Second AP Fund publishes new corporate governance policy – first corporate governance policy since introduction of new Corporate Governance Code.

The new Corporate Governance Code will be introduced on July 1st. As a consequence, the Second AP Fund has revised its approach to governance issues and developed a new governance policy. The policy is presented in the form of ten governance principles. This policy embraces a number of innovations concerning the principles applied to capital structure, corporate structure, investment, corporate sales and acquisitions and corporate culture.
“The implementation of this new governance policy signals our progress from legal niceties to solid governance issues,” says Lars Idermark, CEO of the Second AP Fund.
For further details, please contact Lars Idermark or the Second AP Fund’s head of Corporate Governance and Communications, Carl Rosén, on +46 (0)31 704 29 00.

The Second Swedish National Pension Fund/AP2 posted a return on investment considerably in excess of the Fund’s long-term target for the financial year 2004.
• The Fund posted a return on total assets of 11.6 percent
• The Fund’s capital assets increased by SEK 17.8 billion
• The Fund posted a net result of SEK 16.1 billion
• The Fund’s capital assets amounted to SEK 158.1 billion as per December 31st 2004

“This good result is primarily attributable to the retention of a high overall allocation of equities, the high ratio of Swedish equities in the portfolio and to the Fund’s limited exposure in foreign currency,” says the Fund’s CEO, Lars Idermark.

“Maintenance of a consistent commitment to our policy of long-term investment has enabled us to report a highly satisfactory result,” continues Lars Idermark.

Read the Year-end report – pdf.

For further information, please call CEO Lars Idermark, or Carl Rosén, Head of Corporate Governance and Communications, on +46 31 704 29 00.

On January 24th 2005, the Second AP Fund sold 40 850 shares in Castellum AB (publ). Prior to this, the Fund’s holding in the company had amounted to 2 171 762 shares, corresponding to 5.05% of voting rights and capital.
After divestment of these shares, the Second AP Fund had a total of 2 130 912 shares, corresponding to 4.96% of voting rights and capital.

Petter Odhnoff
CIO