOR 55%ABSTAIN 44%

The 78 asset managers below cast 99.4% of the shares they voted on this item FOR (323,711,695 for, 1,706,922 against).

FOR: 323,711,695 (55.4%)AGAINST: 1,706,922 (0.3%)ABSTAIN: 259,122,083 (44.3%)

Largest asset managers voting on “Percentage of Votes to Be Assigned - Elect Wilfred Theodoor Bruijn (Bill) as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	66,770,988	0	105,262,898	Abstain
Fidelity	26,916,383	0	82,670,138	Abstain
Vanguard	103,899,933	0	0	For
EUPAC FUND	0	0	43,473,774	Abstain
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	0	0	21,169,291	Abstain
MFS	16,227,632	0	0	For
T. Rowe Price	11,174,436	0	0	For
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	3,477,347	Abstain
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	272,323	0	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	1,203,004	0	Against
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

35. Elect Adriana de Andrade Sole as Fiscal Council Member and Pedro Zannoni as Alternate Appointed by Tempo Capital Gestao de Recursos Ltda., Alaska Investimentos Ltda. and Others

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

98% fund support · no official result

FOR 97%

The 77 asset managers below cast 98% of the shares they voted on this item FOR (568,536,618 for, 11,821,383 against).

FOR: 568,536,618 (97.3%)AGAINST: 11,821,383 (2.0%)ABSTAIN: 4,145,125 (0.7%)

Largest asset managers voting on “Elect Adriana de Andrade Sole as Fiscal Council Member and Pedro Zannoni as Alternate Appointed by Tempo Capit” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	172,033,886	0	0	For
Fidelity	109,586,521	0	0	For
Vanguard	103,336,833	563,100	0	For
EUPAC FUND	43,473,774	0	0	For
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	21,169,291	0	0	For
MFS	16,227,632	0	0	For
T. Rowe Price	0	11,174,436	0	Against
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	0	For
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	0	272,323	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	0	1,203,004	Abstain
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

36. Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate Appointed by Tempo Capital Gestao de Recursos Ltda., Alaska Investimentos Ltda. and Others

DIRECTOR ELECTIONS

Meeting held 2025-04-30; no official results are on file for this meeting.

98% fund support · no official result

FOR 97%

The 77 asset managers below cast 98% of the shares they voted on this item FOR (568,536,618 for, 11,821,383 against).

FOR: 568,536,618 (97.3%)AGAINST: 11,821,383 (2.0%)ABSTAIN: 4,145,125 (0.7%)

Largest asset managers voting on “Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate Appointed” at VALE SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
Capital Group	172,033,886	0	0	For
Fidelity	109,586,521	0	0	For
Vanguard	103,336,833	563,100	0	For
EUPAC FUND	43,473,774	0	0	For
Dimensional	23,138,114	0	0	For
Advisors' Inner Circle Fund III	21,338,986	0	0	For
TIAA	21,169,291	0	0	For
MFS	16,227,632	0	0	For
T. Rowe Price	0	11,174,436	0	Against
PIMCO	10,375,500	0	0	For
Lazard	4,958,811	0	0	For
American Century	4,136,746	0	0	For
State Street	3,754,654	0	0	For
GMO	3,507,176	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	3,477,347	0	0	For
Advisors' Inner Circle Fund II	2,606,082	0	0	For
Franklin Templeton	2,060,420	0	272,323	For
Goldman Sachs	2,212,100	0	0	For
DWS	1,717,051	0	0	For
DRIEHAUS MUTUAL FUNDS	1,691,429	0	0	For
Allspring	1,590,978	0	0	For
Delaware/Macquarie	1,585,148	0	0	For
Northern Trust	1,290,513	0	0	For
TEMPLETON DEVELOPING MARKETS TRUST	0	0	1,203,004	Abstain
Global Macro Absolute Return Advantage Portfolio	1,175,401	0	0	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

37. Elect Reinaldo Duarte Castanheira Filho as Independent Director

DIRECTOR ELECTIONS

Meeting held 2024-11-14; 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 82%ABSTAIN 18%

The 76 asset managers below cast 100% of the shares they voted on this item FOR (343,750,366 for, 0 against).

FOR: 343,750,366 (81.7%)ABSTAIN: 77,144,485 (18.3%)

Largest asset managers voting on “Elect Reinaldo Duarte Castanheira Filho as Independent Director” at VALE SA, 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	112,612,551	0	For
Capital Group	32,177,060	62,277,882	Abstain
Fidelity	54,156,923	0	For
Charles Schwab	18,207,130	0	For
TIAA	15,967,327	0	For
EUPAC FUND	0	12,791,279	Abstain
T. Rowe Price	12,493,530	0	For
MFS	12,007,766	0	For
State Street	10,475,150	0	For
WisdomTree	10,285,708	0	For
Northern Trust	9,147,914	0	For
PIMCO	8,947,000	0	For
Dimensional	8,054,713	0	For
GMO	5,149,738	0	For
American Century	3,060,732	0	For
Lazard	2,763,172	0	For
Hartford	2,669,229	0	For
INTERNATIONAL GROWTH & INCOME FUND	244,096	2,075,324	Abstain
DWS	2,291,223	0	For
Franklin Templeton	2,075,690	0	For
Delaware/Macquarie	1,863,623	0	For
Allspring	1,750,978	0	For
Prudential/PGIM	1,464,297	0	For
Advisors' Inner Circle Fund III	1,191,575	0	For
Columbia Threadneedle	970,132	0	For

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

38. Approve Absorption of Acos Laminados do Para S.A. (ALPA)

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-11-14; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 74 asset managers below cast 100% of the shares they voted on this item FOR (452,687,903 for, 0 against).

