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Vale SA 2025-2026 Proxy Voting Records

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

67Reported items
150Asset managers
5,758Fund votes
2026-04-30Meeting 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 2025-2026 meeting

Each item below shows how the 150 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 Remuneration of Company's Management and Fiscal Council

SECTION 14A SAY-ON-PAY VOTES

100% fund support · no official result

FOR 100%

The 89 asset managers below cast 100% of the shares they voted on this item FOR (872,765,758 for, 0 against).

FOR: 872,765,758 (100.0%)

Largest asset managers voting on “Approve Remuneration of Company's Management and Fiscal Council” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

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

2. Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2025

CORPORATE GOVERNANCE

99.9% fund support · no official result

FOR 83%ABSTAIN 17%

The 87 asset managers below cast 99.9% of the shares they voted on this item FOR (726,562,303 for, 400,500 against).

FOR: 726,562,303 (83.2%)AGAINST: 400,500 (0.0%)ABSTAIN: 145,793,655 (16.7%)

Largest asset managers voting on “Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2025” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Capital Group	298,190,200	0	For
BlackRock	0	145,401,341	Abstain
Vanguard	109,622,206	0	For
EUPAC FUND	83,820,522	0	For
Fidelity	70,798,048	0	For
Invesco	17,978,185	0	For
TIAA	14,672,355	0	For
Dimensional	12,073,512	0	For
State Street	10,906,683	0	For
Advisors' Inner Circle Fund III	9,959,158	0	For
MFS	9,171,859	0	For
American Century	9,105,829	0	For
PIMCO	8,063,600	0	For
Lazard	7,843,777	0	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	0	For
RWC ASSET ADVISORS (US) LLC	5,547,682	0	For
Principal	5,236,586	0	For
Franklin Templeton	5,011,993	0	For
Advisors' Inner Circle Fund II	3,511,526	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	For
DWS	3,080,450	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	0	For
JANUS INVESTMENT FUND	2,245,528	0	For
Goldman Sachs	2,025,000	0	For
T. Rowe Price	1,985,876	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

3. Amend Article 5 to Reflect Changes in Capital

CAPITAL STRUCTURECORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Amend Article 5 to Reflect Changes in Capital” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

4. Approve Absorption of Baovale and CDA

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Approve Absorption of Baovale and CDA” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

5. Approve Agreement to Absorb Baovale Mineracao S.A. (Baovale) and CDA Logistica S.A. (CDA)

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Approve Agreement to Absorb Baovale Mineracao S.A. (Baovale) and CDA Logistica S.A. (CDA)” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

6. Approve Allocation of Income and Dividends

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Approve Allocation of Income and Dividends” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

7. Approve Independent Firm's Appraisals

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Approve Independent Firm's Appraisals” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

8. Authorize Capitalization of Reserves Without Issuance of Shares Amend Article 5 Accordingly

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Authorize Capitalization of Reserves Without Issuance of Shares Amend Article 5 Accordingly” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

9. Elect Adriana de Andrade Sole as Fiscal Council Member and Pedro Zannoni as Alternate

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.6%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (869,674,867 for, 0 against).

FOR: 869,674,867 (99.6%)ABSTAIN: 3,081,591 (0.4%)

Largest asset managers voting on “Elect Adriana de Andrade Sole as Fiscal Council Member and Pedro Zannoni as Alternate” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Capital Group	298,190,200	0	For
BlackRock	145,401,341	0	For
Vanguard	109,622,206	0	For
EUPAC FUND	83,820,522	0	For
Fidelity	70,798,048	0	For
Invesco	17,897,106	81,079	For
TIAA	14,672,355	0	For
Dimensional	12,073,512	0	For
State Street	10,906,683	0	For
Advisors' Inner Circle Fund III	9,959,158	0	For
MFS	9,171,859	0	For
American Century	9,105,829	0	For
PIMCO	8,063,600	0	For
Lazard	7,843,777	0	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	0	For
RWC ASSET ADVISORS (US) LLC	5,547,682	0	For
Principal	5,236,586	0	For
Franklin Templeton	4,646,240	365,753	For
Advisors' Inner Circle Fund II	3,511,526	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	For
DWS	3,080,450	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	0	2,300,455	Abstain
JANUS INVESTMENT FUND	2,245,528	0	For
Goldman Sachs	2,025,000	0	For
T. Rowe Price	1,985,876	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

10. Elect Aristoteles Nogueira Filho as Fiscal Council Member and Leda Maria Deiro Hahn as Alternate

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.9%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,675,379 for, 0 against).

