Subject: FEA
Stora Enso Oyj's share-based long-term incentive plan for 2021 - 2023
HELSINKI, March 1, 2021 /PRNewswire/ -- STORA ENSO OYJ STOCK EXCHANGE RELEASE 1 March 2021 at 9.00 EET
Stora Enso is launching a new plan for 2021-2023 under its share-based long-term incentive programme. The purpose of the plan is to incentivise and align management with shareholder interests and the long-term strategy of the Company. This is done through setting measurable financial long-term targets as well as through encouraging personal share ownership.
The long-term share incentive plan consists of performance shares with a three-year performance period as well as restricted shares with a three-year retainment period, which is followed by the payment of the potentially attained share reward.
The earning criterion for the Performance Share Plan is Economic Value Added (50% target weight) and Earnings Per Share (50% target weight) during the period of 2021-2023. The target levels for EVA and EPS are decided and set ahead of each one-year period. The outcomes for each one-year period are accumulated, and the payout will be calculated based on the accumulated targets and outcomes after the three-year period. Share rewards will be paid in Stora Enso R shares, where legally possible.
The long-term share incentive plan for the period 2021-2023 covers a maximum of 300 employees. The long-term share incentive plan for members of the Stora Enso Group Leadership Team consists of performance shares only. The commencement and payment of the plan is conditional on approval by the Board of Directors.
The maximum value of the plan is set to be 17 MEUR at grant, which corresponds to 1 041 347 shares at the share price on 26 February 2021.
In connection with the execution of the plan no new shares will be issued, and there is no dilutive effect on the number of Stora Enso's registered shares. Besides the attainment of the performance criteria, the share reward is subject to the continuation of the employment. The share rewards earned within the plan for 2021-2023 will be delivered in 2024. Applicable taxes will be deducted before shares are delivered to the employees.
For further information, please contact:
Ulrika Lilja
EVP
Communications and Marketing
tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen
SVP
Investor Relationstel
+358 40 763 8767
Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 23 000 employees, and sales in over 50 countries. Our sales in 2020 were EUR 8.6 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). storaenso.com/investors
STORA ENSO OYJ
For further information, please contact:
Ulrika Lilja
EVP
Communications and Marketing
tel. +46 72 221 9228
Investor enquiries:
Ulla Paajanen
SVP
Investor Relationstel
+358 40 763 8767
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