FOR: 452,687,903 (100.0%)

Largest asset managers voting on “Approve Absorption of Acos Laminados do Para S.A. (ALPA)” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	112,171,942	For
Vanguard	111,196,708	For
Fidelity	53,714,674	For
EUPAC FUND	41,056,279	For
Dimensional	18,081,364	For
TIAA	15,967,327	For
T. Rowe Price	12,493,530	For
MFS	12,007,766	For
State Street	10,477,850	For
WisdomTree	10,285,708	For
Northern Trust	9,147,914	For
PIMCO	8,947,000	For
GMO	5,149,738	For
INTERNATIONAL GROWTH & INCOME FUND	3,732,026	For
American Century	3,060,732	For
Lazard	2,763,172	For
Franklin Templeton	2,348,013	For
DWS	2,291,223	For
Delaware/Macquarie	1,863,623	For
Allspring	1,750,978	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Columbia Threadneedle	970,132	For
Victory Capital	966,497	For
AIG/SunAmerica	882,452	For
Invesco	826,770	For

Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.

39. Approve Agreement to Absorb Acos Laminados do Para S.A. (ALPA)

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-11-14; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 74 asset managers below cast 100% of the shares they voted on this item FOR (452,687,903 for, 0 against).

FOR: 452,687,903 (100.0%)

Largest asset managers voting on “Approve Agreement to Absorb Acos Laminados do Para S.A. (ALPA)” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	112,171,942	For
Vanguard	111,196,708	For
Fidelity	53,714,674	For
EUPAC FUND	41,056,279	For
Dimensional	18,081,364	For
TIAA	15,967,327	For
T. Rowe Price	12,493,530	For
MFS	12,007,766	For
State Street	10,477,850	For
WisdomTree	10,285,708	For
Northern Trust	9,147,914	For
PIMCO	8,947,000	For
GMO	5,149,738	For
INTERNATIONAL GROWTH & INCOME FUND	3,732,026	For
American Century	3,060,732	For
Lazard	2,763,172	For
Franklin Templeton	2,348,013	For
DWS	2,291,223	For
Delaware/Macquarie	1,863,623	For
Allspring	1,750,978	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Columbia Threadneedle	970,132	For
Victory Capital	966,497	For
AIG/SunAmerica	882,452	For
Invesco	826,770	For

Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.

40. Approve Independent Firm's Appraisal

EXTRAORDINARY TRANSACTIONS

Meeting held 2024-11-14; no official results are on file for this meeting.

100% fund support · no official result

FOR 100%

The 74 asset managers below cast 100% of the shares they voted on this item FOR (452,687,903 for, 0 against).

FOR: 452,687,903 (100.0%)

Largest asset managers voting on “Approve Independent Firm's Appraisal” at VALE SA, 2024-2025
Asset manager	For	Vote
Capital Group	112,171,942	For
Vanguard	111,196,708	For
Fidelity	53,714,674	For
EUPAC FUND	41,056,279	For
Dimensional	18,081,364	For
TIAA	15,967,327	For
T. Rowe Price	12,493,530	For
MFS	12,007,766	For
State Street	10,477,850	For
WisdomTree	10,285,708	For
Northern Trust	9,147,914	For
PIMCO	8,947,000	For
GMO	5,149,738	For
INTERNATIONAL GROWTH & INCOME FUND	3,732,026	For
American Century	3,060,732	For
Lazard	2,763,172	For
Franklin Templeton	2,348,013	For
DWS	2,291,223	For
Delaware/Macquarie	1,863,623	For
Allspring	1,750,978	For
TEMPLETON DEVELOPING MARKETS TRUST	1,203,004	For
Columbia Threadneedle	970,132	For
Victory Capital	966,497	For
AIG/SunAmerica	882,452	For
Invesco	826,770	For

Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.

Showing the 40 reported items with the widest manager coverage, of 158 in total. View every item.

Largest VALE SA shareholders voting in 2024-2025

Ranked by the number of VALE SA shares each manager voted on the most widely held ballot item of the 2024-2025 meeting.

Top VALE SA shareholders by shares voted, 2024-2025
#	Asset manager	Shares voted
1	Capital Group	172,033,886
2	Fidelity	109,689,900
3	Vanguard	105,404,987
4	EUPAC FUND	43,473,774
5	Advisors' Inner Circle Fund III	23,562,486
6	Dimensional	23,138,114
7	Charles Schwab	21,445,458
8	TIAA	21,169,291
9	MFS	16,227,632
10	BlackRock	15,475,647

Shown as share counts, not percentages: no shares-outstanding figure has been matched to VALE SA for the 2024-2025 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 04 October 2026; a live search always shows the current data.

At VALE SA's 2 shareholder meetings in the 2024-2025 proxy season (held 2024-11-14 and 2025-04-30), 154 asset managers reported how they voted in their SEC Form N-PX filings, covering 15,774 separate fund positions. Their filings are grouped here into 158 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 — Elect Manuel Lino Silva de Sousa Oliveira (Ollie) as Independent Director — the reporting funds cast 98% 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 · 2024-2025 (this page) · 2025-2026.