Swedish Pension Fund AP7

Financial Institutions, Hall of Fame

AP7 is a Swedish state-owned pension fund. Sweden’s pension system has two tiers: five buffer funds and a premium pension system. AP7 is the only state actor in the premium pension system, and manages AP7 Såfa, the default option for AP7 pensioners (unless they choose otherwise).[1] At the end of 2017, AP7 had around Swedish Krona 343 billion (€34,5 billion) in assets under management.[2]

In line with Swedish government policy, AP7 does not invest in companies deemed to be involved in developing and producing nuclear weapons.[3] 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.[4]

The exclusion policy covers all asset management activities of AP7, including those managed by external asset managers.[5]

AP7 maintains a publicly available exclusion list based on research by ISS- Ethix, accessible through its website.[6] The list is updated twice a year.[7] As of June 2017, the list included the following companies for involvement with nuclear weapons: AECOM; Airbus; Babcock International; BAE Systems; Boeing; Finmeccanica; Fluor.; Fortive Corp; General Dynamics; Harris; Honeywell International; Huntington Ingalls; Jacobs Engineering; L-3 Communications Holding; Larsen & Toubro; Leidos Holdings; Lockheed Martin; Northrop Grumman; Raytheon; Rolls-Royce; Safran; Serco; SGL Carbon; Tata Power; Textron; Thales; Toshiba; United Technologies.[8]

Website: https://www.ap7.se/

Twitter: @AP7se

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[1] AP7, “About Us”, website AP7 (https://www.ap7.se/english/about-us/), viewed 29 August 2017.

[2] AP7, “PRI reporting framework 2017”, UNPRI website (https://reporting.unpri.org/surveys/PRI-reporting-framework-2017/D5710C75-8FC4-4DCB-98BA-388389915CF2/79894dbc337a40828d895f9402aa63de/html/2/?lang=English&a=1), viewed 9 February 2018.

[3] AP7, “Svartlistade bolag juni 2017”, website AP7 (https://www.ap7.se/app/uploads/2017/06/Svarta-listan-jun-2017-kommunikation.pdf), viewed 23 January 2018.

[4] AP7, written response to PAX dated 8 November 2017; 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 23 January 2018.

[5] AP7, written response to PAX dated 8 November 2017.

[6] AP7, written response to PAX dated 8 November 2017.

[7] AP7, written response to PAX dated 8 November 2017.

[8] AP7, “Svartlistade bolag juni 2017”, June 2017, available at https://www.ap7.se/app/uploads/2017/06/Svarta-listan-jun-2017-kommunikation.pdf, viewed 23 January 2018.

Last modified March 2018

About Maaike Beenes

Maaike Beenes works for the humanitarian disarmament program for PAX in the Netherlands. She researches investments by financial institutions in producers of controversial weapons, notably nuclear weapons and cluster munitions, and is co-author of the reports ‘Don’t Bank on the Bomb’ and ‘Worldwide Investments in Cluster Munitions’. As part of the Don’t Bank on the Bomb campaign of PAX and ICAN, she works together with campaigners around the world to hold banks and other investors accountable for their investments in nuclear and other controversial weapons. She was involved in the negotiations for the Treaty on the Prohibition on Nuclear Weapons on behalf of PAX and ICAN.