FOR: 872,675,379 (100.0%)ABSTAIN: 81,079 (0.0%)

Largest asset managers voting on “Elect Aristoteles Nogueira Filho as Fiscal Council Member and Leda Maria Deiro Hahn as Alternate” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Capital Group	298,190,200	0	For
BlackRock	145,401,341	0	For
Vanguard	109,622,206	0	For
EUPAC FUND	83,820,522	0	For
Fidelity	70,798,048	0	For
Invesco	17,897,106	81,079	For
TIAA	14,672,355	0	For
Dimensional	12,073,512	0	For
State Street	10,906,683	0	For
Advisors' Inner Circle Fund III	9,959,158	0	For
MFS	9,171,859	0	For
American Century	9,105,829	0	For
PIMCO	8,063,600	0	For
Lazard	7,843,777	0	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	0	For
RWC ASSET ADVISORS (US) LLC	5,547,682	0	For
Principal	5,236,586	0	For
Franklin Templeton	5,011,993	0	For
Advisors' Inner Circle Fund II	3,511,526	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	For
DWS	3,080,450	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	0	For
JANUS INVESTMENT FUND	2,245,528	0	For
Goldman Sachs	2,025,000	0	For
T. Rowe Price	1,985,876	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

11. Elect Marcio de Souza as Fiscal Council Member and Alessandra Eloy Gadelha as Alternate

DIRECTOR ELECTIONS

55% fund support · no official result

FOR 55%AGAINST 45%

The 87 asset managers below cast 55% of the shares they voted on this item FOR (480,683,473 for, 388,991,394 against).

FOR: 480,683,473 (55.1%)AGAINST: 388,991,394 (44.6%)ABSTAIN: 3,081,591 (0.4%)

Largest asset managers voting on “Elect Marcio de Souza as Fiscal Council Member and Alessandra Eloy Gadelha as Alternate” at Vale SA, 2025-2026
Asset manager	For	Against	Abstain	Vote
Capital Group	0	298,190,200	0	Against
BlackRock	145,401,341	0	0	For
Vanguard	109,622,206	0	0	For
EUPAC FUND	0	83,820,522	0	Against
Fidelity	70,798,048	0	0	For
Invesco	17,897,106	0	81,079	For
TIAA	14,672,355	0	0	For
Dimensional	12,073,512	0	0	For
State Street	10,906,683	0	0	For
Advisors' Inner Circle Fund III	9,959,158	0	0	For
MFS	9,171,859	0	0	For
American Century	9,105,829	0	0	For
PIMCO	8,063,600	0	0	For
Lazard	7,843,777	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	6,935,589	0	Against
RWC ASSET ADVISORS (US) LLC	5,547,682	0	0	For
Principal	5,236,586	0	0	For
Franklin Templeton	4,646,240	0	365,753	For
Advisors' Inner Circle Fund II	3,511,526	0	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	0	For
DWS	3,080,450	0	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	0	0	2,300,455	Abstain
JANUS INVESTMENT FUND	2,245,528	0	0	For
Goldman Sachs	2,025,000	0	0	For
T. Rowe Price	1,985,876	0	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

12. Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.6%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (869,674,867 for, 0 against).

