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BRF to hold extraordinary general meeting to discuss board changes

The board of Brazil-based food producer BRF SA approved the demand of BRF shareholders Caixa de Previdência dos Funcionários do Banco do Brasil, or Previ, and Fundação Petrobras de Seguridade Social, or Petros, to hold an extraordinary meeting of shareholders to discuss the replacement of the company's entire board.

The extraordinary meeting along with the annual general shareholders meeting will be held April 26, according to a March 5 release.

The announcement comes the same day that Previ and Petros nominated 10 candidates to the Brazilian food company's board. The two are looking to oust BRF's board to improve the performance, market value and corporate governance of the company.

The move also follows the arrest of former BRF CEO Pedro Faria in relation to a food safety probe carried out by the country's federal police.