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Disclosure principles

Our external communication and disclosure follows the principle of disclosing relevant and accurate information in a timely manner and non-selectively to all participants in the market. Any information disclosed must be correct, consistent, reliable and timely and it must not be misleading. Our Disclosure Policy has been approved by the Board of Directors and its purpose is to secure fair and consistent disclosure of information to the public.

Disclosure policy

Disclosure Committee

To ensure the fulfillment of the company’s disclosure obligations, UPM has established a Disclosure Committee to monitor and set guidelines for external disclosure. The committee addresses the general content of external disclosure, including periodic and ongoing releases of financial and other information, their timely disclosure and their compliance with regulatory requirements. The Disclosure Committee is headed by the Chief Financial Officer. Other members of the committee are the EVP of Marketing, Sustainability and Communications, VP of Investor Relations, and the General Counsel. The Disclosure Committee meets on a quarterly basis and otherwise when needed.

Silent period

UPM observes a silent period prior to publication of its financial results. UPM's silent period begins at the end of each reporting period and ends at the publication of the quarterly report or financial statements release. During the silent period, UPM spokespersons will neither discuss nor comment on the Group’s financial performance with capital market representatives or the media.