According to Metsä Board’s Articles of Association, the company has one auditor who shall be an auditing firm authorised by the Central Chamber of Commerce of Finland. The General Meeting appoints the auditor each year. The Audit Committee together with the Audit Committee of the parent entity Metsäliitto Cooperative arranged in 2011 a tender for the auditing services. As a result of the tendering, the Company’s long-term auditor PricewaterhouseCoopers Oy was at the 2012 Annual General Meeting changed to KPMG Oy Ab. The Audit Committee, together with the Audit Committee of the parent entity Metsäliitto Cooperative, arranged in 2021 a tender for auditing services. Pursuant to the decision of the Annual General Meeting of 2022, KPMG Oy Ab acts as the Company’s auditor and appointed Kirsi Jantunen, APA, as the new auditor with main responsibility.

Pursuant to EU’s Audit Directive an audit entity may act as a company’s auditor for a maximum of 10 years, following which audit services shall be subject to tendering. Should the same auditor be re-elected in the tendering, it may proceed as the company’s auditor for another 10 years at maximum. Thereafter the auditor must be changed. The Audit committee controls the appointment procedure of the auditors and provides the Board and the General Meeting with a recommendation for the appointment of the auditor.

In 2021, KPMG Oy Ab received EUR 196,064 (EUR 196,064 in 2020 and EUR 196,064 in 2019) in auditing compensation, KPMG internationally received altogether EUR 437,212 in 2021(EUR 402,322 in 2020 and EUR 413,528 in 2019) and other auditing firms outside Finland were paid EUR 20,641 (EUR 23,484 in 2020 and EUR 23,484 in 2019). In addition, KPMG has received EUR 0 (EUR 3,581 in 2020 and EUR 34,327 in 2019) for services not related to the actual auditing of the accounts.