Stora Enso's Annual General Meeting and decisions by the Board of Directors
April 23 2014 - 1:42PM
Stora Enso's Annual General Meeting (AGM) on 23 April 2014 adopted
the accounts for 2013 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 2013. The dividend
shall be paid to shareholders that on the dividend record date, 28
April 2014, are recorded in the shareholders' register maintained
by Euroclear Finland Ltd. 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 payment shall be issued by the Company on 15. May
2014.
Members of the Board of Directors The AGM
approved a proposal that the current members of the Board of
Directors, Gunnar Brock, Anne Brunila, Elisabeth Fleuriot, Hock
Goh, Birgitta Kantola, Mikael Makinen, Juha Rantanen and Hans
Straberg shall be re-elected members of the Board of Directors
until the end of the following AGM and that Richard Nilsson be
elected new members of the Board of Directors for the same term of
office.
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 7 500 |
Members |
EUR 4 000 |
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 2014. 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 2014. 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
2015 present its proposals to the Board of Directors for the AGM to
be held in 2015. 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. Birgitta Kantola (chairman), Gunnar
Brock, Juha Rantanen and Mikael Makinen were re-elected as members
of the Financial and Audit Committee. Gunnar Brock (chairman), Hans
Straberg and Juha Rantanen were elected as members of the
Remuneration Committee. Anne Brunila (chairman) and Birgitta
Kantola 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
the global rethinker of the paper, biomaterials, wood products and
packaging industry. We always rethink the old and expand to the new
to offer our customers innovative solutions based on renewable
materials. Stora Enso employs some 29 000 people worldwide, and our
sales in 2013 amounted to EUR 10.6 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) in the International OTCQX over-the-counter market. STORA
ENSO OYJ
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