Stora Enso’s Annual General Meeting and decisions by the Board of Directors

STORA ENSO OYJ STOCK EXCHANGE RELEASE 28 March 2018 at 18.35 EEST

Stora Enso’s Annual General Meeting (AGM) on 28 March 2018 adopted the accounts for 2017 and granted the Company’s Board of Directors and Chief Executive Officer discharge from liability for the period.

Resolution on the use of the profit shown on the balance sheet and the payment of dividend

The AGM approved the proposal by the Board of Directors that the Company distributes a dividend of EUR 0.41 per share for the year 2017.

The dividend shall be paid to shareholders who on the record date of the dividend payment, 3 April 2018, are recorded in the shareholders’ register maintained by Euroclear Finland Oy or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. Dividends payable for Euroclear Sweden registered shares will be forwarded by Euroclear Sweden AB and paid in Swedish crown. Dividends payable to ADR holders will be forwarded by Citibank N.A. (Citi) and paid in US dollars.

The AGM approved the proposal by the Board of Directors that the dividend be paid on or about 10 April 2018.


Members of the Board of Directors

The AGM approved the proposal that of the current members of the Board of Directors – Anne Brunila, Jorma Eloranta, Elisabeth Fleuriot, Hock Goh, Christiane Kuehne, Richard Nilsson, Göran Sandberg, and Hans Stråberg – be re-elected members of the Board of Directors until the end of the following AGM and that Antti Mäkinen be elected new member of the Board of Directors for the same term of office. The AGM elected Jorma Eloranta as Chairman of the Board of Directors and Hans Stråberg as Vice Chairman.

Remuneration

The AGM approved the proposed annual remuneration for the Board of Directors as follows: 

Chairman  EUR 175 000 (2017: EUR 170 000) 
Vice Chairman  EUR 103 000 (2017: EUR 100 000) 
Members  EUR  72 000 (2017: EUR 70 000)


The AGM also approved the proposal that the annual remuneration for the members of the Board of Directors, be paid in Company shares and cash so that 40% will be 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 from the publication of the interim report for the period 1 January 2018 – 31 March 2018 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 AGM approved the proposed annual remuneration for the Board committees as follows:

Financial and Audit Committee

Chairman  EUR 20 600 (2017: EUR 20 000) 
Members  EUR 14 400 (2017: EUR 14 000) 

                                   
Remuneration Committee

Chairman  EUR 10 300 (2017: EUR 10 000) 
Members  EUR 6 200 (2017: EUR 6 000) 

Sustainability and Ethics Committee

Chairman EUR 10 300 (2017: EUR10 000)
Members EUR 6 200 (2017: EUR 6 000)


Auditor

The AGM approved the proposal that PricewaterhouseCoopers Oy be elected as auditor until the end of the following AGM. PricewaterhouseCoopers Oy has notified the company that Samuli Perälä, APA, will act as the responsible auditor. It was resolved that the remuneration for the auditor shall be paid according to invoice approved by the Financial and Audit Committee.

Decisions by the Board of Directors

Richard Nilsson (chairman), Jorma Eloranta, Antti Mäkinen and Christiane Kuehne were elected members of the Financial and Audit Committee.

Jorma Eloranta (chairman), Elisabeth Fleuriot and Hans Stråberg were elected members of the Remuneration Committee.

Anne Brunila (chairman), Hock Goh and Göran Sandberg were elected members of the Sustainability and Ethics Committee.

For further information, please contact:
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767

Part of the bioeconomy, Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper globally. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 26 000 employees in over 30 countries. Our sales in 2017 were EUR 10 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 

STORA ENSO OYJ 

For further information, please contact:
Ulla Paajanen-Sainio
SVP, Investor Relations
tel. +358 40 763 8767

Subscribe