D&L elects new directors

MANILA, Philippines - D&L Industries Inc. announced yesterday the election of Corazon de la Paz-Bernardo and Lydia Balatbat-Echauz as independent directors of the company.

In a disclosure Monday, D&L said Paz-Bernardo and Balatbat-Echauz replaced Leon Lao and Alex Lao.

During Monday’s meeting, the board also appointed Yin Yong Lao and John Lao as chair and vice-chair of the board of directors, respectively.

With the election of the two women directors, four out of the seven seats are now held by independent directors. The two other independent directors are Filemon Berba Jr. and Mercedita Nolledo who earlier joined the board.

“Cora and Lydia have long and distinguished track records, having served at some of the top companies in the country. It is clear that they continue to fill trusted roles in the Philippine business community. The new directors bring a wealth of knowledge and experience to the board, which can supplement D&L’s growth and strategic direction going forward,” said D&L co-founder Leon Lao.

He said the selection of two additional directors is part of efforts to enhance corporate governance.

De la Paz-Bernardo served as president and CEO of the Social Security System from 2001 to 2008.

Prior to this, she built a successful career as a certified public accountant at Joaquin Cunanan & Co. (Price Waterhouse Coopers Philippines) from 1967 to 2001.

Balatbat-Echauz, meanwhile, has more than three decades of leading the country’s top schools. She served as president of Far Eastern University from 2002 to 2012.