FOR: 869,674,867 (99.6%)ABSTAIN: 3,081,591 (0.4%)

Largest asset managers voting on “Elect Raphael Manhaes Martins as Fiscal Council Member and Jandaraci Ferreira de Araujo as Alternate” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Capital Group	298,190,200	0	For
BlackRock	145,401,341	0	For
Vanguard	109,622,206	0	For
EUPAC FUND	83,820,522	0	For
Fidelity	70,798,048	0	For
Invesco	17,897,106	81,079	For
TIAA	14,672,355	0	For
Dimensional	12,073,512	0	For
State Street	10,906,683	0	For
Advisors' Inner Circle Fund III	9,959,158	0	For
MFS	9,171,859	0	For
American Century	9,105,829	0	For
PIMCO	8,063,600	0	For
Lazard	7,843,777	0	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	0	For
RWC ASSET ADVISORS (US) LLC	5,547,682	0	For
Principal	5,236,586	0	For
Franklin Templeton	4,646,240	365,753	For
Advisors' Inner Circle Fund II	3,511,526	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	For
DWS	3,080,450	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	0	2,300,455	Abstain
JANUS INVESTMENT FUND	2,245,528	0	For
Goldman Sachs	2,025,000	0	For
T. Rowe Price	1,985,876	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

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

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 87 asset managers below cast 100% of the shares they voted on this item FOR (872,756,458 for, 0 against).

FOR: 872,756,458 (100.0%)

Largest asset managers voting on “Ratify Macso Legate Auditores Independentes as Independent Firm to Appraise Proposed Transaction” at Vale SA, 2025-2026
Asset manager	For	Vote
Capital Group	298,190,200	For
BlackRock	145,401,341	For
Vanguard	109,622,206	For
EUPAC FUND	83,820,522	For
Fidelity	70,798,048	For
Invesco	17,978,185	For
TIAA	14,672,355	For
Dimensional	12,073,512	For
State Street	10,906,683	For
Advisors' Inner Circle Fund III	9,959,158	For
MFS	9,171,859	For
American Century	9,105,829	For
PIMCO	8,063,600	For
Lazard	7,843,777	For
INTERNATIONAL GROWTH & INCOME FUND	6,935,589	For
RWC ASSET ADVISORS (US) LLC	5,547,682	For
Principal	5,236,586	For
Franklin Templeton	5,011,993	For
Advisors' Inner Circle Fund II	3,511,526	For
OLD WESTBURY FUNDS INC	3,396,440	For
DWS	3,080,450	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	For
JANUS INVESTMENT FUND	2,245,528	For
Goldman Sachs	2,025,000	For
T. Rowe Price	1,985,876	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

14. Ratify Marcio Antonio Chiumento as Director

DIRECTOR ELECTIONS

94% fund support · no official result

FOR 55%ABSTAIN 41%

The 87 asset managers below cast 94% of the shares they voted on this item FOR (483,765,064 for, 33,500,026 against).

FOR: 483,765,064 (55.4%)AGAINST: 33,500,026 (3.8%)ABSTAIN: 355,491,368 (40.7%)

Largest asset managers voting on “Ratify Marcio Antonio Chiumento as Director” at Vale SA, 2025-2026
Asset manager	For	Against	Abstain	Vote
Capital Group	0	33,454,943	264,735,257	Abstain
BlackRock	145,401,341	0	0	For
Vanguard	109,622,206	0	0	For
EUPAC FUND	0	0	83,820,522	Abstain
Fidelity	70,798,048	0	0	For
Invesco	17,978,185	0	0	For
TIAA	14,672,355	0	0	For
Dimensional	12,073,512	0	0	For
State Street	10,906,683	0	0	For
Advisors' Inner Circle Fund III	9,959,158	0	0	For
MFS	9,171,859	0	0	For
American Century	9,105,829	0	0	For
PIMCO	8,063,600	0	0	For
Lazard	7,843,777	0	0	For
INTERNATIONAL GROWTH & INCOME FUND	0	0	6,935,589	Abstain
RWC ASSET ADVISORS (US) LLC	5,547,682	0	0	For
Principal	5,236,586	0	0	For
Franklin Templeton	5,011,993	0	0	For
Advisors' Inner Circle Fund II	3,511,526	0	0	For
OLD WESTBURY FUNDS INC	3,396,440	0	0	For
DWS	3,080,450	0	0	For
TEMPLETON EMERGING MARKETS EQUITY FUND	2,300,455	0	0	For
JANUS INVESTMENT FUND	2,245,528	0	0	For
Goldman Sachs	2,025,000	0	0	For
T. Rowe Price	1,985,876	0	0	For

Showing the 25 largest of 87 asset managers. See all 87 in the interactive database.

