Eurofins Won’t Use Auditor Who Also Worked for CEO’s Firm (1)

Eurofins Scientific SE, the laboratory-testing company facing criticism for its corporate governance, will no longer use an auditor for its Luxembourg subsidiaries who was contemporaneously signing off on the accounts of businesses controlled by the company’s largest shareholder.

The use of the same auditor, Erik Snauwaert, by both the company and its largest investor, Chief Executive Officer Gilles Martin and his family, raised questions because the Martin real estate companies were doing millions of euros of business with Eurofins each year. PwC, the auditor for the parent company’s accounts, now will audit the Luxembourg subsidiaries as well, Eurofins said. ...