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AP3

PRI reporting framework 2019

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Overview

LEA 01. Description of approach to engagement

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate whether your organisation has an active ownership policy.

01.2. Attach or provide a URL to your active ownership policy.

01.3. Indicate what your active engagement policy covers:

General approach to active ownership

Engagement

Voting

01.4. Do you outsource any of your active ownership activities to service providers?

01.6. Additional information [optional]

AP3’s corporate governance policy sets out core principles for corporate stewardship and describes the Fund’s approach to social, environmental and governance aspects in investee companies. The principles are comprehensive and apply to all of the Fund’s investee companies, both Swedish and foreign. Because we normally have a much greater equity interest in Swedish as compared to foreign investees, we have greater ability to exert influence in these Swedish companies. AP3 focuses its stewardship on areas where we believe we can achieve maximum impact and exert the most influence. Accordingly, our corporate governance policy may be applied differently depending on the company’s geographic domain and the size of the Fund’s holdings.

  • AP3 tailors its stewardship strategies to the size of each holding and targets contexts where we believe we can achieve maximum influence and impact.
  • In cases where we own all or a large share of the equity – notably in the unlisted real estate companies Vasakronan, Hemsö, Trophi, Regio and Trenum – we can exert direct influence over corporate strategy through board membership.
  • In foreign investees, our smaller size limits our ability to make our voice heard. For this reason we often join forces with other institutional investors, working primarily through the AP funds' joint Ethical Council, PRI Collaborations and co-engagements and dialogues with other globally active pension funds.
  • Our voting rights are larger in Swedish companies and here we engage investees in direct dialogue and exercise governance by presence and voting at AGMs and serving on nomination committees when our holdings make this possible.
  • The engagement policy is an inherent part of the governance policy.

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