Policies

UPM's governance is based on the Articles of Association and the policies and charters listed below. Our decision making, management and operations are guided by our values and the UPM Code of Conduct. Our leading principle is that we do not compromise our standards of integrity under any circumstances.

Charters and policies of UPM-Kymmene Corporation

Charter / policy ​	​	Approved by​	​Originally approved	Last amended​
​Articles of Association	​	​General Meeting of Shareholders	​31 October and 1 November 1995 *)	​5 April 2018
​UPM Code of Conduct	​	​Board of Directors	​31 May 2006	2 February 2016
​Board Charter	​	​Board of Directors	​31 May 2006	​13 December 2016
​Audit Committee Charter	​	​Board of Directors	​31 May 2006	​13 December 2016
​Remuneration Committee Charter	​	​Board of Directors	​31 May 2006	​13 December 2016
​Nomination and Governance Committee Charter	​	​Board of Directors	​31 May 2006	​13 December 2016
​Risk Management Policy	​	​Board of Directors	​1 February 2007	​31 January 2018
​Disclosure Policy	​	​Board of Directors	​24 July 2008	26 May 2016
​Group Treasury Policy	​	​Board of Directors	​1996	​25 April 2017
Treasury Policy for Subsidiaries and Businesses	​	​Board of Directors	​1996	​25 April 2017
​Insider Policy	​	​Board of Directors	​31 October 2006	​14 September 2017
​Approval Policy	​	​Board of Directors	​5 February 2009	​26 April 2018
​Internal Audit Charter	​	​Board of Directors	​1 February 2010	​-

^*) Approved in the general meetings of merging companies Repola Oy and Kymmene Oy.