Investment consultant named to AP2 board

SWEDEN – The government has named investment consultant Märtha Josefsson to the board of the 12.8 billion-euro second Swedish national fund Andra AP-fonden.

The appointment follows concern over the number of women on Swedish boards and a threat by the government to impose quotas.

AP2 itself recently started an annual index to chart women’s representation on Swedish boards. It found that just 7.3% of the seats on the boards of all 297 companies listed on the Stockholm Stock Exchange at the end of 2002 were held by women.

AP2 said Josefsson has held a number of leading investment management positions over many years, including posts at former investment consultants Aktiv Placering, Carlson Investment Management and Skandia/DnB Asset Management.

The fund recorded a 15.3% decline in its assets in 2002 to 117.1 billion crowns (12.8 billion euros) from 133.5 billion crowns.

At the time, chief executive Lars Idermark called the results “deeply dissatisfying” – though he said the fund was determined to pursue its investment strategy all the way. AP2’s portfolio would continue to consist of approximately 60% equities and 40% fixed-income instruments.

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