D&L Industries Inc, a manufacturer of food ingredients; colorants and plastics additives; oleochemicals, resins and powder coatings; and consumer products, said Monday former Economic Planning Secretary Karl Kendrick Chua has joined its board of directors.
D&L said Cua’s election ensures majority of the seven seats in the board are occupied by independent directors.
Aside from the economic portfolio, Chua has also served as an economist at the World Bank and undersecretary at the Department of Finance, where he helped usher through Congress several tax reform legislations. He is a recipient of the 2018 Outstanding Young Men and Women of the Philippines Award in the field of Economic Development.
Chua will replace Filemon Berba, who served on D&L’s Board from 2012 until his passing last April 4, 2023.
“We are pleased to welcome Karl to our Board of Directors. He brings a fresh perspective with his distinguished experience as an economist, working for the World Bank for over a decade and serving the government in various strategic leadership roles thereafter,” said D&L president & chief executive officer Alvin Lao. “With independent directors continuing to hold a majority of our Board, the company remains committed to upholding good governance and transparency,” he added.
Meantime, D&L announced a record dividend of P0.30 per share consisting of a regular cash dividend of P0.24 per share plus a special cash dividend of P0.06 per share to shareholders of record as of June 20. Shares of D&L will trade minus the dividend on June 15 and will pay it on July 14.
Management remains highly committed to its dividend policy of a 50 percent payout ratio based on prior year’s net income.
