Carrefour Brasil elects new directors and sets governance standards

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A general view of a Carrefour supermarket in Sao Paulo, Brazil July 18, 2017. REUTERS/Paulo Whitaker/File Photo

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SAO PAULO, June 7 (Reuters) – Supermarket chain Carrefour Brasil (CRFB3.SA) said on Tuesday its board had approved calling a general meeting to elect new board members and put up-to-date governance standards.

Alexandre Bompard was chosen as the candidate for the position of chairman of the board of directors of Carrefour Brasil and Abilio Diniz as the candidate for the position of vice-president, he said in a press release. The vote is scheduled for July 7.

Bompard is the chairman and chief executive of French company Carrefour SA (CARR.PA), while Brazilian businessman Diniz has a stake in the company through his investment holding company Peninsula.

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“Before, Brazil went to France, that is, Brazilian executives went to France. Today, French leaders come to Brazil,” Diniz told reporters this morning.

Carrefour and Peninsula, along with private company Carrefour Nederland BV, signed the new shareholders’ pact in a bid to strengthen corporate governance standards, he said.

The move comes as Carrefour Brasil, also known as Atacadao SA, completed its acquisition of food retailer Grupo BIG nearly a year after announcing the deal, which valued BIG at around $1.3 billion. .

Carrefour Brasil in the filing said the deal gave it a market share more than double that of its closest rival and coverage of all Brazilian regions.

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Reporting by Gabriel Araujo and Carolina Pulice; edited by Jason Neely and Stephen Coates

Our standards: The Thomson Reuters Trust Principles.

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