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Swedish AP funds in tobacco move

SWEDEN – Corporate governance representatives of two of Sweden’s national buffer funds could be set to join a key committee at tobacco products firm Swedish Match.

The company said Carl Rosen of Andra AP-Fonden and Pernilla Klein of Tredje AP-Fonden have been put forward for election to the company’s nomination election committee at the annual general meeting on April 27.

Rosen is head of corporate governance and communications at AP2 while Klein is head of corporate governance at AP3.

Robur’s Marianne Nilsson and Bernt Magnusson have been put forward for re-election while Rosen and Klein, along with Joachim Spetz of Handelsbanken Fonder, would be new members of the committee.

Swedish Match produces items such as snuff and pipe tobacco as well as matches and lighters.

AP3 has a strategy of “active ownership engagement” to promote the adoption of corporate codes of conduct by companies in which it is an owner.

And AP2, according to the corporate governance policy on its web site, “considers the establishment of specific rules defining ethical limits (relating to areas such as alcohol, tobacco etc.), over and above existing legislation, is not feasible at the present time”.

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