15. 1C Setting the annual global compensation of management and Fiscal Council members for the year 2026.

COMPENSATION

100% fund support · no official result

FOR 99.4%

The 35 asset managers below cast 100% of the shares they voted on this item FOR (34,704,903 for, 0 against).

FOR: 34,704,903 (99.5%)ABSTAIN: 185,825 (0.5%)

Largest asset managers voting on “1C Setting the annual global compensation of management and Fiscal Council members for the year 2026.” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	28,301,794	0	For
Jackson National	2,145,185	0	For
JPMorgan	1,124,291	0	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	0	For
John Hancock	492,319	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Investment Managers Series Trust	250,000	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	0	185,825	Abstain
ETF Opportunities Trust	138,835	0	For
Tidal Trust I	129,119	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Guardian Variable Products Trust	49,488	0	For
Lincoln Financial	48,233	0	For
UNITED CAPITAL FINANCIAL ADVISORS, LLC	37,073	0	For
Northern Lights Fund Trust IV	31,409	0	For
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
Collaborative Investment Series Trust	24,241	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For

Showing the 25 largest of 35 asset managers. See all 35 in the interactive database.

16. RATIFY THE APPOINTMENT OF MR. MARCIO ANTONIO CHIUMENTO AS AN EFFECTIVE MEMBER OF THE BOARD OF DIRECTORS IN ACCORDANCE WITH PARAGRAPH 9 OF ARTICLE 11 OF THE BYLAWS

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 34 asset managers below cast 100% of the shares they voted on this item FOR (121,196,024 for, 0 against).

FOR: 121,196,024 (100.0%)

Largest asset managers voting on “RATIFY THE APPOINTMENT OF MR. MARCIO ANTONIO CHIUMENTO AS AN EFFECTIVE MEMBER OF THE BOARD OF DIRECTORS IN ACC” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	101,956,968	For
EA Series Trust	6,117,678	For
ADVISORS SERIES TRUST	3,590,200	For
Jackson National	2,500,059	For
JPMorgan	1,124,291	For
Bridge Builder Trust	954,100	For
Six Circles Trust	831,168	For
John Hancock	791,407	For
Brown Advisory Funds	465,900	For
CARILLON SERIES TRUST	417,131	For
Cambria ETF Trust	400,364	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Investment Managers Series Trust	200,000	For
Series Portfolios Trust	185,825	For
TIFF INVESTMENT PROGRAM	168,213	For
TOUCHSTONE STRATEGIC TRUST	138,600	For
Tidal Trust I	129,119	For
ETF Opportunities Trust	80,470	For
Tidal Trust II	77,846	For
Krane Shares Trust	64,800	For
Lincoln Financial	48,233	For
PFM Multi-Manager Series Trust	43,600	For
Advisors' Inner Circle Fund III	34,400	For

Showing the 25 largest of 34 asset managers. See all 34 in the interactive database.

17. APPROVE THE PROTOCOLS AND JUSTIFICATIONS FOR THE MERGER OF BAOVALE MINERACAO S.A. BAOVALE AND CDA LOGISTICA S.A. CDA, VALES WHOLLY OWNED SUBSIDIARIES

EXTRAORDINARY TRANSACTIONS

Combines 3 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 (121,092,826 for, 0 against).

FOR: 121,092,826 (100.0%)

Largest asset managers voting on “APPROVE THE PROTOCOLS AND JUSTIFICATIONS FOR THE MERGER OF BAOVALE MINERACAO S.A. BAOVALE AND CDA LOGISTICA S.” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	101,956,968	For
EA Series Trust	6,117,678	For
ADVISORS SERIES TRUST	3,590,200	For
Jackson National	2,500,059	For
JPMorgan	1,124,291	For
Bridge Builder Trust	954,100	For
Six Circles Trust	831,168	For
John Hancock	791,407	For
Brown Advisory Funds	465,900	For
CARILLON SERIES TRUST	417,131	For
Cambria ETF Trust	400,364	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Investment Managers Series Trust	200,000	For
Series Portfolios Trust	185,825	For
TIFF INVESTMENT PROGRAM	168,213	For
TOUCHSTONE STRATEGIC TRUST	138,600	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
Krane Shares Trust	64,800	For
Lincoln Financial	48,233	For
PFM Multi-Manager Series Trust	43,600	For
Advisors' Inner Circle Fund III	34,400	For
Northern Lights Fund Trust IV	31,409	For

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

18. 1A Evaluation of the management report and accounts, and examination, discussion, and voting on the financial statements for the fiscal year ended December 31, 2025.

