Stora Enso Oyj's share-based long-term incentive plan for the President and CEO
STORA ENSO OYJ STOCK EXCHANGE RELEASE 25 October 2023 at 9:00 EEST
The Board of Directors of Stora Enso has decided on a CEO Performance Share Plan for 2023–2025 under the Company’s share-based long-term incentive programme. This plan aims to support the long-term shareholder value creation and considers the change in leadership. Due to the CEO change on 18 September 2023, there are deviations from Stora Enso’s Remuneration Policy 2022.
The long-term incentive plan consists of performance shares (Performance Share Plan) with a two-year vesting period. The long-term incentive plan includes targets related to balance sheet, capital expenditure, strategy and sustainability. The potential payout is based on the Company’s performance in relation to the targets over the two-year plan period. Share reward will be paid in Stora Enso R shares. The maximum value of the plan is set at EUR 2 million at grant, which corresponds to approximately 169,420 shares at the share price on 18 September 2023.
No new shares will be issued in connection with the execution of the plan, and there is no dilutive effect on the number of Stora Enso’s registered shares. Besides attainment of the performance criteria, the share reward is subject to continuation of employment. The share rewards earned within the CEO Performance Share Plan for 2023–2025 will be delivered in the fourth quarter of 2025. Applicable taxes will be deducted before shares are delivered.
Further details about the CEO remuneration and deviation from the policy will be published in Stora Enso’s Remuneration Report 2023 which will be part of the Annual Report.
For further information, please contact:
Carl Norell
SVP Corporate Communications
tel. +46 72 2410349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 2107691
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 believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 21,000 employees and our sales in 2022 were EUR 11.7 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 the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors
STORA ENSO OYJ
For further information, please contact:
Carl Norell
SVP Corporate Communications
tel. +46 72 2410349
Investor enquiries:
Anna-Lena Åström
SVP Investor Relations
tel. +46 70 2107691