News

Court approves TAC Governance

08/08/2018

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This Wednesday, July 8, the Terms of Conduct Adjustment Governance (TAC GOV) was approved by the 12th Federal Court of Minas Gerais, of which Samarco is a signatory. The agreement improves the participation of those affected by the reparations process for damages caused by the Fundão Dam break in Mariana.

The TAC Governance was concluded after being signed on June 25 by Samarco and its shareholders, BHP Billiton Brasil and Vale, the Public Prosecutor’s, Defender’s and Procurator’s Offices of the Federal Government, Minas Gerais and Espirito Santo, and other government agencies. Many meetings were held over a year-and-nine-month period resulting in debates to improve the reparations process established by the Terms of Transaction and Conduct Adjustment (TTAC) of March 2016.

Renegotiation

The agreement states that all parties involved will work together towards a potential renegotiation of the 42 programs foreseen in the Terms of Transaction and Conduct Adjustment (TTAC), signed on March 2016.

The Renova Foundation will continue implementing previously established programs over the course of the next two years, which is the time period set for the renegotiation and revision of TTAC programs.

Improving governance

There will be an increase in participation of those impacted by means of a revision in the TTAC governance structure. The new structure includes four new members to the InterFederative Committee (CIF). The Committee, which will now have 16 members, will continue to be the permanent liaison with the Renova Foundation and is responsible for monitoring and supervising the conduct and results of the programs. The revision will also include the addition of two new members to the Renova Foundation’s Board of Trustees, which will be appointed by the impacted communities.