AMF is a Swedish life insurance and pension company, owned jointly by the Swedish Trade Union Confederation and the Confederation of Swedish Enterprise. AMF serves around 4 million Swedish customers and manages approximately SEK 591 billion (€60 billion) in assets.[1]
AMF’s Responsible Investment policy states it “excludes companies associated with controversial weapons (landmines, cluster munitions, as well as chemical, biological and nuclear weapons).”[2] AMF has also “undertaken to comply with (…) the NPT”.[3] AMF excludes companies involved in production and development of fissionable materials and warheads, system upgrades and specifically designed delivery systems but does not exclude companies involved in general maintenance contracts.[4]
AMF applies its exclusion policy to the assets it manages itself, and as of December 2016 AMF is in a process to monitor compliance with the policy by the external funds it offers, although some externally managed funds, notably passive funds, do not yet exclude nuclear weapon producers.[5]
AMF uses an exclusion list based on research by Sustainlytics, which is not publicly available.
We commend AMF for adopting a public policy on nuclear weapons and for monitoring external asset managers to comply with the policy. We recommend AMF expand the policy to exclude all types of nuclear weapons associated companies as well as ensure all financial products are in compliance with its exclusion policy. We look forward to engaging with AMF, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] AMF, “About AMF”, website AMF (https://www.amf.se/in-english/), viewed 23 January 2018.
[2] AMF, “2016 Sustainability Report”, page 18, available at: https://www.amf.se/globalassets/pdf/rapporter/sustainability_report_2016.pdf, viewed 23 January 2018.
[3] AMF, “The board of directors’ ethics and sustainability rules”, page 2, available at: https://www.amf.se/globalassets/pdf/rapporter/amfs_rules_on_ethics_and_sustainability.pdf, viewed 23 January 2018.
[4] AMF, written response to PAX dated 6 May 2015.
[5] AMF, written response to PAX dated 5 June 2015; AMF, “2016 Sustainability Report”, page 11, available at: https://www.amf.se/globalassets/pdf/rapporter/sustainability_report_2016.pdf, viewed 23 January 2018.