Remuneration of the Board of Directors is decided by the shareholders at the Annual General Meeting.
The Board has a Remuneration Committee which is responsible for recommending, evaluating and approving executive nominations and remunerations (including reviewing and recommending the CEO’s remuneration), evaluating the performance of the CEO, and making recommendations to the Board relating to management remuneration issues generally, including equity incentive remuneration plans.
The Board appoints the CEO and approves his/her remuneration. The CEO approves the remunerations of other executives after they have been reviewed by the Remuneration Committee.
The reporting requirements of the new Code having entered into force on 1 January 2016 are applicable as of the reporting based on the financial period ending 31 December 2016. Companies may
in addition voluntarily apply all or some of the reporting principles set out in the Code for reports relating to the remainder of the financial period ending on 31 December 2015. Stora Enso reports
for the financial year 2015 in accordance with the Finnish Corporate Governance Code of 2015, except as regards the Remuneration Reporting, which follows the principles of the Finnish Corporate
Governance Code of 2010.