UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

TABLE OF CONTENT

LIST OF ESRS DISCLOSURE REQUIREMENTS

PAGE

Workers in the value chain

ESRS S2 – Workers in the value chain

Impacts, risks and opportunities

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

224-225 225-226

Policies

S2-1 – Policies related to value chain workers

Processes

S2-2 – Processes for engaging with value chain workers about impacts

226 226 227

General information (ESRS 2) UPM is committed to creating value for its customers by using sustainable, renewable feedstocks, reducing its environmental footprint and enhancing its positive societal impact.

S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns

Actions Targets

S2-4 – Taking action on material impacts on value chain workers

S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

228

Affected communities

ESRS S3 – Affected communities

Impacts, risks and opportunities

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

230-231

Policies

S3-1 – Policies related to affected communities

231 232

Processes

S3-2 – Processes for engaging with affected communities about impacts

S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns

232-233 233-234

Actions Targets

S3-4 – Taking action on material impacts on affected communities

S3-5 – Targets related to managing material negative impacts and advancing positive impacts

235

Governance information Business conduct

UPM Sustainability Policy Statement renewed

ESG governance model reviewed

Double materiality analysis conducted

ESRS G1 – Business conduct

Policies

G1-1 – Business conduct policies and corporate culture G1-2 – Management of relationships with suppliers G1-3 – Prevention and detection of corruption and bribery

237-238 239-241 242-244

Responsible sourcing

Anti-corruption and bribery

Metrics

G1-4 – Incidents of corruption or bribery G1-5 – Political influence and lobbying activities

244

244-245

G1-6 – Payment practices

245

UPM FINANCIAL REPORT 2024

128

UPM FINANCIAL REPORT 2024

129

128

129

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024