Stora Enso - AGM 19 March 2021
We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.
Under ITEM 10 approval of the Company's first remuneration report is sought. Although we have some disclosure related concerns, the Company’s executive compensation is considered to be fair in the year under review. The annual base salary is in line with Finnish market practice. The outcome of the STI is relatively modest, which is in line with the somewhat deteriorated company performance. Total variable remuneration is predominantly LT oriented, with a maximum LTI (120% of annual base salary) in excess of the STI (75% of annual base salary). That having been said, in the future we would welcome the inclusion of ESG targets in the Company’s executive compensation package. Accordingly, we recommend to vote FOR.
We recommend to vote FOR all agenda items.
Stora Enso is a provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Co.'s reporting segments are: Consumer Board, which develops and provides consumer packaging boards for printing and packaging applications; Packaging Solutions, which develops fibre-based packaging; Biomaterials, which provides a variety of pulp grades for paper, board, tissue, textile and hygiene product producers; Wood Products, which provides wood-based solutions for building and housing; Paper, which provides paper solutions for print media and office use; as well as Other, which includes Co.'s shareholding in the energy company, Pohjolan Voima.
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