CORPORATE GOVERNANCE

100% fund support · no official result

14%ABSTAIN 86%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (4,758,978 for, 0 against).

FOR: 4,758,978 (13.7%)ABSTAIN: 30,084,535 (86.3%)

Largest asset managers voting on “1A Evaluation of the management report and accounts, and examination, discussion, and voting on the financial ” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	0	28,301,794	Abstain
Jackson National	423,024	1,722,161	Abstain
JPMorgan	1,124,291	0	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	0	For
John Hancock	492,319	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Investment Managers Series Trust	250,000	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	185,825	0	For
ETF Opportunities Trust	138,835	0	For
Tidal Trust I	129,119	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Guardian Variable Products Trust	49,488	0	For
Lincoln Financial	0	48,233	Abstain
Northern Lights Fund Trust IV	31,409	0	For
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
Collaborative Investment Series Trust	24,241	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For
RBB FUND, INC.	0	12,347	Abstain

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

19. 1B Proposal for the allocation of profits for the 2025 fiscal year.

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (34,843,513 for, 0 against).

FOR: 34,843,513 (100.0%)

Largest asset managers voting on “1B Proposal for the allocation of profits for the 2025 fiscal year.” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
TIMOTHY PLAN	21,028	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

20. 2D Approve the Valuation Reports of Baovale and CDA prepared by Macso.

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (34,843,513 for, 0 against).

FOR: 34,843,513 (100.0%)

Largest asset managers voting on “2D Approve the Valuation Reports of Baovale and CDA prepared by Macso.” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
TIMOTHY PLAN	21,028	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

21. 2E Approve the mergers of Baovale and CDA into Vale, without a capital increase and without the issue of new shares.

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (34,843,513 for, 0 against).

FOR: 34,843,513 (100.0%)

Largest asset managers voting on “2E Approve the mergers of Baovale and CDA into Vale, without a capital increase and without the issue of new s” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
TIMOTHY PLAN	21,028	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

22. 2F Approve the amendment to the heading of Article 5 of the Bylaws to reflect the new number of capital shares (4,439,159,764) and common shares (4,439,159,752), due to the Vale's cancellation of 99,847,816 common shares.

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (34,843,513 for, 0 against).

FOR: 34,843,513 (100.0%)

Largest asset managers voting on “2F Approve the amendment to the heading of Article 5 of the Bylaws to reflect the new number of capital shares” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
TIMOTHY PLAN	21,028	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

23. 2G Approve the increase of Vale's share capital, without the issuance of shares, in the total amount of BRL 500,000,000.00, raising the Company's share capital to BRL 77,800,000,000.00, through the capitalization of part of the Income Tax Incentive Reserve, carried out in the areas of the Superintendence for the Development of the Amazon (SUDAM), and the consequent amendment to the caput of Articl

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 28 asset managers below cast 100% of the shares they voted on this item FOR (34,843,513 for, 0 against).

FOR: 34,843,513 (100.0%)

Largest asset managers voting on “2G Approve the increase of Vale's share capital, without the issuance of shares, in the total amount of BRL 50” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
TIMOTHY PLAN	21,028	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For

Showing the 25 largest of 28 asset managers. See all 28 in the interactive database.

24. 2C Ratify the appointment of Macso Legate Auditores Independentes ("Macso"), the specialized company hired to carry out the valuation of Baovale and CDA.

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 26 asset managers below cast 100% of the shares they voted on this item FOR (34,820,785 for, 0 against).

