Sweden’s AP7 seeks proxy voting service provider

State fund issues RFP for 2,500-company portfolio

Swedish state fund Sjunde AP-fonden (AP7) has issued a request for proposal for a global proxy voting service provider.

AP7, which manages premium pension assets on behalf of Swedish savers and which has around €8.5bn in assets, is seeking a provider for its global equity portfolio consisting of around 2,500 companies. And it is also seeking assistance in the development of proxy voting guidelines.

The Stockholm-based fund says the 36-month contract will go to “the most economically advantageous tender”.

The deadline for the receipt of tenders or requests to participate is August 19.

AP7’s stated aim is to “invest responsibly without compromising its goal of high returns”.It only invests in companies that abide by international conventions signed by Sweden in human rights, environmental and labour protection and related areas.

It says its ethical and environmental policy is aimed not at blacklisting companies but at “promoting change” – though it will exclude a company in special circumstances. In line with government policy, AP7 does not invest in companies we involved in nuclear weapons.
Under Swedish legislation, AP7 cannot use its voting rights in Swedish companies and says it exercises governance “in other ways”.

Earlier this month, AP7 announced that it had hired Ingrid Albinsson as its new chief strategist from Swedbank Robur. RFP notice