The AP Funds are governmental authorities, but there are major differences between the Funds and other authorities.
For example, the Funds are more independent than most other authorities. Their operations are regulated by law, and the Funds have their own boards that bear the responsibility for their operations. The Funds are audited by external auditors. The Government adopts the Funds’ annual income statements and balance sheets and orders an assess-ment of the Funds’ performance each year. These assessments are presented to the Riksdag in written reports.
The Fund shall independently formulate its targets and strategies, and by law the Fund's Board of Directors and operations are not to be controlled by Government directives or by national business or other economic policy interests. Environmental and ethical issues must be taken into account without compromising the goal of best possible return.
As AP4 is a governmental authority, many aspects of the Swedish Code of Corporate Governance are not applicable to the Fund, as the differences between public law and commercial law are far too great. Thus, this administration report is limited to areas relevant to the Fund.
Download the full report here:
>>Administration report 2012