D&L Industries, the Lao family’s food ingredients and plastics manufacturing company, has appointed Karl Kendrick T. Chua as an independent director on its board of directors, strengthening its commitment to robust corporate governance.
Chua’s addition to the board marks a majority of independent directors, with four out of seven seats now held by independent individuals.
With a notable background as an economist at the World Bank and previous roles as Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance, Chua brings a wealth of expertise to his new position.
His extensive experience spans various areas, including economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation.
Chua assumes the role previously held by Filemon T. Berba, who served on D&L’s board from 2012 until his recent passing on April 4, 2023.
D&L president and CEO Alvin Lao highlighted Chua’s extensive experience as an economist and his strategic leadership roles in government, underscoring the company’s commitment to upholding good governance and transparency.
During the shareholders’ meeting, D&L also announced a record dividend of P0.30 per share, comprising a regular cash dividend of P0.24 per share and a special cash dividend of P0.06 per share. Shareholders of record as of June 20 will be eligible for the dividend, with payment scheduled for July 14.