UPM-Kymmene (UPM) AGM 2022 summary

Opening remarks and agenda

• AGM held in Helsinki on 29 March 2022; in-person attendance was restricted due to COVID-19, with 2,737 shareholders representing ~310,135,743 shares and votes.

Financial performance review

• 2021 financial statements adopted, and Board members and the President and CEO discharged from liability for FY2021.

Board and executive committee updates

• Board set at nine members; Topi Manner elected as a new director, while Henrik Ehrnrooth, Emma FitzGerald, Jari Gustafsson, Piia-Noora Kauppi, Marjan Oudeman, Martin à Porta, Kim Wahl and Björn Wahlroos were re-elected.

• Berndt Brunow stepped down; directors’ terms end at the close of the 2023 AGM.

• Chair’s annual base fee raised to EUR 200,000; Deputy Chair remains at EUR 140,000 and other directors at EUR 115,000.

• PricewaterhouseCoopers Oy re-elected as auditor through the next AGM; Mikko Nieminen continues as lead audit partner.