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Key agreements

The following agreements within the ethical and environmental areas are of particular importance:

  • OECD’s guidelines for multinational enterprises.
  • ILO’s core conventions (on forced labour, child labour, equal remuneration, freedom of association & right to organise).
  • UN’s Declaration of Human Rights and Ruggie Principles.
  • AP3 also encourages companies to adopt the principles of the UN’s Global Compact.

Corporate governance policy

AP3’s work with ethics and good environmental practices is based on its corporate governance policy. AP3 manages environmental and ethical issues by screening companies for any violation of convention provisions, through dialogue to influence companies to act responsibly, and through supporting various investor initiatives targeting individual companies or industries. AP3 focuses on ensuring that managers at the companies the Fund invests in identify and manage social and environmental risks in a way that creates value for shareholders. AP3 has also made numerous environmental investments, including in green bonds, green properties, wind power, clean tech and certified forests. Read more about AP3’s work with corporate governance in the stewardship report, and its work with sustainability in the annual report in Reports.

Council on Ethics of the AP Funds (Etikrådet)

AP1, AP2, AP3 and AP4 formed a joint Ethical Council in 2007. Each Fund has one representative on the Council. This co-operation is aimed at making positive changes in foreign companies suspected of being in contravention of international conventions on the environment and human rights. The Ethical Council published an annual report detailing the Council’s work and ongoing dialogues. Read more about the work of the Council on Ethics.


AP3 became a signatory to the UN’s Principles for Responsible Investments (PRI) in July 2006. The Principles are voluntary and are aimed at encouraging investors to integrate environmental, social and corporate governance factors in their financial analysis and strategic processes. AP3 is gradually implementing these principles. Read more about PRI.

Exclusion of companies

AP3 uses a systematic process to screen companies for violation of convention provisions and to engage in dialogue. The process is detailed in the Ethical Council’s annual report. In cases where dialogue fails to produce a result and there is reason to believe that the company will continue violate international conventions, AP3 may divest its shares in the company. Read more about companies that are excluded from the Fund’s investment portfolios.