The Swedish AP funds, which together manage roughly $155bn of state pension assets, could pull their investments from Vale. The funds’ ethical council criticised the Brazilian mining company in strong terms over a dam disaster on January 25.

John Howchin, the secretary-general of the council on ethics of the AP funds, said its confidence in Vale was “non-existent” after fire-fighters confirmed a number of deaths following the collapse of a dam in a hilly area of south-east Brazil. Another 279 people are said to be missing and probably dead, according to Reuters.