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Focus areas

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.

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AP3’s four sustainability focus areas have been targeted

The Board’s positions on environmental and climate issues, social issues and corporate governance form the basis of the Fund’s four focus areas. These focus on areas deemed to have the greatest material impact on investments and on areas in which AP3 has the best opportunity to contribute to positive social development.

Corporate governance

  • Through active ownership management, AP3 must work to ensure that the companies the fund invests in are well managed and have good governance.


  • AP3 must contribute to counteracting climate change and limit its effects in accordance with the Paris Agreement.

  • AP3’s portfolio must provide net zero greenhouse gas emissions by 2050 at the latest in accordance with climate scenarios for
    1.5°C global warming.

Human Rights

  • AP3 must work to ensure that human rights linked to the companies’ operations are respected.


  • AP3 must consider how investments affect material portfolio and societal risks linked to biodiversity and ecosystems. AP3 must contribute to both conservation and positive development of biological diversity by 2030 at the latest.

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Key figures for focus areas


Key ratios – target

Activities 2023


Corporate governance

Percentage of the under-represented gender on the Board (for Swedish companies)

All large Swedish companies in the portfolio should have at least 40% of the underrepresented gender on the Board by 2026

Contacted the 20 companies in the portfolio that are below the target

On average, the proportion of female directors in large companies is 38.8%

Sustainability criteria in incentive plans

The percentage of Swedish companies in the portfolio with sustainability criteria in incentive plans must be doubled from 20% to 40% by 2025

A shared approach has been developed within IÄF (the Swedish Institutional Owners’ Association) and has communicated to the companies

The percentage of companies in the portfolio with sustainability criteria is 20%


Carbon footprint

Halfing the carbon footprint of the directly owned equity portfolio 2019–2025

Advocacy continued during the year

-32% (-25%)

Percentage of companies in line with the 1.5 degree target

2040: 100% 

Started measuring

38% (28%)

Advocacy dialogue with the companies that account for the largest percentage of the portfolio’s financed emissions

Dialogue with companies accounting for 70% of emissions in 2023 and 90% in 2030

In 2022, we identified 70%

Dialogues initiated in Q1 2023

Investments in sustainable bonds

25% of the fixed income portfolio by 2025

Extended the definition

22.4% (of which green bonds 19.2%)

Human rights

Share of companies in sectors with increased risk with

human rights policy

2030: 100 %

AP3 has identified relevant companies and established contact.


Share of companies in sectors with exposure to vulnerable groups with transparency process

2030: 100 %

AP3 has identified relevant companies and established contact. Various cooperation initiatives, above all in the Investor Alliance for Human rights



Share of companies within prioritized sectors with

biodiversity policy

2030: 100 %

An action plan for biological diversity has been developed


Share of companies in priority sectors that follows TNFD's recommendations

2030: 100 %

An action plan for biological diversity has been developed

The TNFD framework was published autumn 2023. Measured from 2024.

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AP3’s environmental impact

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.
AP3’s environmental impact
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AP3’s sustainability work is based on the Swedish state’s values, where democracy, the equal value of all people, the freedom, dignity and sustainable development of the individual are central parts.
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Collaborations and agreements

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.
Collaborations and agreements