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. Shareholding on 2 May 2019 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 2019.
Shares purchased to the Board members in 2019 may not be transferred within two years from the purchase date (29 April 2019) or until the director's membership in the Board has ended, whichever occurs first.
Shareholdings of the Board
on 31 December 2018
|No. of purchased shares||UPM shares
on 2 May 2019
|Björn Wahlroos, Chairman||262,283||2,911||265,194|
|Berndt Brunow, Deputy Chairman||310,465||2,068||312,533|
|Jussi Pesonen, President and CEO||418,859||47,613 *)||466,472|
*) Long-term incentive shares under PSP 2016-2018