April 20, 2018 / 1:50 PM / 3 months ago

Brazil BRF board supports candidate list

SAO PAULO, April 20 (Reuters) - The board of Brazilian food company BRF SA has endorsed a list of 10 candidates ahead of a vote on a new set of directors, the company said on Friday, suggesting top shareholders have reached a consensus on its composition.

Brazil’s largest chicken processor said in a securities filing that the board is in favor of the election of the list of 10 candidates in case Aberdeen Asset Management PLC withdraws an application for the adoption of a cumulative vote system, under which candidates are elected individually.

The vote is scheduled for Thursday.

Aberdeen, an investment fund which owns 5 percent of BRF shares, told Reuters it is keeping its cumulative vote request.

“For us this is a matter of principle - that boards are accountable to their shareholders. Our request for cumulative voting brought the warring factions back to the negotiating table and we are very pleased with the results.”

The board’s endorsement of a closed list of candidates came after shareholders with a combined 32.8 percent stake in BRF agreed to jointly vote for 10 new board members.

The list endorsed by the board includes the nomination of Pedro Parente and Augusto Marques da Cruz Filho as chairman and vice chairman, respectively, the filing said.

In a statement accepting the nomination as a candidate to chair the board, Parente, who is chief executive of Brazil’s state-run oil company Petroleo Brasileiro SA, said he would resign as chairman of financial exchange operator B3 SA Bolsa Brasil Balcao if elected.

The other nominees in the list unveiled by BRF are Dan Ioschpe, Flávia Buarque de Almeida, Francisco Petros Oliveira Lima Papathanasiadis, José Luiz Osório, Luiz Fernando Furlan, Roberto Antonio Mendes, Roberto Rodrigues, and Walter Malieni Jr., the filing said. (Reporting by Ana Mano; editing by Jonathan Oatis)

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