2023-01-252022/23:FiU6 · p.2FiUEconomy & finance
Stricter requirements for sustainability in the AP Funds' investment activities
Tighter sustainability requirements for the National Pension Funds' investment activities
What's at stake: The National Pension Funds manage just over SEK 2,000 billion of the public pension system's buffer capital, and how they interpret their sustainability mandate affects both the shift away from fossil investments and the returns that underpin future pensions.
Case texts and AI reasoning are AI-translated from the Swedish originals; the Swedish text is authoritative.
What the vote decides
The question is whether the National Pension Funds' sustainability goal should be clarified with an explicit rule against investing in companies that lobby for fossil fuels and against climate commitments, or whether it should continue to be up to the funds themselves to define what "exemplary management" means.
Yes Yes — the committee proposal
The committee notes that it is up to the funds themselves to further specify the goal of exemplary management and how it relates to the overall investment objective, and sees no reason at present to define this in more detail. The committee stresses, however, that the National Pension Funds, as major capital investors, have an important role in redirecting investment away from a fossil-dependent economy and should continue to intensify their work to align investments with the Paris Agreement, and therefore rejects the motion.
No No — the reservations
Reservation 1 (V, C, MP)
The reservation (V, C, MP) calls for it to be clarified that the National Pension Funds may not invest in companies that actively engage in fossil-fuel lobbying against climate commitments. The reasoning is that climate lobbying is becoming an increasingly important battleground for institutional investors as climate requirements are tightened, and that the funds' central role for pensions and global markets makes such a restriction necessary.
Summarised from the committee report. Party labels in the summary come from the report, not from the vote.
What do the votes mean here?
Yes The committee proposal: rejecting the motions (keeping things as they are).
No Backing the counter-proposal: reservation 1 by V, C, MP.
Abstain The party marks a position of its own that is not one of the two final alternatives.
What each plan points to — and how the party voted
For each party: the vote its own election manifesto and party programme point to in this case, next to how the party actually voted. A plan can only point to Yes or No; a party can also abstain.
| Plan | Vote | Confidence | Evidence | ||
|---|---|---|---|---|---|
| V | No | No 0/21/0/3 | follows the plan | confidence: high | explicit |
| S | No | Yes 93/0/0/14 | departs from the plan | confidence: medium | derived |
| MP | No | No 0/16/0/2 | follows the plan | confidence: high | explicit |
| C | No | No 0/21/0/3 | follows the plan | confidence: low | derived |
| L | Yes | Yes 15/0/0/1 | follows the plan | confidence: low | derived |
| KD | Yes | Yes 17/0/0/2 | follows the plan | confidence: low | derived |
| M | Yes | Yes 59/0/0/9 | follows the plan | confidence: medium | derived |
| SD | Yes | Yes 64/0/0/9 | follows the plan | confidence: medium | not addressed |
Committee proposal
Parliament rejects motion 2022/23:1644 by Kerstin Lundgren (C).
Original (Swedish)
Riksdagen avslår motion 2022/23:1644 av Kerstin Lundgren (C).
Riksdag decision: Parliament has addressed the government's letter on the AP Funds' activities through 2021, the assessment of the funds' results and costs in the long term, the work on sustainability and more. The government assesses that the funds have so far fulfilled their role in the pension system and that they have contributed positively to the long-term financing of the income pension system. Furthermore, the government assesses that the First–Fourth AP Fund has been managed in an exemplary manner according to the set goals. Parliament shares the government's assessment. Parliament has also addressed a proposal from the general motion period 2022 that concerns a prohibition against the AP Funds investing in companies that conduct lobbying for fossil fuels. Parliament rejected the proposal and laid the government's letter on the table, that is, closed the matter.
Counter-proposals
- The counter-proposal wants to clarify requirements for AP funds to transition from fossil fuels to renewable energy in their investment activities. (V, C, MP) — Reservation 1
Plan vs actual vote
Every party, in chamber order: what its own plan pointed to, how it voted, and the reasoning behind both. Highlighted rows are where the two differ — but a vote that follows the plan is a result too, so the reasoning is there for every party.
The plan requires that the common pension capital be actively managed and used for investments of public benefit, and that the future must not be left to the arbitrariness of market forces in a climate emergency.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan requires that the common pension capital be actively managed and used for investments of public benefit, and that the future must not be left to the arbitrariness of market forces in a climate emergency. Prohibiting investments in companies that lobby for fossil fuels and against climate commitments is such active management and aligns with the plan.
Original (Swedish)
Planen kräver att det gemensamma pensionskapitalet styrs aktivt och används till samhällsnyttiga investeringar, och att framtiden inte får överlåtas till marknadskrafternas godtycke i ett klimatnödläge. Att förbjuda placeringar i bolag som lobbar för fossila bränslen och mot klimatåtaganden är en sådan aktiv styrning och ligger i linje med planen.
