SAO PAULO, Feb 25 (Reuters) - Petros pension fund said on Sunday it was calling on Brazilian food processing company BRF SA to hold an extraordinary shareholders meeting to dismiss the firm's entire board of directors following its worst annual results ever.
Petros said in a statement that along with the Previ pension fund and other shareholders, it asked the board chaired by Abilio Diniz to call the meeting, confirming reports by Brazilian media on Friday.
A dissolution of the board would likely lead to changes in the executive management of the company, and the removal of Diniz, a supermarket magnate.
BRF did not immediately respond to a request for comment.
BRF, the world's largest poultry exporter, reported last Thursday a net loss of 1.1 billion reais ($339.78 million) in 2017, the company's largest loss ever, as it wrote down unsold inventory and faced a difficult market for its exports to Europe and Asia. Petros, the pension fund of state-run oil company Petrobras, and Previ, the pension fund of Banco de Brasil employees, hold around 20 percent of BRF shares.
"We share the market's view reflected in the share prices that the company's strategy needs to be reformulated so that its investment targets can be met," the Petros statement said.
BRF shares closed down 8.3 percent at 8.40 reais on Friday on the Sao Paulo stock exchange.
(Reporting by Roberto Samora; Editing by Peter Cooney)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.