Friday, January 12, 2024
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The Shareholders’ Nomination Board, established by Stora Enso’s Annual General Meeting (AGM), will propose to the AGM to be held on March 20, 2024 that the Company’s Board of Directors shall have eight (8) members.
The Shareholders’ Nomination Board proposes that of the current members of the Board of Directors, Håkan Buskhe, Elisabeth Fleuriot, Helena Hedblom, Astrid Hermann, Kari Jordan, Christiane Kuehne and Richard Nilsson be re-elected members of the Board of Directors until the end of the following AGM and that Reima Rytsölä be elected new member of the Board of Directors for the same term of office.
The Shareholders’ Nomination Board proposes that Kari Jordan be elected Chair and Håkan Buskhe be elected Vice Chair of the Board of Directors.
Antti Mäkinen has announced that he is not available for re-election to the Board of Directors.
“Antti has during his tenure since 2018 been a valuable member of the Stora Enso Board of Directors, as well as acted as the Chair of the Board of Directors during the years 2021–2023. I would like to thank Antti warmly for all his valuable work for Stora Enso. Also, we are certain that the proposed new Board member, Reima Rytsölä, will bring strong competence and experience to the Board that will be very important in the next phase of Stora Enso’s development as a leader within renewable materials,” says Kari Jordan, Chair of the Board of Directors and the member of the Shareholders’ Nomination Board.
Reima Rytsölä, born in 1969, Finnish citizen with a Master’s degree in Political Science (Economics), is a senior investment and finance leader with extensive experience in Finnish financial institutions. He is currently acting as CEO of Solidium Oy since August 2022. Prior to his current position, Rytsölä acted as the deputy CEO and Chief Investment Officer at Varma Mutual Pension Insurance Company (2014–2022) and worked in various positions in Pohjola Bank, amongst others as Senior Executive Vice President, Head of Banking (2008–2013). He is independent of the Company but not of its shareholders due to his position as CEO of Solidium. Currently, Rytsölä does not own shares in Stora Enso.
With regard to the selection procedure for the members of the Board of Directors, the Shareholders’ Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. This recommendation is based on the fact that at Stora Enso, in line with a good Nordic governance model, the Shareholders’ Nomination Board is separate from the Board of Directors.
The Shareholders’ Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole has the best possible expertise and experience for the company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.
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