Audit

According to the Articles of Association, UPM has one auditor which shall be a firm of authorised public accountants, whose lead audit partner is an authorised public accountant (KHT). The Annual General Meeting (AGM) elects the auditor and resolves on the auditor’s remuneration. The term of office of the Auditor shall be a financial period. The Board of Directors’ Audit Committee prepares the Board's proposal to the AGM for the company’s auditor and for the auditor's remuneration and recommends to the Board the election of the auditor.

The AGM 2023 elected Ernst & Young Oy, a firm of authorised public accountants, as the auditor for the financial period 2024 with Authorised Public Accountant (KHT) Heikki Ilkka as the lead audit partner. The AGM 2024 re-elected Ernst & Young Oy as the auditor for the financial period 2025. The AGMs further resolved that the audit fees will be paid against invoices approved by the Board of Directors’ Audit Committee.

Assurance for the statutory sustainability report

The Company shall also prepare its first statutory sustainability report for the financial period 2024. In accordance with the transitional provisions of the amended Finnish Companies Act (1252/2023) the Board of Directors has resolved that Ernst & Young Oy shall provide the assurance for the statutory sustainability report in 2024. 

The Audit Committee evaluates the auditor’s independence, audit and services annually. In addition, the Audit Committee arranges audit tendering processes at regular intervals. The auditor’s term of office covers the company’s financial period (calendar year). As a rule, the audit firm elected by UPM’s AGM performs the audit of the company’s Finnish subsidiaries as well, and audit firms belonging to the same chain with it audit the company's other subsidiaries.

The auditor provides UPM’s shareholders with the statutory Auditor’s Report in connection with the financial statements and reports on its audit findings to the Board of Directors and to the Audit Committee semiannually or quarterly, respectively.

The Audit Committee reviews the auditor’s annual audit plan and approves the framework for the fees related to audit and non-audit services. The auditor reports on its audit procedures and non-audit services and incurred fees to the committee quarterly. The committee reviews the related invoices and, if they are in line with the audit plan and within the agreed framework, approves them.​