FOR: 34,820,785 (100.0%)

Largest asset managers voting on “2C Ratify the appointment of Macso Legate Auditores Independentes ("Macso"), the specialized company hired to ” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	28,301,794	For
Jackson National	2,145,185	For
JPMorgan	1,124,291	For
PERMANENT PORTFOLIO FAMILY OF FUNDS	500,000	For
John Hancock	492,319	For
CARILLON SERIES TRUST	417,131	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	For
Investment Managers Series Trust	250,000	For
Calamos	249,450	For
Elevation Series Trust	219,676	For
Series Portfolios Trust	185,825	For
ETF Opportunities Trust	138,835	For
Tidal Trust I	129,119	For
Tidal Trust II	77,846	For
EA Series Trust	55,146	For
Guardian Variable Products Trust	49,488	For
Lincoln Financial	48,233	For
Northern Lights Fund Trust IV	31,409	For
Tidal Trust IV	30,408	For
TIFF INVESTMENT PROGRAM	27,122	For
ETF Series Solutions	25,838	For
Collaborative Investment Series Trust	24,241	For
Gateway Trust	15,961	For
RBB FUND, INC.	12,347	For
Gabelli	10,000	For

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

25. Election of the fiscal council by candidate: Adriana de Andrade Solé (principal) / Pedro Zannoni (alternate)

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.3%

The 22 asset managers below cast 100% of the shares they voted on this item FOR (33,326,402 for, 0 against).

FOR: 33,326,402 (99.4%)ABSTAIN: 217,234 (0.6%)

Largest asset managers voting on “Election of the fiscal council by candidate: Adriana de Andrade Solé (principal) / Pedro Zannoni (alternate)” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	28,301,794	0	For
Jackson National	2,145,185	0	For
JPMorgan	1,124,291	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	0	185,825	Abstain
Tidal Trust I	129,119	0	For
John Hancock	87,319	0	For
ETF Opportunities Trust	80,470	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Lincoln Financial	48,233	0	For
Northern Lights Fund Trust IV	0	31,409	Abstain
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For
Gabelli	10,000	0	For
apricus wealth, LLC	1,700	0	For

26. Election of the fiscal council by candidate: Márcio de Souza (principal) / Alessandra Eloy Gadelha (alternate)

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.3%

The 22 asset managers below cast 100% of the shares they voted on this item FOR (33,326,402 for, 0 against).

FOR: 33,326,402 (99.4%)ABSTAIN: 217,234 (0.6%)

Largest asset managers voting on “Election of the fiscal council by candidate: Márcio de Souza (principal) / Alessandra Eloy Gadelha (alternate)” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	28,301,794	0	For
Jackson National	2,145,185	0	For
JPMorgan	1,124,291	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	0	185,825	Abstain
Tidal Trust I	129,119	0	For
John Hancock	87,319	0	For
ETF Opportunities Trust	80,470	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Lincoln Financial	48,233	0	For
Northern Lights Fund Trust IV	0	31,409	Abstain
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For
Gabelli	10,000	0	For
apricus wealth, LLC	1,700	0	For

27. Election of the fiscal council by candidate: Raphael Manhães Martins (principal) / Jandaraci Ferreira de Araujo (alternate)

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.3%

The 22 asset managers below cast 100% of the shares they voted on this item FOR (33,326,402 for, 0 against).

FOR: 33,326,402 (99.4%)ABSTAIN: 217,234 (0.6%)

Largest asset managers voting on “Election of the fiscal council by candidate: Raphael Manhães Martins (principal) / Jandaraci Ferreira de Arauj” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	28,301,794	0	For
Jackson National	2,145,185	0	For
JPMorgan	1,124,291	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	0	185,825	Abstain
Tidal Trust I	129,119	0	For
John Hancock	87,319	0	For
ETF Opportunities Trust	80,470	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Lincoln Financial	48,233	0	For
Northern Lights Fund Trust IV	0	31,409	Abstain
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For
Gabelli	10,000	0	For
apricus wealth, LLC	1,700	0	For

28. Election of the fiscal council by candidate: Aristóteles Nogueira Filho (principal) / Leda Maria Deiro Hahn (alternate)

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.3%

The 21 asset managers below cast 100% of the shares they voted on this item FOR (33,245,932 for, 0 against).

