UPM Annual Report 2024

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WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Corporate Governance Statement

Board of Directors

Group Executive Team

Composition of the Group Executive Team (GET), 31 December 2024

President and CEO GET member since 2021 Education

CFO, Executive Vice President, UPM Energy GET member since 2008 Education

MSc (Eng.)

MSc (Tech.), MBA

Nationality

Italian

Nationality

Finnish

Born

1969 male

Born

1963 male

Gender

UPM shares 1) on 31 Dec 2024

18,786

232,829

Massimo Reynaudo

Tapio Korpeinen

EVP, UPM Communication Papers GET member since 1 October 2024 Education MSc (Eng.) and

EVP, UPM Specialty Papers (as of 1 January 2025) EVP, UPM Plywood (until 31 December 2024) GET member since 2021 Education

Executive Master’s degree (Innovation and Technology Management)

BSc (Eng.)

Nationality

Finnish

President and CEO Massimo Reynaudo has been the President and Chief Executive Officer of UPM-Kymmene Corporation since 1 January 2024. He was born in 1969 and holds a master’s degree in engineering from Politecnico di Torino and additional studies in business administration and management. He is an Italian citizen. The President and CEO’s duty is to man age and oversee the Company’s day-to-day business operations in accordance with the instructions and orders given by the Board of Directors. In the operative management of the Company, the President and CEO is assist ed by the Group Executive Team, which con sists of the executives leading the business areas and global functions, the Business Area

Nationality

German

Boards, and the Strategy Team. The President and CEO makes decisions on matters that are relevant to the Company’s daily business operations. The President and CEO chairs the Group Executive Team. The President and CEO is also responsi ble for arranging the Company’s day-to-day administration, ensuring that the Company’s accounts are in compliance with the law, and that the Company’s financial affairs are relia bly presented. The President and CEO ensures that the Board receives adequate information about the Company’s business operations, oper ating environment and financial position to facilitate informed decision-making. The President and CEO reports to the Board on the Company’s business and financial

performance and supervises the execution of Board resolutions. Other executives In the Company’s operative management, the President and CEO is assisted by the Group Executive Team, the Business Area Boards and the Strategy Team. The duties of these management bodies are presented on the first page of this Statement in connec tion with the illustration of the Company’s governance structure. The authority of these management bodies is not based on the Limited Liability Companies Act or the Company’s Articles of Association, but their position in the Company’s management system.

Born

1969 male

Born

1977 male

Gender

Mika Kekki

Gunnar Eberhardt

UPM shares 1) on 31 Dec 2024

13,055

EVP, UPM Raflatac GET member since 1 August 2024 Education

General Counsel GET member since 2008 Education LLM Nationality Finnish Born 1962 Gender male UPM shares 1) on 31 Dec 2024 109,196

Diploma in Business Administration (FH), MBA and General Management Program (Harvard Business School)

Nationality

US and German

Born

1980 male

Tim Kirchen

Juha Mäkelä

Gender

UPM shares 1) on 31 Dec 2024

18,866

Composition of management bodies

EVP, Human Resources GET member since 2004 Education

EVP, UPM Specialty Papers (until 31 December 2024) GET member

Group Executive Team

Business area boards

Strategy Team

2019 - 31 December 2024 M.Sc (Eng.), eMBA

President and CEO (Chair)

M.Sc (Econ.)

Nationality

Finnish

CFO

Education Nationality

Born

1964

General Counsel

Finnish

Gender

female

Born

1967 male

Business Area EVPs

Business Area EVP

EVPs of Global Functions 1)

UPM shares 1) on 31 Dec 2024

Gender

22,739

EVPs of Global Functions 1)

UPM shares 1) on 31 Dec 2024

Riitta Savonlahti

Jaakko Nikkilä

38,420

1) EVP, Strategy; EVP, Technology; EVP Human Resources and EVP, Marketing, Sustainability and Communications

Members of the Group Executive Team have primary responsibility for the business areas and global functions that they lead. Members of the Group Executive Team report directly to the President and CEO.

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UPM ANNUAL REPORT 2024

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