Company Announcements

Proposals of the Shareholders' Nomination Board to Stora Enso Oyj's Annual General Meeting 2021

HELSINKI, Finland, Dec. 9, 2020 /PRNewswire/ -- The Shareholders' Nomination Board, established by Stora Enso's Annual General Meeting (AGM), will propose to the AGM to be held on 19 March 2021 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, Mikko Helander,Christiane Kuehne, Antti Mäkinen and Richard Nilsson be re-elected members of the Board of Directors until the end of the following AGM and that Helena Hedblomand Hans Sohlström be elected new members 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.

Jorma Eloranta and Hans Stråberg have announced that they are not available for re-election to the Board of Directors.

"I want to thank Jorma Eloranta and Hans Stråberg for their significant contribution to the development of Stora Enso over many years. Jorma Eloranta has, as Chair for more than three years, done an important job, using his extensive experience in leading the Board's work and recruiting the current President and CEO. Based on his leadership, experience and wisdom, Hans Stråberg has been a valued member of the Board of Directors for the past 12 years, with more than three years as Vice Chair. Stora Enso has a promising strategy in place, and the Nomination Board is pleased to propose Antti Mäkinen as a candidate for the new Chair of the Board. Also, we are certain that the proposed new Board members, Helena Hedblom and Hans Sohlström, will bring competences and experiences to the Board that will be very important in the next phase of the Company's development as a leader within renewable materials," says Marcus Wallenberg, Chair of the Shareholders' Nomination Board.

"Stora Enso's Board of Directors recently approved an updated strategy for the company. It was prepared under the leadership of our President and CEO Annica Bresky, who started in her position a year ago. Stora Enso has a competent CEO and leadership team in place. The Group also has a good strategy based on sustainability and long-term work to replace fossil-based materials with renewable alternatives. The Annual General Meeting in spring 2021 is therefore a natural point for me to transfer the chairing of the Board to my successor who will be appointed in that meeting," says Jorma Eloranta, the Chair of the Board of Directors.

Helena Hedblom, M.Sc. (Material Technology), born 1973, Swedish citizen, has a strong background in industrial research and development. She has been the President and CEO of Epiroc since March 2020. Prior to her current position, she was Senior Executive Vice President Mining and Infrastructure at Epiroc. She worked for Atlas Copco in various General Management and Research and development positions, and since 2017 as President for Atlas Copco's Mining and Rock Excavation Technique business area. She is a member of the Board of Directors of IPCO AB. She is independent of the company and its shareholders. Currently, Hedblom does not own shares in Stora Enso.

Hans Sohlström, M.Sc. (Tech.), M.Sc. (Econ.), born 1964, Finnish citizen, has a strong background in the forest industry and various leadership positions. He has been President and CEO of Ahlström-Munksjö Oyj since 2018. Prior to his current position, he was President and CEO of Ahlström Capital (2016-2018) and of Rettig Group Oy (2012-2016). Before that, has was a member of UPM-Kymmene Corporation's Group Executive Team since 2004, responsible for Marketing (2004-2007), New Businesses and Biofuels (2007-2008), and Corporate Relations and Development (2008-2012). His professional experience also includes several managerial positions in various divisions at UPM. He is a member of the Advisory Council in Nordea Bank Finland and a member of the council of International Chamber of Commerce Finland. He is independent of the Company and its shareholders. Currently, Sohlström does not own shares in Stora Enso.

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 maintained at the 2020 level and be paid as follows:

Board of Directors

                                   

Chair

 

EUR 197 000     

                                   

Vice Chair

 

EUR 112 000  

                                   

Members

 

EUR 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 2021-31 March 2021 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 maintained at the 2020 level and be paid as follows:

Financial and Audit Committee

                                   

Chair

 

EUR 21 200     

                                   

Members

 

EUR 14 800   

Remuneration Committee

                                   

Chair

 

EUR 10 600 

                                   

Members

 

EUR 6 400 

Sustainability and Ethics Committee

                                   

Chair

 

EUR 10 600  

                                   

Members

 

EUR 6 400 

In 2020, the Shareholders' Nomination Board comprised four members: Jorma Eloranta (Chair of the Board), Hans Stråberg (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 2021 concerning Board members and their remuneration. The Shareholders' Nomination Board convened three (3) times during its 2020 working period. Each member of the Shareholders' Nomination Board attended all the meetings.

For further information, please contact:
Ulrika Lilja
EVP Communications
tel. +46 72 221 9228

Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358 40 763 8767

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 25 000 employees in over 30 countries. Our sales in 2019 were EUR 10.1 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

CONTACT:

For further information, please contact:
Ulrika Lilja
EVP Communications
tel. +46 72 221 9228

Investor enquiries:
Ulla Paajanen
SVP, Investor Relations
tel. +358 40 763 8767

 

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