FOR: 33,245,932 (99.4%)ABSTAIN: 217,234 (0.6%)

Largest asset managers voting on “Election of the fiscal council by candidate: Aristóteles Nogueira Filho (principal) / Leda Maria Deiro Hahn (a” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	28,301,794	0	For
Jackson National	2,145,185	0	For
JPMorgan	1,124,291	0	For
CARILLON SERIES TRUST	417,131	0	For
TRUST FOR PROFESSIONAL MANAGERS	258,685	0	For
Calamos	249,450	0	For
Elevation Series Trust	219,676	0	For
Series Portfolios Trust	0	185,825	Abstain
Tidal Trust I	129,119	0	For
John Hancock	87,319	0	For
Tidal Trust II	77,846	0	For
EA Series Trust	55,146	0	For
Lincoln Financial	48,233	0	For
Northern Lights Fund Trust IV	0	31,409	Abstain
Tidal Trust IV	30,408	0	For
TIFF INVESTMENT PROGRAM	27,122	0	For
ETF Series Solutions	25,838	0	For
TIMOTHY PLAN	21,028	0	For
Gateway Trust	15,961	0	For
Gabelli	10,000	0	For
apricus wealth, LLC	1,700	0	For

29. Setting the annual global compensation of management and Fiscal Council members for the year 2026

COMPENSATION

100% fund support · no official result

FOR 100%

The 19 asset managers below cast 100% of the shares they voted on this item FOR (87,679,368 for, 0 against).

FOR: 87,679,368 (100.0%)

Largest asset managers voting on “Setting the annual global compensation of management and Fiscal Council members for the year 2026” at Vale SA, 2025-2026
Asset manager	For	Vote
BlackRock	73,655,174	For
EA Series Trust	6,062,532	For
ADVISORS SERIES TRUST	3,590,200	For
Bridge Builder Trust	954,100	For
Six Circles Trust	831,168	For
John Hancock	704,088	For
Brown Advisory Funds	465,900	For
Cambria ETF Trust	400,364	For
Jackson National	354,874	For
Investment Managers Series Trust	200,000	For
TIFF INVESTMENT PROGRAM	141,091	For
TOUCHSTONE STRATEGIC TRUST	138,600	For
Krane Shares Trust	64,800	For
PFM Multi-Manager Series Trust	43,600	For
Advisors' Inner Circle Fund III	34,400	For
Janney Montgomery Scott LLC	22,180	For
WILSHIRE MUTUAL FUNDS INC	6,500	For
GPS Funds I	4,997	For
Coronation Fund Managers Ltd.	4,800	For

30. Accounts and Reports

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Accounts and Reports” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

31. Allocation of Profits/Dividends

CAPITAL STRUCTURE

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Allocation of Profits/Dividends” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

32. Amendments to Article 5 (Reconciliation of Share Capital)

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Amendments to Article 5 (Reconciliation of Share Capital)” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

33. Capitalization of Reserves w/o Share Issuance

CAPITAL STRUCTURE

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Capitalization of Reserves w/o Share Issuance” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

34. Elect Adriana de Andrade Sole

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Elect Adriana de Andrade Sole” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

35. Elect Aristoteles Nogueira Filho

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Elect Aristoteles Nogueira Filho” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

36. Elect Marcio de Souza

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Elect Marcio de Souza” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

37. Elect Raphael Manhaes Martins

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.7%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,456,610 for, 0 against).

FOR: 34,456,610 (99.8%)ABSTAIN: 76,103 (0.2%)

Largest asset managers voting on “Elect Raphael Manhaes Martins” at Vale SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	25,209,457	0	For
Prudential/PGIM	1,849,041	0	For
Russell Investments	1,697,327	0	For
Advisors' Inner Circle Fund III	1,021,900	0	For
VanEck ETF Trust	881,936	0	For
SEI	842,448	0	For
Global X	777,893	0	For
Hartford	705,147	0	For
Neuberger Berman	396,034	0	For
Adviser Managed Trust	297,300	0	For
Morningstar Funds Trust	271,516	0	For
ADVISORS' INNER CIRCLE FUND	179,800	0	For
PACE SELECT ADVISORS TRUST	129,800	0	For
Federated Hermes	83,742	0	For
Brighthouse	0	76,103	Abstain
Vanguard	58,915	0	For
Venerable Variable Insurance Trust	54,354	0	For

38. Merger Agreements

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,532,713 for, 0 against).

