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Financial institutions

Council on Ethics of the Swedish National Pension Funds

The Ethics Council is a collaboration between the four Swedish National Pension Funds (AP Funds). These are buffer funds in the general pension systems AP1, AP2, AP3 and AP4. Their guiding principle is to make a difference by acting as strategically accountable and committed owners who exert influence on companies the world over to improve their efforts on environmental and social issues.

The need for transparency and governance is particularly high in countries with rich natural resources but weak governments. Clearer reporting of revenues in host countries and reports on payments made by the companies increase transparency in society and contribute to better conditions for financial control. Together with some 70 other investors, the Council on Ethics has given its formal support to the EITI, which sends a signal to countries and companies with extractive operations that shareholders value clear and transparent reporting of revenue.

Statement of support

Engagement with the EITI

The Council on Ethics recognizes that for many countries with abundant natural resources, corruption is a major concern and transparency is an important tool in tackling that corruption. That is why the four Swedish National Pension Funds (AP-Funds) support the Extractive Industries Transparency Initiative (EITI).

For more than 13 years, the AP Funds’ Council on Ethics has exercised influence on the AP Funds’ global portfolio of listed companies to improve their environmental, human rights and corporate governance work through engagement and dialogue. During 2019, the Council on Ethics’ efforts and involvement have focused on areas such as inadequate safety in managing mine waste, known as ‘tailings’. Other focus areas include money laundering, long-term environmental efforts in the oil industry and deforestation in South America.

Learn more about the Council on Ethics’ company dialogues and other engagements in the Council's 2019 Annual Report.             

Statement of support for the EITI on the Council on Ethics' website.