Diversified holding firm D&L Industries Inc. has vowed upholding the highest standards of good corporate governance, especially after it won its fourth consecutive recognition as one of the top Philippine publicly-listed companies by the Institute of Corporate Directors or ICD.

The company was recognized for its corporate governance practices based on the ASEAN Corporate Governance Scorecard or ACGS.

The ACGS measured its performance in facilitating the rights and the equitable treatment of shareholders.

Likewise, it also investigated how it related to its different stakeholders and ensured transparency and accountability through timely disclosure of material information.

"We are honored to receive such prestigious recognition from the ICD. We see it as the solid foundation for a sustainable and lasting organization," D&L president and CEO Alvin Lao said on Sunday.

Governance model

ICD is a non-stock, not-for-profit national association of corporate directors and other stakeholders engaged in corporate governance.

It aims to champion good corporate governance and stewardship for the benefit of society.

D&L recently conveyed that it expects to double its existing manufacturing capacity in the coming years after its Batangas plant recently kicked off operations — a move that will also perk up the company's financial backbone.

D&L's Batangas plant sits on a 26-hectare property in First Industrial Township-Special Economic Zone in Batangas.

It mainly caters to D&L's growing export businesses in the food and oleochemicals segments.

During the first half of the year, D&L's earnings annually declined by 28 percent to P1.24 billion.

In the second quarter, a subtle but continued sequential recovery has been posted with quarterly earnings growth of 9 percent to P646 million.