- active management of the AP fundsdecisive»Vänsterpartiet vill att AP-fondernas kapital i högre utsträckning« (party programme ↗)“The Left Party wants the capital of the AP funds to a greater extent”
- political control of capital»Det går inte att överlåta framtiden till marknadskrafternas godtycke, framtiden tillhör oss alla.« (2022 manifesto ↗)“You cannot leave the future to the arbitrariness of market forces, the future belongs to all of us.”
- large corporations' emission responsibility»Idag står hundra företag i världen för sjuttio procent av koldioxidutsläppen.« (2022 manifesto ↗)“Today, a hundred companies in the world account for seventy percent of carbon dioxide emissions.”
- climate emergency»Vi befinner oss i ett klimatnödläge.« (2022 manifesto ↗)“We are in a climate emergency.”
The plan requires that institutional capital be a driving force for corporate environmental responsibility and that the climate policy framework remains fixed.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan requires that institutional capital be a driving force for corporate environmental responsibility and that the climate policy framework remains fixed. Pension funds investing in companies that lobby for fossil fuels and against climate commitments contradicts this and the plan's criticism of capital's power over public opinion formation. A clarification that such investments must not be made is therefore supported.
Original (Swedish)
Planen kräver att det institutionella kapitalet är pådrivande för företagens miljöansvar och att det klimatpolitiska ramverket ligger fast. Att pensionsfonder investerar i bolag som lobbar för fossila bränslen och mot klimatåtaganden strider mot detta och mot planens kritik av kapitalets makt över opinionsbildningen. Ett förtydligande av att sådana investeringar inte får göras stöds därför.
- institutional capital as driving forcedecisive»Det institutionella kapitalet bör vara pådrivande i frågor som rör arbetstagares rättigheter, företagens sociala skyldigheter och ansvar för miljön.« (party programme ↗)“Institutional capital should be a driving force in matters concerning employees' rights, companies' social responsibilities and environmental responsibility.”
- the climate framework remains fixed»Det klimatpolitiska ramverket ska ligga fast.« (2022 manifesto ↗)“The climate policy framework shall remain fixed.”
- counter capital's power over public opinion»Kapitalismens värdesyn påverkar också samhällsdebatten och opinionsbildningen, och utövar på så sätt en makt över tanken som bygger under den rådande världsordningen.« (party programme ↗)“Capitalism's value system also influences public debate and public opinion formation, and thus exercises a power over thought that supports the current world order.”
- the Paris Agreement is driven forward»Sverige ska vara en stark kraft i FN och EU för att världens länder ska öka sina åtaganden för att göra verklighet av Parisavtalets ambitioner.« (2022 manifesto ↗)“Sweden shall be a strong force in the UN and EU to ensure that the world's countries increase their commitments to realise the ambitions of the Paris Agreement.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The party programme states that state pension funds must set ethical and environmental requirements on the companies they invest in and that pension money must be placed ethically and with long-term sustainability, while lobbying must be regulated and the power of economic interests balanced.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The party programme states that state pension funds must set ethical and environmental requirements on the companies they invest in and that pension money must be placed ethically and with long-term sustainability, while lobbying must be regulated and the power of economic interests balanced. Prohibiting investments in companies that lobby for fossil fuels and against climate commitments follows directly from these commitments and from phasing out fossil subsidies. The plan therefore supports the counter-proposal.
Original (Swedish)
Partiprogrammet slår fast att statliga pensionsfonder ska ställa etik- och miljökrav på de företag de investerar i och att pensionsmedlen ska placeras etiskt och långsiktigt hållbart, samtidigt som lobbyismen ska regleras och ekonomiska intressens makt balanseras. Att förbjuda placeringar i bolag som lobbar för fossila bränslen och mot klimatåtaganden följer direkt av dessa åtaganden och av utfasningen av fossila subventioner. Planen stöder därför motförslaget.
- ethical and environmental requirements on investmentsdecisive»etik- och miljökrav på de företag de investerar i.« (party programme ↗)“ethical and environmental requirements on the companies they invest in.”
- sustainable pension investments»Pensionsmedlen ska placeras etiskt och« (party programme ↗)“Pension money must be placed ethically and”
- regulated lobbying»lobbyismen regleras och ekonomiska intressens makt balanseras« (party programme ↗)“lobbying is regulated and the power of economic interests is balanced”
- stop fossil support»fasa ut fossila subventioner.« (2022 manifesto ↗)“phase out fossil subsidies.”
The plan puts climate first and promises that fossil fuels shall be phased out, while at the same time it wishes to increase insight into influence activities through a lobbying register and tightened anti-corruption rules.
