Grifols Chairman Shares Plans for Independent Directors in Exclusive Newspaper Interview
Grifols, a Spanish pharmaceutical company, is taking steps to enhance its governance amid a turbulent period marked by a significant decline in its share price. Thomas Glanzmann, the chairman of Grifols, revealed plans to appoint independent directors to the audit and compensation committees in an effort to bolster governance standards.
The company’s market value has suffered substantial losses following the release of reports by short-seller Gotham City Research in January, which alleged financial misstatements by Grifols. Despite vehemently denying these claims, the company has faced scrutiny and a loss of investor confidence.
In a recent interview with La Vanguardia newspaper, Glanzmann emphasized the importance of improving governance by introducing independent oversight in key committees. CEO Nacho Abia echoed this sentiment, acknowledging the need to simplify communications with the market to address concerns raised by the Gotham report.
Grifols aims to address its debt obligations by 2025 through the issuance of new senior secured notes and the sale of its stake in Shanghai RAAS to Haier Group. Glanzmann expressed confidence in the company’s ability to attract investors, citing strong demand for its bonds as a testament to market confidence in its future prospects and debt repayment capability.
Additionally, Abia disclosed the company’s intention to repurchase blood donation firm Haema AG and plasma donation company BPC Plasma, which were sold to Scranton Enterprises in 2018. Despite assertions in the Gotham report regarding the consolidation of Haema and BPC Plasma in Grifols’ accounts, the company maintains that it is obligated to do so due to holding a call option.
As Grifols navigates through these challenges, its commitment to governance enhancement and strategic initiatives underscores its determination to restore investor trust and pursue long-term growth opportunities.
