At year-end AP4 had 54 employees. It is important that everyone feels involved in the operations regardless of where in the organization they work.

To succeed as a pension fund, employees must feel engaged, motivated to develop the operations and contribute positively to the functioning of the business as a whole. This has been a prerequisite for AP4 to deliver high returns at low costs over several years. 

At year-end 54 (55) people worked at AP4, where of 20 (21) worked in the management organization and 34 (34) worked in business support, control and staff functions.


Employees are AP4’s most important resource. Opportunity for professional development, education and job satisfaction are in focus. To promote long-term good health all employees receive regular health and fitness benefits. AP4 regularly
conducts a market salary survey to ensure that salary levels and compensation packages are competitive and reasonable.

See table with different ratios of AP4's employees on the next page and also www.ap4.se for more information.

Personnel and ethics-related policies

AP4’s Board yearly adopts a personnel and ethics-related policy based on both statutory regulations and an unwritten code of ethics. The CEO also formulates a number of internal guidelines that are added to the policy each year. The policy and guidelines include rules on public procurement, compensation and benefits, business travel, entertainment, employees’ personal trading in securities, insider information and ancillary activities. AP4’s policy also includes policies regarding bribery and conflict of interest.

Each employee at AP4 is responsible for personally complying with the rules in the above-mentioned policy and their underlying guidelines, which also state that moral or complex dilemmas should be investigated in consultation with the employee’s immediate supervisor. The personnel and ethicsrelated policy, as described above, form part of AP4’s introductory training for new employees.


Asset Management is organized into six units: Equities (Swedish and global), Global Macro (fixed income, currency and equity indices), Alternative Investments, Allocations and
Real Estate. Administration is organized into the following units: Back Office, System Administration, Accounting, Office Administration and IT. Performance and Risk Control manage return- and risk analysis and risk control. Compliance reports directly to the CEO. CEO’s office consists of the units Legal, Corporate governance and Communication.

Employee survey

Our employees are AP4’s most important resource. Their commitment and expertise are critical success factors for the management of the fund capital. The goal is to create an attractive workplace with opportunities for education, health care, job satisfaction and professional development.

Over several years AP4 has conducted employee surveys in order to capture issues that matter most in order for employees to succeed, feel motivated and continue to develop the business.

The issues captured through the employee survey concerning areas of improvement are managed according to a systematic process. Each unit in the organization will discuss results of the survey and an employee group is formed each year with representatives from the various units. The employee group has the task to develop specific actions for continued improvement in the areas identified in the employee survey.

The 2016 employee survey showed overall good resultats in most areas. Overall, however, the result was slightly lower than previous year. The result of this survey have been reported internally and managed in accordance with AP4's process for improvement.