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Council on Ethics

The Council on Ethics is a collaboration between the First, Second, Third and Fourth AP Funds to jointly influence companies to sustainable value creation and to transparent reporting.

Logotyp för AP-fondernas etikråd

Since 2007, the First, Second, Third, and Fourth AP Funds have been co-ordinating their work on environmental and ethical issues through the joint Ethical Council. Our guiding principle is to make a difference by acting as strategically accountable and committed owners who exert influence on companies to improve their efforts on environmental and social issues. Dialogues of the Council on Ethics protect pension capital through engagement. Through dialogues and conversations with companies, the Council on Ethics influences companies and sectors, both for preventive purposes and in the event of incidents.

Dialogue and impact on sustainable investment

The Ethical Council sees its mission as encouraging companies, on the basis of the business they conduct, to address relevant sustainability issues, to have in place fit-for-purpose guidelines and to apply control and follow-up systems to enable the business to be operated as responsibly as possible. The Ethical Council does this by driving and participating in preventive initiatives and by acting to bring about positive change in a number of companies associated with violations of international conventions on the environment and human rights. Each Fund appoints two ordinary members to the Ethical Council, with chairmanship being held by each Fund for a one-year period on a revolving basis.

  • Greater scope for influence
    The combined assets of the four Funds create greater scope for influence over a company, as compared to acting alone

  • Attractive partner
    The Ethical Council is an attractive partner for other international investors with a similar environmental and ethical agenda, which further increases the scope to exert influence for positive change

  • Time and cost efficiency
    The nature of the Ethical Council’s co-operation enables the Funds to work more time- and cost-efficiently. This is manifested in a greater number of company dialogues and international investor initiatives


Some types of investments are generally discussed. The Ethics Council’s website reports views on some controversial products, services and areas. Read more about these at:

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Samarbeten och överenskommelser

As a Swedish government body, AP3 is guided by the international conventions and guidelines ratified and supported by the Swedish Parliament. Examples include the UNFCCC with the Paris Agreement, the Convention on Biological Diversity and Agenda 2030.
Samarbeten och överenskommelser
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Fokusområden och mål

To ensure that sustainability efforts are focused on the areas deemed to have the greatest impact on investments, AP3 works with focus areas. Based on the Board’s positions, AP3 is currently working with the following four focus areas: Corporate governance, Climate, Human rights and Biodiversity.
Fokusområden och mål
Medarbetare på AP3 som som stänger en dörr

Intern miljöpåverkan

Respect for the environment is at the centre of the AP3 investment approach. The Fund’s direct environmental impact is relatively small, consisting primarily of business travel, use of energy for office heating and cooling, and waste.
Intern miljöpåverkan