Stora Enso's internal investigation into the Hukkajoki case completed
STORA ENSO OYJ PRESS RELEASE 30 August 2024 at 16:00 EEST
Stora Enso's internal investigation into the environmental violation in Hukkajoki in Finland, which was discovered on Thursday 15 August has been completed. The investigation was conducted with the assistance of an external legal expert. The violation is also subject to a police criminal investigation and is being investigated as a serious nature conservation crime.
According to Stora Enso's internal investigation, the events at Hukkajoki are a consequence of several factors, related to information flow, the functioning of IT systems, and individual miscalculations. Miscalculations have also occurred within Stora Enso.
Stora Enso has stated it will bear its responsibility in this case both environmentally and financially. Furthermore, the Company has already announced a number of actions it has taken in response to the violation. The conclusions of the internal investigation demonstrate that the selected measures are justified. Stora Enso will take further corrective measures to complement the actions already taken. The purpose of these measures is to ensure an uninterrupted flow of information and compliance with guidelines.
1. Stora Enso will increase resources for the planning and monitoring of harvesting operations to secure that nature values are fulfilled.
2. Regarding self-monitoring and information flow, Stora Enso will pay special attention to harvesting operations carried out in sensitive nature areas.
3. Stora Enso is committed to the further development of forest industry IT systems, for example, to provide automatic monitoring and alerts for ensuring information flow to all actors in the supply chain.
4. Stora Enso will further clarify the roles of actors within its harvesting operations.
The planning and implementation of the above measures have been started immediately. In addition, Stora Enso will start to develop a forestry water programme in Finland. The events in Hukkajoki have demonstrated the need to pay special attention to water bodies.
The previously announced measures – additional training of employees and partners, suspension of harvesting in selected sites and inspections of completed harvesting operations - proceed as planned.
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We create value with our low-carbon and recyclable fiber-based products, through which we support our customers in meeting the demand for renewable sustainable products. Stora Enso has approximately 20,000 employees and our sales in 2023 were EUR 9.4 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
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