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Share capital

Stora Enso Oyj’s shares are divided into A and R shares. The A and R shares entitle holders to the same dividend but different voting rights. Each A share and each ten R shares carry one vote at a shareholders’ meeting. However, each shareholder has at least one vote.

During 2016, a total of 25 000 A-shares converted into R-shares were recorded in the Finnish Trade Register. On 31 December 2016, Stora Enso had 176 507 090 A shares and 612 112 897 R shares in issue. The company did not hold its own shares. The total number of Stora Enso shares in issue was 788 619 987 and the total number votes at least 237 718 380.

The Board of Directors is not currently authorised to issue, acquire or dispose of shares in the Company.

Major shareholders as at 31 December 2016
By voting power A shares R shares % of shares % of votes
1 FAM AB1 63 123 386 17 000 000 10.2% 27.3%
2 Solidium Oy2 55 595 937 41 483 501 12.3% 25.1%
3 Social Insurance Institution of Finland 23 825 086 2 275 965 3.3% 10.1%
4 Varma Mutual Pension Insurance Company 15 572 117 140 874 2.0% 6.6%
5 MP-Bolagen i Vetlanda AB, (Werner von Seydlitz dödsbo) 4 803 000 3 507 000 1.1% 2.2%
6 Ilmarinen Mutual Pension Insurance Company 3 492 740 13 781 189 2.2% 2.0%
7 Erik Johan Ljungberg's Education Foundation 1 780 540 2 336 224 0.5% 0.8%
8 Swedbank Robur Funds - 11 032 722 1.4% 0.5%
9 The State Pension Fund - 8 500 000 1.1% 0.4%
10 Bergslaget's Healthcare Foundation 626 269 1 609 483 0.3% 0.3%
11 Nordea Investment Funds - 6 879 179 0.9% 0.3%
12 Unionen (Swedish trade union) - 5 297 200 0.7% 0.2%
13 Keva (Local Government Pensions Institution) - 5 251 101 0.7% 0.2%
14 SEB Investment Management - 4 701 297 0.6% 0.2%
15 Investment Fund Nordea Suomi - 4 063 211 0.5% 0.2%
Total 168 819 075 127 858 946 37.8%3 76.4%3
Nominee-registered shares 74 514 851 442 620 022 65.6%3, 4 50.0%3, 4
1 As confirmed to Stora Enso.
2 Entirely owned by the Finnish State.
3 As some of the shareholdings on the list are nominee registered, the percentage figures do not add up to 100%.
4 According to Euroclear Finland.
The list has been compiled by the Company on the basis of shareholder information obtained from Euroclear Finland, Euroclear Sweden and a database managed by Citibank, N.A (Citi). This information includes only directly registered holdings, thus certain holdings (which may be substantial) of shares held in nominee or brokerage accounts cannot be included. The list is therefore incomplete.

Share Distribution, 31 December 2016
By size of holding, A share Shareholders % Shares %
1–100 3 192 41.52% 164 628 0.09%
101–1 000 3 844 50.00% 1 433 398 0.81%
1 001–10 000 618 8.04% 1 440 590 0.82%
10 001–100 000 28 0.36% 560 881 0.32%
100 001–1 000 000 0 0.00% 0 0.00%
1 000 001– 6 0.08% 172 907 593 97.97%
Total 7 688 100.00% 176 507 090 100.00%
By size of holding, R share Shareholders % Shares %
1–100 7 301 21.51% 454 230 0.07%
101–1 000 19 317 56.92% 8 552 753 1.40%
1 001–10 000 6 648 19.60% 17 873 618 2.92%
10 001–100 000 569 1.68% 15 667 168 2.56%
100 001–1 000 000 73 0.21% 24 741 284 4.04%
1 000 001 – 28 0.08% 544 823 844 89.01%
Total 33 936 100.00% 612 112 897 100.00%
According to Euroclear Finland.
Ownership Distribution, 31 December 2016
% of shares % of votes
FAM AB 10.2% 27.3%
Solidium Oy1 12.3% 25.1%
Under nominee names (non-Finnish/non-Swedish shareholders) 44.3% 14.8%
Finnish institutions (excl. Solidium and KELA) 13.3% 11.8%
Social Insurance Institution of Finland (KELA) 3.3% 10.1%
Swedish institutions (excl. FAM) 6.6% 5.2%
Finnish private shareholders 4.3% 2.6%
Swedish private shareholders 3.7% 2.4%
ADR holders 2.0% 0.7%
Total 100.0% 100.0%
1 Entirely owned by the Finnish State.

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