Decisions of UPM-Kymmene Corporation’s Annual General Meeting

UPM-Kymmene Corporation       Stock Exchange Release/Decisions of general meeting  30 March 2021 at 15:20 EET

Decisions of UPM-Kymmene Corporation’s Annual General Meeting

The Annual General Meeting (AGM) of UPM-Kymmene Corporation took place in Helsinki, Finland, today, 30 March 2021. In order to prevent the spread of the Covid-19 pandemic, a shareholder or his/her proxy representative could not participate in person at the meeting venue. A total of 2,542 shareholders representing approximately 289 million shares and votes were represented at the meeting. The AGM supported all the proposals by the Company’s the Board of Directors as well as Board’s Nomination and Governance Committee. Information regarding casted votes in each agenda item is available in the AGM minutes at the Company’s webpage www.upm.com/agm2021 on 13 April 2021 at the latest.

The AGM adopted the Company’s Financial Statements 2020 and resolved on a dividend of EUR 1.30 per share for the year 2020. The AGM adopted the Remuneration Report for governing bodies and authorised the Board of Directors to decide on the issuance of new shares and special rights entitling to shares, repurchase of the Company’s own shares and charitable contributions. Jari Gustafsson was elected as new director to the Board. Ari Puheloinen and Veli-Matti Reinikkala stepped down from the Board.

Financial Statements and dividend

The AGM adopted the Company’s Financial Statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial period 1 January–31 December 2020. As proposed by the Board of Directors, a dividend of EUR 1.30 per share will be paid on 12 April 2021. The dividend ex-date is 31 March and record date 1 April 2021.

Composition of the Board of Directors

The number of members of the Board of Directors was confirmed as nine instead of previous ten, and Berndt Brunow, Henrik Ehrnrooth, Emma FitzGerald, Piia-Noora Kauppi, Marjan Oudeman, Martin à Porta, Kim Wahl and Björn Wahlroos were re-elected to the Board. Jari Gustrafsson was elected as a new director to the Board. The directors’ term of office will end upon the closure of the next AGM.

Remuneration of the Board of Directors

The remuneration of the members of the Board of Directors was resolved to be raised so that the Chair of the Board will be paid an annual base fee of EUR 195,000, the Deputy Chair of the Board EUR 140,000 and other members of the Board EUR 115,000.