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Stronger together

The Ethical Council is a collaborative venture between the First, Second, Third and Fourth AP Funds.

The Ethical Council is focused on influencing companies to operate in a more sustainable way. 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.

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. 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.

Key advantages of the Ethical Council

  • 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

Annual reports can be found on the Ethical Council’s webpage.


Certain types of investments are generally controversial. Details on the views on some controversial products, services and areas can be found on the Ethical Council’s webpage.