STORA ENSO OYJ STOCK EXCHANGE RELEASE 11 January 2022 at 10.30 EET
HELSINKI, Jan. 11, 2022 /PRNewswire/ -- The Shareholders' Nomination Board, established by Stora Enso's Annual General Meeting (AGM), will propose to the AGM to be held on 15 March 2022 that the Company's Board of Directors shall have nine (9) members.
The Shareholders' Nomination Board proposes that of the current members of the Board of Directors, Håkan Buskhe, Elisabeth Fleuriot, Hock Goh, Helena Hedblom,Christiane Kuehne, Antti Mäkinen, Richard Nilssonand Hans Sohlström be re-elected members of the Board of Directors until the end of the following AGM and that Kari Jordan be elected new member of the Board of Directors for the same term of office.
The Shareholders' Nomination Board proposes that Antti Mäkinen be elected Chair and Håkan Buskhe be elected Vice Chair of the Board of Directors.
Mikko Helander has announced that he is not available for re-election to the Board of Directors.
"Mikko Helander has during his tenure since 2019 been a valuable member of the Stora Enso Board of Directors. I would like to thank Mikko warmly for all his valuable work for Stora Enso. Also, we are certain that the proposed new Board member, Kari Jordan, will bring a strong industrial, financial and management competence and experience to the Board that will be very important in the next phase of the Company's development as a leader within renewable materials", says Antti Mäkinen, Chair of the Board of Directors and the member of the Shareholders' Nomination Board.
Kari Jordan, M.Sc. (Econ), Vuorineuvos (Finnish honorary title), born 1956, Finnish citizen, has a strong background in forest industry and financial sector and has held various leadership and board positions. He has acted as President and CEO of Metsä Group (2006-2018) and as CEO of Metsäliitto Cooperative (2004-2017). Before that, his professional experience includes various board positions and senior executive management positions in Nordea Group (1998-2004), Merita Bank (1995-2000) and OKOBANK (1987-1994) as well as other key positions in the financial sector. He is Chair of the Board of Directors of Outokumpu Oyj and Vice Chair of the Board of Directors of Nordea Bank Abp. Further, he holds several positions of trust in foundations and non-profit associations. He is independent of the company and its shareholders. Currently, Jordan does not own shares in Stora Enso.
With regard to the selection procedure for the members of the Board of Directors, the Shareholders' Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. This recommendation is based on the fact that at Stora Enso, in line with a good Nordic governance model, the Shareholders' Nomination Board is separate from the Board of Directors. The Shareholders' Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.
The Shareholders' Nomination Board proposes to the AGM that the annual remuneration for the Chair, Vice Chair and members of the Board of Directors be increased by approximately 2.5-4 percent and be paid as follows:
Board of Directors
Chair | EUR 203,000 (2021: 197,000) |
Vice Chair | EUR 115,000 (2021: 112,000) |
Members | EUR 79,000 (2021: 76,000) |
The Shareholders' Nomination Board also proposes that the annual remuneration for the members of the Board of Directors be paid in Company shares and cash so that 40% is paid in Stora Enso R shares to be purchased on the Board members' behalf from the market at a price determined in public trading, and the rest in cash. The shares will be purchased within two weeks of the publication of the interim report for the period 1 January 2022-31 March 2022 or as soon as possible in accordance with applicable legislation. The Company will pay any costs and transfer tax related to the purchase of Company shares.
The Shareholders' Nomination Board further proposes that the annual remuneration for the members of the Financial and Audit Committee, the Remuneration Committee and the Sustainability and Ethics Committee be increased by approximately 3-4 percent and be paid as follows:
Financial and Audit Committee
Chair | EUR 22,000 (2021: 21,200) |
Members | EUR 15,400 (2021: 14,800) |
Remuneration Committee
Chair | EUR 11,000 (2021: 10,600) |
Members | EUR 6,600 (2021: 6,400) |
Sustainability and Ethics Committee
Chair | EUR 11,000 (2021: 10,600) |
Members | EUR 6,600 (2021: 6,400) |
In 2021, the Shareholders' Nomination Board comprised four members: Antti Mäkinen (Chair of the Board), Håkan Buskhe (Vice Chair of the Board) and two other members appointed by the two largest shareholders, namely Harri Sailas (Solidium Oy) and Marcus Wallenberg (FAM AB). Marcus Wallenberg was elected Chair of the Shareholders' Nomination Board.
The main tasks of the Shareholders' Nomination Board were to prepare the proposals for the AGM 2022 concerning Board members and their remuneration. The Shareholders' Nomination Board convened five (5) times during its 2021 working period. Each member of the Shareholders' Nomination Board attended all the meetings.
For further information, please contact:
Carl Norell
Acting EVP, Communications and Marketing
tel. +46 72 2410349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 2107691
Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 23 000 employees and our sales in 2020 were EUR 8.6 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com
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