Ethics, environment and pensions SOU 2008:107

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The Swedish Government and Riksdag (parliament) have stated that the National Pension Funds - the AP funds - are to administer allocations in such a way as to ensure the greatest possible benefit to the pension system. The aim is a high rate of return in the long term in relation to the investment risk. The funds are not to be used for the achievement of industrial policy or economic policy goals. The AP funds are, however, required to take environmental and ethical considerations into account in their investment activities without deviating from the overall objective of a high rate of return. The task of the present committee has been to evaluate both how the funds have lived up to their obligations in this respect and the extent to which this has been reflected in their corporate governance.