SAO PAULO – Supermarket chain Carrefour Brasil announced Tuesday that it had approved a shareholder meeting for the election of new members to its board and updating governance standards.

It said that Alexandre Bompard had been elected as the candidate for Carrefour Brasil’s chairman and Abilio Diniz was selected as vice-chairman. Voting is set for July 7.

Bompard serves as the Chairman and Chief Executive Officer of France’s Carrefour SA. Brazilian businessman Diniz also holds an interest through Peninsula Investment Holdings.

“Before Brazil traveled, it was executives from Brazil who went to France. Diniz stated this morning that French leaders visit Brazil today.

The new shareholders agreement was signed by Peninsula as well as Carrefour Nederland BV (private company), to help strengthen Carrefour’s governance, the statement said.

This acquisition comes nearly one year after Carrefour Brasil (also known as Atacadao SA) announced it would acquire Grupo BIG, a food retailer. BIG was valued at approximately $1.3 billion.

Carrefour Brasil stated in its filing that the agreement gave them a market share greater than twice their nearest competitor and covered all Brazilian regions.