The Renova Foundation is an autonomous and independent institute created in order to repair the damages caused by the Fundão dam burst which occurred in Mariana (MG), in November 2015. The foundation is a private non-profit organization guaranteeing transparency, legitimacy and a sense of urgency in a complex and long term process.
The Foundation was established by the Transaction and Conduct Adjustment Term (TTAC), signed between Samarco, Vale and BHP, the federal governments and the state governments of Minas Gerais and Espírito Santo, in addition to several authorities, foundations and institutes (such as Ibama, the Chico Mendes Institute, the National Water Agency, the State Forestry Institute, Funai, Secretaries of the Environment, among others), in March 2016.
The governance structure of Fundação Renova includes a Board of Governors (with the participation of a member of the Public Prosecution Service), an Executive Leadership Team, a Fiscal Committee and an Advisory Committee, in addition to technical experts and independent auditors.
The Interfederative Committee (CIF) is an external entity which has the responsibility of commenting on the plans, programs and projects, in addition to making suggestions regarding solutions for the impacts caused by the dam failure.
Samarco will pass along to the Foundation R$ 4.4 billion by 2018. From 2019 to 2021, the annual contributions to the Foundation will be defined according to the expected annual execution of the remaining remediation and compensation projects.
Also, R$ 500 million will be made available for basic sanitation works, which will be carried out by the municipalities impacted by the end of 2018.
Learn more www.fundacaorenova.org.