How the AP Funds are managed

The AP Funds are government agencies governed primarily by the Swedish AP Funds Act. The Funds work on the basis of common core values, and follow both statutory rules and voluntary frameworks on issues such as sustainability and corporate responsibility.  

Governance of Första AP-fonden

Första AP-fonden is a government agency, but unlike other agencies, the AP Funds are more independent of the Swedish Government. The funds must not be influenced by economic or industrial policy.

The Första AP-fonden Board of Directors bears operational responsibility for management of the Fund. The Board, which is appointed by the Government through the Ministry of Finance, is responsible for ensuring that the Fund’s capital is managed in an exemplary and sustainable manner. A key part of this responsibility is to ensure that the Fund’s investments generate long-term returns while keeping risks at a reasonable level.

The Board of Directors defines guidelines for the allocation of capital between different assets, such as equities and interest-bearing investments. These guidelines are then broken down by the CEO into a more detailed allocation, with emphasis on achieving the Fund’s return targets in both the short and the long term.