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FAM and Solidium expect Stora Enso to find a sustainable solution to child labour

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Highlights of speech by FAM and Solidium at Stora Enso Annual General Meeting, 23 April 2014

  • FAM and Solidium strongly support Stora Enso’s strategy of growth and transformation. We believe that the strategy will improve the company’s shareholder value and profitability in many ways and will create a solid foundation for the company’s long-term development.
  • With expansion into emerging markets, such as China, India, Brazil, Pakistan and Uruguay, follows also major responsibility. It is therefore essential for Stora Enso to prioritize corporate social responsibility as part of its strategy. The company’s long-term success is dependent on strong relations with local communities in all operating countries, and that the company’s operations are seen as a positive force in each country of business.
  • Child labour in Pakistan is an example of a major challenge, which any company entering the country must address. FAM and Solidium find the use of child labour completely unacceptable.
  • As long-term shareholders, we expect Stora Enso to find a sustainable solution to child labour in the supply chain of its joint venture in Pakistan in a time frame ensuring the well-being of the affected children in the best possible way. We also expect the company to communicate more actively and openly about its plans and developments in the situation.
  • Solidium and FAM are currently assessing how we as owners can be the best possible support to Stora Enso going forward. As one example, we are meeting international organizations and other experts to discover best practices for combating child labour.

For more information, please contact:

Lars Wedenborn, CEO, FAM
E-mail: lw(at)fam.se, Tel: +46 735 23 77 35

Kari Järvinen, CEO, Solidium
E-mail: kari.jarvinen(at)solidium.fi, Tel: +358 10 830 8905

FAM and Solidium speech at Stora Enso Annual General Meeting, 23 April 2014, attached as a PDF

Foundation Asset Management Sweden AB (FAM) was established in 2007 with the mission to manage the assets of the Wallenberg Foundations by being an active owner with a long-term ownership horizon.

FAM is owned by the Knut and Alice Wallenberg Foundation, the Marcus and Amalia Wallenberg Foundation, and the Marianne and Marcus Wallenberg Foundation.

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