FOR: 34,532,713 (100.0%)

Largest asset managers voting on “Merger Agreements” at Vale SA, 2025-2026
Asset manager	For	Vote
Charles Schwab	25,209,457	For
Prudential/PGIM	1,849,041	For
Russell Investments	1,697,327	For
Advisors' Inner Circle Fund III	1,021,900	For
VanEck ETF Trust	881,936	For
SEI	842,448	For
Global X	777,893	For
Hartford	705,147	For
Neuberger Berman	396,034	For
Adviser Managed Trust	297,300	For
Morningstar Funds Trust	271,516	For
ADVISORS' INNER CIRCLE FUND	179,800	For
PACE SELECT ADVISORS TRUST	129,800	For
Federated Hermes	83,742	For
Brighthouse	76,103	For
Vanguard	58,915	For
Venerable Variable Insurance Trust	54,354	For

39. Mergers by Absorption (Baovale and CDA)

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,532,713 for, 0 against).

FOR: 34,532,713 (100.0%)

Largest asset managers voting on “Mergers by Absorption (Baovale and CDA)” at Vale SA, 2025-2026
Asset manager	For	Vote
Charles Schwab	25,209,457	For
Prudential/PGIM	1,849,041	For
Russell Investments	1,697,327	For
Advisors' Inner Circle Fund III	1,021,900	For
VanEck ETF Trust	881,936	For
SEI	842,448	For
Global X	777,893	For
Hartford	705,147	For
Neuberger Berman	396,034	For
Adviser Managed Trust	297,300	For
Morningstar Funds Trust	271,516	For
ADVISORS' INNER CIRCLE FUND	179,800	For
PACE SELECT ADVISORS TRUST	129,800	For
Federated Hermes	83,742	For
Brighthouse	76,103	For
Vanguard	58,915	For
Venerable Variable Insurance Trust	54,354	For

40. Ratification of Appointment of Appraiser

EXTRAORDINARY TRANSACTIONS

100% fund support · no official result

FOR 100%

The 17 asset managers below cast 100% of the shares they voted on this item FOR (34,532,713 for, 0 against).

FOR: 34,532,713 (100.0%)

Largest asset managers voting on “Ratification of Appointment of Appraiser” at Vale SA, 2025-2026
Asset manager	For	Vote
Charles Schwab	25,209,457	For
Prudential/PGIM	1,849,041	For
Russell Investments	1,697,327	For
Advisors' Inner Circle Fund III	1,021,900	For
VanEck ETF Trust	881,936	For
SEI	842,448	For
Global X	777,893	For
Hartford	705,147	For
Neuberger Berman	396,034	For
Adviser Managed Trust	297,300	For
Morningstar Funds Trust	271,516	For
ADVISORS' INNER CIRCLE FUND	179,800	For
PACE SELECT ADVISORS TRUST	129,800	For
Federated Hermes	83,742	For
Brighthouse	76,103	For
Vanguard	58,915	For
Venerable Variable Insurance Trust	54,354	For

Showing the 40 reported items with the widest manager coverage, of 67 in total. View every item.

Largest Vale SA shareholders voting in 2025-2026

Ranked by the number of Vale SA shares each manager voted on the most widely held ballot item of the 2025-2026 meeting.

Top Vale SA shareholders by shares voted, 2025-2026
#	Asset manager	Shares voted
1	Capital Group	298,190,200
2	BlackRock	145,401,341
3	Vanguard	109,622,206
4	EUPAC FUND	83,820,522
5	Fidelity	70,798,048
6	Invesco	17,978,185
7	TIAA	14,672,355
8	Dimensional	12,073,512
9	State Street	10,906,683
10	Advisors' Inner Circle Fund III	9,959,158

Shown as share counts, not percentages: no shares-outstanding figure has been matched to Vale SA for the 2025-2026 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 2026-04-30, in the 2025-2026 proxy season, 150 asset managers reported how they voted in their SEC Form N-PX filings, covering 5,758 separate fund positions. Their filings are grouped here into 67 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 Remuneration of Company's Management and Fiscal Council — 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 · 2024-2025 · 2025-2026 (this page).