2 Laos step down from D&L board to pave way for independent directors
Two members of the Lao family stepped down from the board of directors of D&L Industries Inc. to pave the way for the entry of two more independent directors.
In a disclosure to the stock exchange D&L Industries said Leon Lao and Alex Lao have retired as directors of the company and that Corazon de la Paz-Bernardo and Lydia Balatbat-Echaus have been elected as independent directors of the company.
With the entry of de la Paz-Bernardo and Balatbat-Echaus, the now has four independent directors in its seven-seat board. The other independent directors are Filemon Berba Jr. and Mercedita Nolledo.
De la Paz-Bernardo was president and CEO of the Social Security System and former chair of Joaquin Cunanan & Co.
Balatbat-Echaus has been an independent director of Metro Pacific Investments Corp. since 2009 and president of Far Eastern University since 2002.
D&L Industries is the holding company of the Lao family whose businesses include food ingredients, specialty fats and oils, and colorants and plastic additives among others.