HELSINKI - Stora Enso (OTC:SEOAY) Oyj, a leading provider of renewable products, has announced its Annual General Meeting (AGM) to take place on Wednesday, March 20, 2024. The event will be held at the Marina Congress Center in Helsinki, Finland, with advance voting options available for shareholders.
The AGM agenda includes the presentation of the annual accounts and the Board of Directors' report for the year 2023. The financial statements will be accessible on the company's website from February 13, 2024.
A key proposal from the Board concerns the distribution of dividends. Based on the 2023 financial results, the Board recommends a dividend of EUR 0.10 per share, totaling approximately EUR 78.9 million. Additionally, the Board seeks authorization to distribute an extra dividend of up to EUR 0.20 per share at its discretion, valid until December 31, 2024.
Other significant proposals include a 3% increase in the annual remuneration for the Board of Directors' Chair, Vice Chair, and members, with part of the remuneration to be paid in company shares. The appointment of a new board member, Reima Rytsölä, is also proposed, following Antti Mäkinen's decision not to seek re-election.
The AGM will address the authorization for the Board to repurchase up to 2 million company R shares, about 0.25% of all shares, and to decide on the issuance of a similar number of R shares, mainly for incentive and remuneration schemes. Both authorizations would be in effect until the next AGM or no later than July 31, 2025.
PricewaterhouseCoopers Oy has been nominated as the company's auditor, with Samuli Perälä as the principally responsible auditor, pending approval at the AGM.
Shareholders registered by March 8, 2024, may attend the AGM, with registration open from February 2, 2024. The company highlights that changes in shareholding after the record date will not affect the right to participate or the number of votes at the AGM.
This announcement is based on a press release statement from Stora Enso Oyj.
InvestingPro Insights
As Stora Enso Oyj prepares for its Annual General Meeting, investors and shareholders may be interested in the latest financial metrics and analyst insights from InvestingPro. The company, with a market capitalization of 10.06 billion USD, is trading at a P/E ratio of 17.67, reflecting a market sentiment that values its earnings. Notably, despite a recent downward revision in earnings by analysts for the upcoming period, Stora Enso has a history of paying significant dividends to shareholders, including maintaining dividend payments for 27 consecutive years.
The InvestingPro Tips further highlight that the stock generally trades with low price volatility, which could be a sign of stability for investors seeking less turbulent investments. Moreover, the company is expected to be profitable this year, continuing its profitable streak over the last twelve months. However, there is an anticipation of a net income drop this year, which shareholders should consider alongside the dividend proposal and other financial decisions discussed at the upcoming AGM.
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