If AP2 has reason to suspect that any of the companies it invests in gravely and systematically violates an international convention to which Sweden has acceded to or has expressed the intention to accede to, the facts will be investigated.

This includes a dialogue with the company in question. If the suspicions are confirmed, the company will be requested to provide an explanation and to develop an action plan. In its assessment of the case, the Fund shall take into account the nature of the incident, and any action taken (or to be taken) will ensure that the incident is not repeated. If communication with the company does not provide a satisfactory result, AP2 will, after completing an overall assessment, decide whether the company should be excluded. AP2 may also decide on exclusion if it considers that the circumstances are so serious as to warrant exclusion, despite the fact that a violation of a convention did not take place or cannot be proven.

Since 2014, the Council on Ethics has introduced a deadline of four years for reactive dialogues with companies, during which convention violations shall be verified by external experts. If the objective of the dialogue is not achieved within four years, the Council on Ethics recommends that the Fund divests the holdings of the company concerned. AP2 has decided to exclude a number of companies that have violated international conventions and where dialogue with the companies in question has not led to improvement.

First – Forth AP Funds have jointly agreed on common guidelines for which assets the funds should not be invested in.

List of excluded companies:

CompanyYear excludedCountrySector
Aurora Cannabis2018CanadaCannabis
Barrick Gold2014USAMetals and mining
Cannopy Growth2018CanadaCannabis
CannTrust Holding Inc2019CanadaCannabis
China Spacesat Co Ltd2020ChinaAerospace and defence
Cronos Group Inc2019CanadaCannabis
Elbit Systems Ltd2010IsraelAerospace and defence
Freeport McMoran Copper & Gold Inc.2013USAMetals and mining
Hanwha Corp2008South KoreaChemicals
HEXO Corp2019CanadaCannabis
Incitec Pivot Ltd.2013AustraliaChemicals
Larsen & Toubro2015IndiaIndustrial
Motorola Solutions2015USATelecom
Poongsan Corp2008South KoreaMetals and mining
Vale S.A.2019BrazilMetals and mining
Walmart2006USAFood and staples retailing
Zijin Mining2016ChinaMetals och mining