Stockholm (NordSIP) – The AP Funds’ Council on Ethics (Etikrådet) has appointed Pia Axelsson, Senior Corporate Governance & Sustainability Manager at Fjärde AP-fonden (AP4), as its Chair for 2026. The appointment follows the long-established practice of rotating the chairmanship among representatives of the First, Second, Third and Fourth AP Funds. The change in leadership comes as the Council moves into a new phase after several years of organisational development and strategic repositioning.
In recent years, the Council on Ethics has undergone a significant transformation, including the establishment of its own secretariat and the expansion of its internal team. This period of build-out followed the adoption of a revised strategy in 2022, aimed at sharpening priorities and increasing the effectiveness of engagement activities. With these structural changes now largely in place, the upcoming period is expected to focus on consolidation, deeper implementation of the strategy, and closer integration with the AP Funds’ evolving sustainability and ownership frameworks. Recent public communications from the Council have highlighted intensified engagement work, both within its proactive focus areas and in response to emerging controversies in portfolio companies.
The Council on Ethics was created in 2007 as a joint platform for the four AP Funds to coordinate engagement on environmental, social and governance issues. Its purpose is to influence companies to improve their sustainability performance while supporting the AP Funds in meeting their statutory mandate as long-term, responsible owners. The Council works with both reactive and proactive engagement, addressing alleged breaches of international norms as well as longer-term systemic risks through selected focus areas. These efforts are intended to mitigate sustainability-related risks in the AP Funds’ portfolios and contribute to long-term value creation for the Swedish pension system.
Pia Axelsson is a long-standing participant in the Council’s work, having been involved since 2012, and this will be her third term as Chair. In her role at AP4, she works with corporate governance and sustainability issues across stewardship and ownership activities. Her return to the chairmanship coincides with a period in which the Council is expected to focus on delivering impact from the structures and strategies put in place in recent years, while continuing to position itself as a central instrument for coordinated responsible ownership among Sweden’s AP Funds.
Alongside Pia Axelsson as Chair, the Council on Ethics is composed of one representative from each of the four AP Funds. As of the beginning of January, these still include Magdalena Håkansson formerly at Första AP-fonden (AP1) who just joined AP4, Lina Sandström at Andra AP-fonden (AP2), Fredric Nyström at Tredje AP-fonden (AP3) who chaired the Council in 2025, and Axelsson herself representing AP4. The composition reflects the collaborative governance model underpinning the Council, with shared responsibility across the buffer funds and a rotating chair to ensure continuity and balance.
