Shareholder structure

Treasury shares


Metsä Board does not hold any treasury shares.



Metsä Board aims to distribute at least 50% of the result for the financial period as dividend every year.

Year Earnings per share Dividend per share Dividend pay-out-ratio
2013 0.19 0.09 47.0
2014 0.20 0.12 57.0
2015 0.39 0.17 44.0
2016 0.25 0.19 76.0
2017 0.42 0.21 50.0
2018 0.57 0.29 51
2019 0.41 0.24 59.0
2020 0.48 0.26 54.0

Legislative change on withholding tax

New Finnish withholding tax legislation has entered into force on 1st January 2021. This will have impact on all shareholders, resident outside Finland, holding Finnish securities in a bank outside Finland. The new regulation includes detailed provisions on when tax treaty based withholding rates can be applied to dividends at the payment stage.

More details of the new legislation available on Finnish Tax Authority’s website at

Due to the new taxation model and new provision to tax liability there will be limitations to apply relief at source at dividend payments. In the cases where relief at source cannot be applied a 35% maximum tax will be withheld. Over-withheld tax can be reclaimed from Finnish Tax Authority after the dividend payment year has ended.

Further information of the reclaim process available at

All shareholders are encouraged to look for information regarding the local practices related to the new withholding tax regulation from the custodian bank they are holding their shares in.

 Management shareholding 


Metsä Board complies with the laws and regulations governing the securities markets, including the EU Market Abuse Regulation, the Finnish Securities Market Act and regulations issued by the European Securities and Markets Authority ESMA and the Finnish Financial Supervision Authority (FSA). Furthermore, Metsä Board complies with the Guidelines for Insiders of Listed Companies 2016 issued by Nasdaq Helsinki Oy.

Metsä Board has defined the managers required to disclose to the FSA and the Company all transactions made with Metsä Board shares and related financial instruments. Such managers include the Board of Directors and the CEO. The foregoing managers are further responsible for determining the persons and companies closely associated with them, who are also subject to similar disclosure requirements. Members of the Corporate Management Team (CMT) excluding the CEO are not subject to these requirements. However, CMT members are required by the Company to notify the Company of any changes in their holdings of Metsä Board shares and other financial instruments.

Metsä Board managers and persons involved in the preparation of financial reporting information may not trade in Metsä Board shares or other financial instruments instruments during the closed window (i.e. a minimum 30-day period starting from the end of a reporting period and ending on the day of the Company’s interim accounts release or financial statement bulletin).

Shareholdings of the members of the Board of Directors and CEO as at 1 October 2021

Ilkka Hämälä
​Chairman of the Board 213,381 B shares
​Jussi Linnaranta
​Vice Chairman of the Board
25,192 B shares
​Hannu Anttila
​Member of the Board ​143,942 B shares
​Raija-Leena Hankonen
​Member of the Board
4,446 B shares
​Erja Hyrsky
​Member of the Board
5,823 B shares
​Kirsi Komi
Member of the Board
81,610 B shares
​Jukka Moisio ​Member of the Board ​8,598 B shares
​Timo Saukkonen​Member of the Board​13,198 B shares
​Veli Sundbäck ​Member of the Board ​71,275 B shares
​Mika JoukioCEO​​300,000 B shares

Shareholdings of the members of the Corporate Management Team (excl. CEO) as at 1 October 2021

​Henri Sederholm
​33,249 B shares
​Ari Kiviranta ​SVP, Technology ​31,000 B shares
​Markku Leskelä
​SVP, Development
​ 9,885 B-shares
Jussi Noponen ​SVP, Sales and Supply Chain 66,062 B shares
​Harri PihlajaniemiSVP, Production​
​28,672 B-shares
​Camilla Wikström
SVP, Human Resources 29,695 B shares

Shareholdings are updated quarterly and information is based on managers' own notifications.

MORE information

Major shareholders

Metsä Board's biggest shareholders according to the number of shares and/or voting rights.