Stora Enso modifies remuneration of its Board of Directors, management and staff
STORA ENSO OYJ STOCK EXCHANGE RELEASE 5 February 2009 at 06.57 GMT
The Group Executive Team of Stora Enso, with the approval of the Remuneration Committee and the Board of Directors, has decided to take the following actions that will affect the remuneration of management and staff. All the planned actions are subject to contractual limitations and existing collective and union agreements, which will be respected in full. • The CEO's cash bonus for 2008 will be converted to a deferred three-year share programme, as in 2007. • The CEO and the other Group Executive Team members have undertaken to forgo one month's pay from their salaries in 2009. • Implementation of the 2009 salary review will be postponed until December 2009. • The 2009 bonus for all employees will be based on financial targets only. • The 2009 bonus for managerial staff will be paid in Stora Enso shares to be received in 2011. In addition, the Board of Directors has undertaken to reduce its remuneration by 50% in 2009. For further information, please contact: Jouko Karvinen, CEO, tel. +358 2046 21410 Markus Rauramo, CFO, tel. +358 2046 21121 Keith Russell, Senior Vice President, Investor Relations, tel. +44 7775 788659 Ulla Paajanen-Sainio, Vice President, Investor Relations and Financial Communications, tel. +358 2046 21242 www.storaenso.com www.storaenso.com/investors STORA ENSO OYJ Jari Suvanto Ulla Paajanen-Sainio