Strategic Proposals for Stora Enso Oyj Board in 2025

Stora Enso Oyj Proposes Key Changes for Upcoming AGM

On December 12, 2024, Stora Enso Oyj announced important proposals ahead of its Annual General Meeting in March 2025. These recommendations, made by the Shareholders' Nomination Board, include a restructuring of the Board of Directors, including the nomination of new members and adjustments to remuneration.

Board Membership Adjustments

The Shareholders' Nomination Board has proposed that the Board will consist of nine members. Current members Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne, Richard Nilsson, and Reima Rytsölä are suggested for re-election. Meanwhile, the Nomination Board introduces Elena Scaltritti and Antti Vasara as new nominees, hoping their expertise will bolster the Board's effectiveness.

Leadership Roles in the Board

In this new proposal, Kari Jordan is put forward as Chair of the Board, with Håkan Buskhe serving as Vice Chair. This leadership structure aims to navigate Stora Enso towards further advancements in the renewable products sector.

Acknowledging Contributions

Elisabeth Fleuriot has decided not to seek re-election. As a significant contributor to the Board since 2013 and a member of the Financial and Audit Committee since 2019, her departure will mark the end of an influential tenure. Kari Jordan expressed gratitude for Fleuriot’s contributions, emphasizing the value she brought to Stora Enso. The Board is optimistic that the skills and experience of Scaltritti and Vasara will enhance Stora Enso’s direction.

Profiles of New Board Members

Elena Scaltritti brings a wealth of knowledge with a focus on innovation and sustainability in the chemical and technology sectors. Currently serving as the Chief Commercial Officer at Topsoe, her past roles include Executive Vice President at SONGWON, showcasing her capabilities within the industry. Likewise, Antti Vasara, with his extensive background in technology and leadership as CEO of VTT since 2015, has held executive positions at Tieto Oyj and Nokia, and will add significant value with his diverse experience.

Compensation Structure Changes

The Nomination Board also recommends a 3% increase in the annual remuneration for the Board members, reflecting a commitment to attract and retain top talent. Specifically, the Chair's remuneration is proposed at EUR 221,728, Vice Chair at EUR 125,186, and each Board member at EUR 85,933.

Payment Structure in Shares

To further align interests, the remuneration for Board members will be partially paid in shares, with 40% of their compensation to be in Stora Enso shares. These shares will be acquired in the market at prevailing prices, demonstrating a commitment to shareholder value and long-term performance.

Additional Financial Committee Proposals

In addition to the proposed changes for the Board of Directors, the Shareholders' Nomination Board seeks to boost the compensation for members of various committees, including the Financial and Audit Committee and the People and Culture Committee, to ensure robust governance and oversight within the organization.

For instance, the proposed remuneration for the Financial and Audit Committee Chair is EUR 23,976 and for members, EUR 16,868. Similar increases are proposed for the People and Culture Committee and the Sustainability and Ethics Committee, aligning incentives for active involvement.

Shareholder Engagement

The Shareholders' Nomination Board emphasizes the importance of shareholder feedback and positions regarding the collective proposals presented at the AGM. This consultation reflects the Board’s commitment to a governance model that values shareholder input, ensuring that all member selections and decisions are in the best interest of the company and its stakeholders.

Stora Enso’s Strategic Importance

Stora Enso Oyj continues to stand as a pivotal player within the global bioeconomy, recognized for its commitment to renewable solutions in packaging and construction materials. With a dedicated workforce of about 20,000 and a reported sales figure of EUR 9.4 billion, the company is positioned for sustained growth and innovation. Its shares are actively traded on multiple indices, ensuring visibility and potential for investment growth.

Frequently Asked Questions

What proposals are being made for the Stora Enso Board?

The Shareholders' Nomination Board proposes to have nine members, including the re-election of several current members and the election of two new nominees.

Who are the newly proposed members of the Board?

Elena Scaltritti and Antti Vasara are the new nominees put forward for election to the Board.

What are the changes to the Board's remuneration?

The proposed remuneration for Board members includes a 3% increase, with compensation partly in company shares to align interests with shareholders.

How does Stora Enso ensure good governance?

The Shareholders' Nomination Board operates separately from the Board, ensuring that proposed members have the necessary competences for the Board as a whole.

What is Stora Enso’s focus in the renewable materials sector?

Stora Enso focuses on sustainable innovation, providing renewable products in sectors like packaging, biomaterials, and wooden construction, positioning itself as a leader in the bioeconomy.

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