Our organisation

AP2’s Board of directors comprises nine members appointed by the Government. The members are selected based on their expertise in promoting sound fund management. Of these, two members are nominated by employee associations and two by employer associations.

AP2’s Executive Management Team, together with the Chief Executive Officer, is responsible for the Fund’s day-to-day operations and strategic development.

To achieve our long-term objectives, we need to attract, develop and retain skilled employees. We therefore offer remuneration that is market-based, but not market-leading.

As we manage public pension assets, remuneration must be reasonable, well balanced and justifiable, and characterised by moderation.

AP2 regularly uses external benchmarking data to assess salary levels for different roles. The guiding principle is that remuneration should be positioned around the median level for comparable roles within the financial sector.

The Board decides on guidelines for remuneration to the CEO and other members of Executive Management and follows up annually to ensure compliance with these guidelines. The Board has appointed a Remuneration Committee, which prepares matters relating to remuneration ahead of Board decisions and monitors remuneration levels.

Total remuneration consists of fixed salary, pension and other benefits. Variable remuneration or bonuses are not paid.

Remuneration to the CEO and other members of Executive Management is disclosed in the Annual Report in accordance with applicable regulations. The report also indicates whether the Fund’s remuneration guidelines have been followed.

The AP Funds have also jointly adopted a policy on remuneration terms, employee benefits, representation and business travel.