Bloomberg quoted a pension fund in the group said Vale SA controlling shareholders are seeking to increase their role in management of the world biggest iron ore producer after replacing the chief executive officer last month.

Mr Carlos Alberto Caser Funcef President said the group plans to hold regular meetings to discuss management of the Rio de Janeiro based company with CEO Mr Murilo Ferreira who they named to succeed Mr Roger Agnelli. Funcef is one of four pension funds that share control of Vale with other investors.

Mr Caser said “The shareholders need to have a more active voice in Vale. We are seeking to have more interaction with the management which didn’t exist in the past.”

Vale controlling shareholders ousted Mr Agnelli after the Brazilian government criticized the company for job cuts and not investing enough in domestic projects, including steel mills. Finance Minister Mr Guido Mantega told senators May 3 that Vale is of strategic importance for Brazil and that he participated in meetings with the group to discuss Mr Agnelli departure.

Mr Ferreira said May 20 Vale will maintain its record USD 24 billion spending plan this year. Funcef doesn’t have a problem with Vale boosting its investments on growth projects even if it means lower dividends for shareholders. He said that “It ends up paying off.”

In October 2009, Funcef then-president Mr Guilherme Lacerda said the fund may seek to sell its Vale stake because it didn’t have much say in how the company was run.

(Sourced from Bloomberg)