#Finland #Helsinki #Stora Enso #Håkan Buskhe #Kari Jordan

Stora Enso Oyj to Propose Key Changes at Upcoming AGM 2025

Stora Enso Oyj, a prominent player in the global bioeconomy, is preparing for its Annual General Meeting (AGM) scheduled for March 20, 2025. In a bid to enhance its leadership and strategic direction, the Shareholders' Nomination Board has announced significant proposals concerning the Board of Directors' composition.

Current Board Members and Proposed Additions

As part of its recommendations, the Nomination Board has put forth that the current board should consist of nine members, with seven existing directors—Håkan Buskhe, Helena Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne, Richard Nilsson, and Reima Rytsölä—re-elected. Additionally, two new members, Elena Scaltritti and Antti Vasara, are proposed for appointment, ensuring a blend of seasoned expertise and fresh perspectives in the company's oversight.

Kari Jordan, who currently serves on the board, has been proposed to continue as Chair, while Håkan Buskhe is suggested to be appointed as Vice Chair.

Acknowledging Contributions

Notably, the Nomination Board has expressed its gratitude towards departing member Elisabeth Fleuriot, who has decided not to seek re-election. Since joining in 2013, Fleuriot has made substantial contributions, particularly as a member of the Financial and Audit Committee since 2019. "Elisabeth has been a significant asset to our team, and we greatly appreciate her contributions,” said Kari Jordan.

Insight into New Board Members

Both proposed members bring extensive backgrounds in their respective fields:

• - Elena Scaltritti, an Italian national with an Executive MBA and a Bachelor of Science in Organic Chemistry, has held prominent roles in the chemical and technology sectors, currently serving as Chief Commercial Officer at Denmark-based Topsoe. Her focus on innovation and sustainable development is seen as an asset for Stora Enso.

• - Antti Vasara, a Finnish citizen holding a Doctorate in Engineering Physics, has vast experience in technology and telecommunications. He currently leads VTT, Finland’s leading research and development organization, and boasts a robust career with notable companies like Nokia and Tieto.

Both candidates are recognized for their independence from Stora Enso and its stakeholders, with no shares currently held in the company.

Recommendations for Governance

The Stora Enso Shareholders' Nomination Board has emphasized the importance of governance, recommending that shareholders consider the entire proposal comprehensively during the upcoming AGM. They have operated separately from the Board of Directors, aligning with the Nordic governance model, to ensure that all proposed nominees possess the requisite skills and experience.

Increased Remuneration

In addition to structural changes, the Nomination Board suggests a 3% increase in annual remuneration for board members. The adjusted salaries would see the Chair earning EUR 221,728, the Vice Chair receiving EUR 125,186, and other members getting EUR 85,933. Furthermore, the board's remuneration could be partially compensated through shares in Stora Enso, reflecting alignment with shareholder interests and the company's performance.

The adjustments would also extend to the financial and audit committee compensation, with similar percentage increases proposed for them.

Stora Enso's Leadership Role

Stora Enso, a key player in renewable products across packaging and construction, emphasizes sustainable practices and innovation in its operations. With approximately 20,000 employees and recorded sales of EUR 9.4 billion in 2023, the company is set to leverage its leadership role in the industry more effectively through these proposed changes. The AGM will serve as a platform for shareholders to voice their approval or concerns regarding these strategic shifts.

In conclusion, the actions taken by the Shareholders' Nomination Board exhibit both a commitment to maintaining experienced leadership while also embracing the new perspectives critical for navigating future challenges within the bioeconomy sector. These developments reflect Stora Enso’s ongoing evolution as a leader in sustainable solutions and corporate governance.