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Disclosure Committee
The Disclosure Committee was nominated in 2002 to comply with the new financial reporting rules based on the Sarbanes Oxley Act. The Committee supervises the reliability of the Group financial reporting and disclosure processes. The Committee is chaired by the Group Controller and the members are the heads of Internal Auditing and Legal Affairs. The Disclosure Committee reports to the CEO and CFO.
Investment Committee
The Investment Committee is chaired by the head of the Corporate Strategy, Investments and Business Planning. The Committee's 7-10 members are appointed by the CEO. In 2002 the number of members was ten.
The tasks and responsibilities of the Investment Committee are: coordination of the investment planning and approval process, coordination of the investment completion audit and follow-up process, participation in the planning and execution of large investment projects in the Company's various geographical areas as well as the drawing-up of recommendations on funds available for investments.
During 2002, the Committee developed a focused capital expenditure frame model, which is in line with Company strategy to keep capital expenditure under the depreciations average over the cycle. The Committee also examined major investment proposals and made recommendations on the allocation of divisional funds prior to decision. In co-operation with divisions and the EMG the Committee also developed the Stora Enso Asset Restructuring Programme in line with the capital expenditure frame model.
The Investment Committee convened thirteen times in 2002.
Environmental Committee
The Environmental Committee is chaired by the Deputy CEO. The 8-14 members are appointed by the CEO. In 2002 the Committee had thirteen members.
The function and tasks of the Environmental Committee are: to formulate and communicate corporate environmental strategy and division policy, to coordinate relations and communication with governmental/non-governmental organisations and other stakeholders, to establish environmental management procedures and to produce the annual Environmental Report.
The single largest item on the 2002 agenda was the Climate Change issue, which called for the setting up of a separate work structure to assess opportunities and threats and to shape Group strategy and an action plan. Other significant issues have been fibre strategy, forest certification and the Group Environment and Resources Report 2002.
The Environmental Committee convened four times in 2002.
R&D Committee
The R&D Committee is chaired by the Deputy CEO. The 5-9 members are appointed by the CEO. In 2002 the Committee had nine members.
The purpose and tasks of the R&D Committee are: to assist the Group's businesses to achieve and maintain quality and productivity leadership by facilitating high-quality R&D, to monitor technology and future-oriented product development and to recommend the extent of overall R&D activities within the Group.
During the year, as an important step in reinforcing the focus of R&D strategy for improving the end use performance of Stora Enso products, the Committee decided on the InnoCentre investment, an industrial scale development facility for the innovation of new packaging concepts. The planning of new funding arrangements to facilitate commercialisation of new business ideas was initiated in 2002.
The R&D Committee convened twice in 2002.
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