Swedish Pension Fund AP7
AP7 is a Swedish state-owned pension fund. Sweden’s pension system has two tiers: five buffer funds and a premium pension system. The five buffer funds (AP1 – 4 and AP6) work with a pay-as-you-go system in which current pension contributions pay current income pension benefits, whereas AP7 manages the pension capital of those with no preference for one of the buffer funds.[i]
“In line with Swedish government policy, AP7 does not invest in companies deemed to be involved in developing and producing nuclear weapons”.[ii] AP7 excludes companies involved in all nuclear weapons related weapon systems, including but not limited to ballistic missile submarines and missiles that have the primary purpose of carrying nuclear warheads.”[iii]
The exclusion policy covers all asset management activities of AP7, including those managed by external asset managers.[iv]
AP7 maintains a publicly available exclusion list based on research by Ethix SRI Investments and GES Investment Services, accessible through its website. The list is updated twice a year.[v] At the time of writing, the list included the following companies for involvement with nuclear weapons: Airbus; Babcock International; BAE Systems; Boeing; Finmeccanica; Fluor; General Dynamics; Honeywell International; Jacobs Engineering; L-3 Communications; Larsen & Toubro; Lockheed Martin; Northrop Grumman; Raytheon; Rolls-Royce; Safran; SGL; Thales and United Technologies.[vi]
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I saw on www.dontbankonthebomb.com that you have a comprehensive policy prohibiting investments in nuclear weapons producing companies.
Financial institutions like yours are helping to build the stigma around these inhumane weapons, something that is urgently needed. Nuclear weapons are the only weapon of mass destruction that’s not explicitly outlawed through an international treaty- and thanks to your policy we can show how important and necessary it is that all of society act urgently to prohibit and eliminate nuclear weapons once and for all.
Thank you for your help in creating a nuclear weapons free world.
With kind regards,
[ii] AP7, “Responsible Investment, website AP7 (http://www.ap7.se/en/About-AP7/About-us/Our-approach/Responsible-investment/), viewed 22 September 2016; AP7, “Ägarpolicy 2014”, page 7, 5 December 2013, available at https://www.ap7.se/Documents/PDF/Policies/%C3%84garpolicy%202014.pdf, viewed 20 May 2015; translated bij AP7 in written correspondence with PAX, dated 6 March 2015; AP7, “Hållbarhetsredovisning 2012-2013”, 2014, available at https://www.ap7.se/Global/Policy%202014/AP7_H%C3%A5llbarhetsRedo_13_Final.pdf, viewed 20 May 2015.
[iii] AP7, written response to PAX dated 6 May 2015; AP7, “Placeringspolicy och riskhanteringsplan fr.o.m. maj 2010”, 3 June 2010, available at http://ap7.se/PageFiles/90/ap7_placeringspolicy_och_riskhanteringsplan.pdf, viewed 20 May 2015.
[iv] AP7, written response to PAX dated 6 May 2015.
[v] AP7, written response to PAX dated 6 May 2015.
[vi] AP7, “Uteslutna bolag december 2015”, 15 December 2014, available at http://www.ap7.se/globalassets/svarta-listan/svarta-listan_dec_2015.pdf, viewed 22 September 2016.