Helsinki, Finland, 2015-04-22 17:20 CEST (GLOBE NEWSWIRE) -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 22 April 2015 at 18.20 EET
Stora Enso’s Annual General Meeting (AGM) on 22 April 2015 adopted the accounts for 2014 and granted the Company’s Board of Directors and Chief Executive Officer discharge from responsibility 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 0.30 per share for the year 2014.
The dividend shall be paid to shareholders who on the record date of the dividend payment, 24 April 2015, 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 krona. Dividends payable to ADR holders will be forwarded by Deutsche Bank Trust Company Americas and paid in US dollars.
The AGM approved a proposal by the Board of Directors that the dividend be paid on 13 May 2015.
Members of the Board of Directors
The AGM approved a proposal that of the current members of the Board of Directors – Gunnar Brock, Anne Brunila, Elisabeth Fleuriot, Hock Goh, Mikael Mäkinen, Richard Nilsson, Juha Rantanen and Hans Stråberg – be re-elected members of the Board of Directors until the end of the following AGM.
Remuneration
The AGM approved the proposed annual remuneration for the Board of Directors as follows:
| Chairman | EUR 170 000 |
| Vice Chairman | EUR 100 000 |
| Members | EUR 70 000 |
The AGM also approved a proposal that the members of the Board of Directors use 40% of the above mentioned annual remuneration for purchasing Stora Enso R shares from the market and that the purchases will be carried out within two weeks from the AGM.
The AGM approved the proposed annual remuneration for the Board committees as follows:
Financial and Audit Committee
| Chairman | EUR 20 000 |
| Members | EUR 14 000 |
Remuneration Committee
| Chairman | EUR 10 000 |
| Members | EUR 6 000 |
Global Responsibility and Ethics Committee
| Chairman | EUR 10 000 |
| Members | EUR 6 000 |
Auditor
The AGM approved a proposal that the current auditor Authorised Public Accountants Deloitte & Touche Oy shall be re-elected auditor of the Company until the end of the following AGM. The AGM approved a proposal that remuneration for the auditor shall be paid according to invoice approved by Financial and Audit Committee.
Appointment of the Nomination Board
The AGM approved a proposal to appoint a Nomination Board to prepare proposals concerning
(a) the number of members of the Board of Directors,
(b) the members of the Board of Directors,
(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors and
(d) the remuneration for the Chairman and members of the committees of the Board of Directors.
The Nomination Board shall consist of four members:
- the Chairman of the Board of Directors
- the Vice Chairman of the Board of Directors
- two other members appointed by the two largest shareholders (one each) as of 30 September 2015.
The largest shareholders are determined on the basis of their shareholdings registered in the Company’s shareholders’ register. In addition, shareholders who under the Finnish Securities Markets Act have an obligation to disclose certain changes in ownership (shareholder subject to disclosure notification) will be taken into account provided that they notify their shareholdings to the Board of Directors in writing by 30 September 2015. A shareholder may change its representative appointed to the Nomination Board for significant reasons.
The Chairman of the Board of Directors shall convene the Nomination Board and the Nomination Board shall at the latest on 31 January 2016 present its proposals to the Board of Directors for the AGM to be held in 2016. A member of the Board of Directors may not be appointed as Chairman of the Nomination Board. Members of the Nomination Board shall not receive separate compensation.
Decisions by the Board of Directors
At its meeting held after the AGM, the Stora Enso Board of Directors re-elected from among its members Gunnar Brock as its Chairman and Juha Rantanen as Vice Chairman.
Juha Rantanen (chairman), Gunnar Brock, Mikael Mäkinen and Richard Nilsson were elected as members of the Financial and Audit Committee.
Gunnar Brock (chairman), Juha Rantanen and Hans Stråberg were re-elected as members of the Remuneration Committee.
Anne Brunila (chairman), Elisabeth Fleuriot and Richard Nilsson were elected as members of the Global Responsibility and Ethics Committee.
For further information, please contact:
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
www.storaenso.com
www.storaenso.com/investors
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) on the International OTCQX over-the-counter market.
STORA ENSO OYJ
