The payment of board remuneration in shares and cash has long been a practice at UPM. Board members are encouraged to own company shares on a long-term basis and most of them have substantial holdings, indicating a close alignment of directors’ interests with those of shareholders.
On 31 December 2018, the Board members (including the President and CEO) owned a total of 1,098,533 UPM shares, corresponding to 0.21% of the total number of shares and votes in the company. This shareholding indicates the directors' ownership following the payment of the Board remuneration (share portion of the remuneration) and the delivery of long-term incentive shares to the President and CEO in the spring of 2018. In addition, the President and CEO Jussi Pesonen purchased 20,000 UPM shares in December 2018.
Shares purchased to the Board members in 2018 may not be transferred within two years from the purchase date (27 April 2018) or until the director's membership in the Board has ended, whichever occurs first.
Shareholdings of the Board
on 31 December 2017
|No. of purchased shares||UPM shares
on 31 December 2018
|Björn Wahlroos, Chairman||259,744||2,539||262,283|
|Berndt Brunow, Deputy Chairman||308,661||1,804||310,465|
|Jussi Pesonen, President and CEO||353,491||45,368 *)||418,859|
*) Long-term incentive shares under PSP 2015-2017