Plan documents: 2022 manifesto
Reasoning and quotes
The plan puts climate first and promises that fossil fuels shall be phased out, while at the same time it wishes to increase insight into influence activities through a lobbying register and tightened anti-corruption rules. A clarification that pension funds are not allowed to invest in companies that lobby for fossil fuels and against climate commitments lies at the intersection of these two commitments. The requirement is delimited and does not threaten the plan's requirement for a sustainable pension system.
Original (Swedish)
Planen sätter klimatet först och lovar att fossila bränslen ska fasas ut, samtidigt som den vill öka insynen i påverkansarbete genom ett lobbyregister och skärpta korruptionsregler. Ett förtydligande att pensionsfonderna inte får investera i bolag som lobbar för fossila bränslen och mot klimatåtaganden ligger i skärningspunkten mellan dessa två åtaganden. Kravet är avgränsat och hotar inte planens krav på ett hållbart pensionssystem.
- klimatet förstdecisive»Centerpartiet sätter klimatet först, för att framtiden måste vara grön.« (2022 manifesto ↗)“The Centre Party puts climate first, for the future must be green.”
- utfasning av fossila bränslen»Vi vill stoppa all energihandel med Ryssland och fasa ut fossila bränslen.« (2022 manifesto ↗)“We wish to stop all energy trade with Russia and phase out fossil fuels.”
- insyn i lobbying»Vi vill inrätta en antikorruptionsmyndighet, skärpa regler mot korruption och införa ett lobbyregister.« (2022 manifesto ↗)“We wish to establish an anti-corruption authority, tighten rules against corruption and introduce a lobbying register.”
- pensionssystemets hållbarhet»Vi måste försvara pensionssystemets långsiktiga rättvisa och hållbarhet.« (2022 manifesto ↗)“We must defend the pension system's long-term justice and sustainability.”
The plan's climate line is that general and technology-neutral steering instruments such as carbon dioxide tax and emissions trading are the most effective tool, and it distances itself from symbolic politics.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan's climate line is that general and technology-neutral steering instruments such as carbon dioxide tax and emissions trading are the most effective tool, and it distances itself from symbolic politics. A ban for pension funds from owning companies that conduct climate lobbying is detail-steering of that sort, and pension capital's task is according to the plan to serve the saver. That fossil subsidies shall be abolished argues partly for the counter-proposal but concerns government support, not fund placements.
Original (Swedish)
Planens klimatlinje är att generella och teknikneutrala styrmedel som koldioxidskatt och utsläppshandel är det mest effektiva redskapet, och den tar avstånd från symbolpolitik. Ett förbud för pensionsfonderna att äga bolag som bedriver klimatlobbying är en detaljstyrning av det slaget, och pensionskapitalets uppgift är enligt planen att tjäna spararen. Att fossila subventioner ska avskaffas talar delvis för motförslaget men rör statliga stöd, inte fondplaceringar.
- general instruments most effectivedecisive»handel med utsläppsrätter, är det mest effektiva redskapet.« (party programme ↗)“trading with emissions rights, is the most effective tool.”
- no to symbolic politics»tar avstånd från symbolpolitik och åtgärder som dövar samveten i stället för att rädda miljön« (party programme ↗)“distances itself from symbolic politics and measures that numb conscience instead of saving the environment”
- pension saver's power»Den enskildes möjlighet att själv förvalta en del av pensionskapitalet är en viktig del av« (party programme ↗)“The individual's opportunity to manage some of their pension capital themselves is an important part of”
- abolish fossil subsidies»Subventioner, inklusive skattelättnader och stöd, till fossila bränslen i Sverige såväl som globalt ska successivt avskaffas.« (2022 manifesto ↗)“Subsidies, including tax benefits and support, to fossil fuels in Sweden as well as globally shall successively be abolished.”
The counter-proposal wants to legislate that pension funds cannot invest in companies that lobby for fossil fuels.
Plan documents: party programme
Reasoning and quotes
The counter-proposal wants to legislate that pension funds cannot invest in companies that lobby for fossil fuels. The plan's line is that the pension system should be based on lifetime income and that politics' task is first and foremost to protect citizens' interests, not to micromanage placements; the plan also prefers personal rather than institutional ownership. The plan therefore does not support such a restriction, although it requires forceful action against climate change.
Original (Swedish)
Motförslaget vill lagfästa att pensionsfonderna inte får investera i företag som lobbar för fossila bränslen. Planens linje är att pensionssystemet ska utgå från livsinkomsten och att politikens uppgift i första hand är att ta tillvara medborgarnas intresse, inte att detaljstyra placeringar; planen vill dessutom hellre se personligt än institutionellt ägande. Planen ger därför inte stöd för en sådan begränsning, även om den kräver krafttag mot klimatförändringen.
