Correction: Metsä Board’s Annual Review 2023 and Remuneration Policy has been published – correction to the Remuneration Policy
Metsä Board Corporation Stock Exchange Release Annual Financial Report 20 March 2024 at 11:30 a.m. EET
Reason for correction: Metsä Board published on 22 February 2024 its Annual Review 2023 and Remuneration Policy, which will be presented to the Annual General Meeting on 26 March 2024. According to the release, the Remuneration Policy does not contain amendments to the Remuneration Policy approved by the Annual General Meeting on 11 June 2020. The Remuneration Policy attached to the release did not include the following paragraphs regarding the description of the remuneration of the board of directors and the CEO. The missing paragraphs have been added to the corrected Remuneration Policy attached to this release. The corrected Remuneration Policy is also available on the company’s website at https://www.metsagroup.com/metsaboard/investors/.
“Description of remuneration
THE BOARD OF DIRECTORS
The General Meeting decides on the remuneration of the Board of Directors. Based on a decision by the General Meeting, each member of the Board can be paid a fixed annual or monthly remuneration and a meeting fee for attending meetings of the Board and its committees. An increased fee can be paid to the Chair and Vice Chair of the Board as well as to the Chair of the Audit Committee. Part of and annual remuneration can be paid in cash and part in shares. The remuneration paid of Board work can accumulate pension benefits. The members of the Board of Directors are entitled to travel allowance pursuant to Metsä Board’s travel policy. The members of the Board cannot participate in Metsä Board’s short or long-term incentive systems, unless otherwise expressly decided by the General Meeting. The preparation of proposals to the General Meeting is described in section “Decision-making process concerning remuneration” above.
CEO
The Board of Directors appoints and discharges the CEO and decides on the CEO’s remuneration and the other terms and conditions of the CEO’s engagement within the framework of this Remuneration Policy. By decision of the Board of Directors, the CEO is paid a fixed base salary, which is a compensation for the CEO’s responsibilities and is based on the requirements of the position, the CEO’s individual competence and performance as well as prevailing market practice. The Board of Directors decides on the CEO’s participation in the company’s short and long-term incentive systems, the terms and conditions thereof and on the maximum rewards. Short-term incentive system rewards cannot exceed the CEO’s annual base salary whereas long-term incentive system rewards cannot exceed the CEO’s annual base salary multiplied by three. In addition to the statutory employment pension benefits, the CEO may be entitled to a supplementary pension insurance, whether a defined benefit or a defined contribution.”
METSÄ BOARD CORPORATION
Further information:
Marjo Halonen, VP, Communications, tel. +358 50 598 7046
Katri Sundström, VP, Investor Relations, tel. +358 10 462 0101
Metsä Board
metsagroup.com/metsaboard
Metsä Board is a producer of lightweight and high-quality folding boxboards, food service boards and white kraftliners. The pure fresh fibres we use in our products are a safe, renewable and recyclable resource, that can be traced back to northern forests. We aim to have completely fossil free mills and raw materials by the end of 2030. We promote a culture of diversity, equality and inclusion.
Metsä Board is listed on the Nasdaq Helsinki. In 2023 our sales totalled EUR 1.9 billion, and we have around 2,300 employees. Metsä Board is part of Metsä Group, whose parent company Metsäliitto Cooperation is owned by around 90,000 Finnish forest owners. The sales of the whole Metsä Group were EUR 6.1 billion.