#Finland #Helsinki #Stora Enso #Håkan Buskhe #Elena Scaltritti

Proposals for Stora Enso's Upcoming Annual General Meeting

The Shareholders' Nomination Board established by Stora Enso Oyj is set to propose crucial changes ahead of the company's Annual General Meeting (AGM) scheduled for March 20, 2025.

This proposal outlines a restructuring of the Board of Directors, aiming to reinforce governance and leadership. Specifically, the board will consist of nine members. Among the current directors, seven are set to be re-elected, including notable figures like Håkan Buskhe and Helena Hedblom. Additionally, two new candidates, Elena Scaltritti and Antti Vasara, have been nominated for board positions.

Kari Jordan, the incumbent Chair, is nominated to continue leading, along with Håkan Buskhe as Vice Chair. This shift comes alongside the announcement from Elisabeth Fleuriot, who has decided not to seek re-election after a successful tenure since 2013. Her contributions, particularly in the Financial and Audit Committee, have been acknowledged as invaluable during her time on the board.

In a statement from Chair Kari Jordan, he expressed gratitude for Fleuriot's service while also highlighting the new candidates' potential contributions to Stora Enso’s future in renewable materials.

Profiles of New Board Members

Elena Scaltritti

Born in 1972, Scaltritti holds an Executive MBA and a Bachelor of Science in Organic Chemistry. Her impressive background includes leadership roles in various global chemical and technology firms. Currently, she serves as the Chief Commercial Officer of Topsoe, specializing in energy transition solutions. The Shareholders' Nomination Board emphasizes her independence and noteworthy qualifications that align with the strategic direction of Stora Enso.

Antti Vasara

Finnish national Antti Vasara, born in 1965, brings a wealth of experience from the technology and telecommunications sectors. He currently leads the Finnish research and development firm VTT as President and CEO. His background includes significant roles at prestigious companies like Nokia and Tieto, showcasing his expertise in innovation and business leadership. Like Scaltritti, Vasara is noted for his independence from Stora Enso and its shareholders.

Upcoming AGM and Recommendations

The Nomination Board encourages shareholders to support the proposal as a cohesive unit during the AGM. This practice embodies the principles of good Nordic governance, ensuring that the recommended board fully encompasses the necessary experience and skills as per the Finnish Corporate Governance Code.

Additionally, the proposals include an increase in annual remittances for the Chair, Vice Chair, and Board members by 3%. This increase aims to ensure competitive remuneration while recognizing the contributions of the board. The pay will include a component of shares tied to the company's performance, to be purchased after the interim report period.

The Shareholders' Nomination Board conducted four meetings to prepare these recommendations, ensuring active participation from all members. Their works illustrate a commitment to strengthening Stora Enso's leadership landscape and respond to evolving industry dynamics.

As an integral part of the global bioeconomy, Stora Enso is committed to providing sustainable solutions in various sectors, including packaging and biomaterials. With approximately 20,000 employees and notable financial performance—reported revenues of EUR 9.4 billion in 2023—the company stands as a leading player in its field.

Conclusion

As the AGM approaches, it remains crucial for shareholders to understand these changes, recognizing their potential impact on the company's trajectory. The efforts of the Shareholders' Nomination Board reflect a proactive approach to governance, focusing on sustainability and innovation that Stora Enso embodies.