- politics shall not micromanagedecisive»Politikernas uppgift är i första hand att ta tillvara« (party programme ↗)“Politicians' task is first and foremost to protect”
- pensions after lifetime income»Pensionssystemet ska utgå från den livsinkomst« (party programme ↗)“The pension system shall be based on lifetime income”
- personal over institutional ownership»Det är också angeläget att det personliga ägandet uppmuntras på bekostnad av det institutionella ägandet.« (party programme ↗)“It is also important that personal ownership is encouraged at the expense of institutional ownership.”
- forceful action against climate change»För att motverka klimatförändring krävs krafttag för« (party programme ↗)“To combat climate change requires forceful action to”
The counter-proposal wants to prohibit pension funds from investing in companies that lobby for fossil fuels.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The counter-proposal wants to prohibit pension funds from investing in companies that lobby for fossil fuels. The party programme warns against climate policy becoming expensive symbolic politics and against a large state making society weaker, and the election manifesto shifts the target from renewable to fossil-free while the pension system shall deliver higher pensions when the economy is good. Political investment bans of that kind are therefore rejected.
Original (Swedish)
Motförslaget vill förbjuda pensionsfonderna att investera i företag som lobbar för fossila bränslen. Partiprogrammet varnar för klimatpolitik som blir dyrbar symbolpolitik och för att en stor stat gör samhället svagare, och valmanifestet byter mål från förnybart till fossilfritt samtidigt som pensionssystemet ska ge högre pensioner när ekonomin är god. Politiska placeringsförbud av det slaget avvisas därför.
- no to symbolic politicsdecisive»Klimatpolitiken får aldrig reduceras till dyrbar symbolpolitik eller snäv klimatnationalism.« (party programme ↗)“Climate policy must never be reduced to expensive symbolic politics or narrow climate nationalism.”
- fossil-free ahead of renewable»Ändra det energipolitiska målet från 100 procent förnybart till 100 procent fossilfritt« (2022 manifesto ↗)“Change the energy policy goal from 100 per cent renewable to 100 per cent fossil-free”
- policy shall not micromanage»En stor stat leder till ett svagare samhälle.« (party programme ↗)“A large state leads to a weaker society.”
- returns for pensioners»Införa en ”gas” i pensionssystemet som ger högre pensioner när Sveriges ekonomi är god« (2022 manifesto ↗)“Introduce a 'gas brake' in the pension system that provides higher pensions when Sweden's economy is good”
The counter-proposal wants to ban the AP funds from investing in companies that lobby for fossil fuels.
Plan documents: 2022 manifesto
Reasoning and quotes
The counter-proposal wants to ban the AP funds from investing in companies that lobby for fossil fuels. The plan demands that climate measures be guided by evidence, results and effect per crown in a global perspective and rejects symbolic politics that strikes against industry and business. According to the plan, pension capital's task is to strengthen pensions, not to carry politically set investment bans.
Original (Swedish)
Motförslaget vill förbjuda AP-fonderna att investera i bolag som lobbar för fossila bränslen. Planen kräver att klimatåtgärder styrs av evidens, resultat och effekt per krona i ett globalt perspektiv och avvisar symbolpolitik som slår mot industri och näringsliv. Pensionskapitalets uppgift är enligt planen att stärka pensionerna, inte att bära politiskt satta placeringsförbud.
- evidence-guided climate goalsdecisive»Evidens, resultat och svensk konkurrenskraft ska styra genomförandet av klimatmål i högre utsträckning än politikers vilja att gå först och längst.« (2022 manifesto ↗)“Evidence, results and Swedish competitiveness should guide the implementation of climate goals to a greater extent than politicians' desire to go first and furthest.”
- stop symbolic politics»Stoppa symbolpolitik som går ut över möjligheten att bedriva industri och näring« (2022 manifesto ↗)“Stop symbolic politics that undermines the ability to conduct industry and business”
- global perspective on climate»Bedriva en effektiv klimatpolitik med ett tydligt globalt perspektiv« (2022 manifesto ↗)“Conduct effective climate policy with a clear global perspective”
- pensions first»Sverigedemokraterna vill stärka hela pensionssystemet och öka pensionsavsättningarna.« (2022 manifesto ↗)“Sverigedemokraterna wants to strengthen the entire pension system and increase pension contributions.”
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Sources and documents
- The committee report on riksdagen.se (2022/23:FiU6)
- Committee report full text (HA01FiU6)
- Per-MP voting data (API)
- Case status (API)
Documents under consideration
- Motion 2022/23:1644 — AP-fondernas investeringar av Kerstin Lundgren (C)
- Regeringens skrivelse 2021/22:130 — Redovisning av AP-fondernas verksamhet t.o.m. 2021
Source: The Swedish Parliament