The indexes comprise the pan-European benchmark Dow Jones STOXX Sustainability Indexes (DJSI STOXX), and Dow Jones Sustainability World Indexes (DJSI World).

UPM came top of its sector within the DJSI World industry group forest products and paper ahead of fellow manufacturers MeadWestvaco, Stora Enso and Domtar.

UPM's vice president for environmental affairs Marja Tuderman said there had already been some positive feedback with regard to the company's success. Tuderman said she hoped this would help improve people's perception of the paper industry.

"We hope this helps illustrate the work we are doing such as investigating certification systems," said Tuderman. This, she said, was in line with the company's continuing quest for improvement.

UPM strengthened its position in three areas: economic, environmental and social.