Stora Enso has a separate internal auditing organisation. The role
of Internal Audit is to provide independent, objective assurance and
consulting services that add value and improve the group’s operations.
Internal Audit helps the group to accomplish its objectives by providing a
systematic, disciplined approach to evaluate and improve the effectiveness
of internal control, risk management and governance processes.
To ensure the independence of the Internal Audit department, its
personnel report to the head of Internal Audit, who reports functionally
to the Financial and Audit Committee, and administratively to the CFO.
The Financial and Audit Committee approves the appointment of the
head of Internal Audit following the recommendation by the CEO.
Internal Audit conducts regular audits at mills, subsidiaries and
other Company units, implementing a risk based annual audit plan
approved by the Financial and Audit Committee, including any special
tasks or projects requested by management and the Financial and
The AGM annually elects one auditor for Stora Enso. The Financial and
Audit Committee monitors the auditor selection process and gives its
recommendation as to who should serve as auditor to the Board for the
purpose of making the proposal to the shareholders at the AGM. The
auditor shall be an authorised public accounting firm, which appoints
the responsible auditor.
In 2017 the Company conducted a statutory audit tender process
in accordance with applicable EU regulation with view of the proposal
to be made to the AGM in 2018 regarding the auditor election as
the current auditor of the Company had served since 2008. During
the audit tender process, the Financial and Audit Committee has
carefully assessed and considered several good and qualified
auditor candidates and evaluated the candidates against a variety of
customarily used selection criteria communicated to the candidates.
The Board has on the recommendation of the Financial and Audit
Committee proposed that PricewaterhouseCoopers Oy be elected
auditor by the AGM 2018.
Remuneration in 2017