Eurofins Scientific Board Independence ‘Could Be Enhanced,’ Report Says
- Exane BNP Paribas analyzed accounting, governance of company
- Eurofins has been targeted by short sellers amid stock plunge
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Eurofins Scientific SE, the laboratory testing company under pressure from short sellers, now faces scrutiny for the independence of its board and the quality of its auditing.
The six-member board includes Gilles Martin, Eurofins’s chairman and chief executive officer; his wife, Valerie Hanote; and his brother Yves-Loic Martin, a setup that “could be enhanced,” according to a report by the accounting team at Exane BNP Paribas. Eurofins also has an unusual auditing arrangement, the analysts said, with global accounting firm PwC signing the company’s consolidated accounts but smaller auditors reviewing the books for many of its subsidiaries.