When the AP funds planned to invest in the battery company Northvolt, a venture capital company was hastily formed to circumvent rules that prevent the AP funds from making direct investments in unlisted companies.
The company had no employees and the board consisted of officials from the AP funds. After the battery company's bankruptcy, the government asked an investigator to review the structure and criticism intensified.
The criticism that emerged was serious and should lead to changes, says Minister of Financial Markets Niklas Wykman (M) at a press conference.
The second, third and seventh AP funds now have new chairmen. AP2 has had an interim chairman since February.
Wykman says that after the change, none of the AP funds will have the chairman who was involved when the decision to invest in Northvolt was made.
It is good for taxpayers and the pension system that we now have a new chairman in place who can look ahead, he says.
The government has previously tightened the requirements for the competencies that the boards of the AP funds must have. Following the review of the Northvolt investment, the Government Offices are now also analyzing whether more measures are needed regarding the AP funds' investments in unlisted companies.
Hans Lindberg, CEO of the Swedish Bankers' Association (where he will remain), will become chairman of the Seventh AP Fund.
Niklas Johansson, whose background includes work at Skandia, will become the new chairman of the Second AP Fund.
Magdalena Wahlqvist Alveskog, with a background in Handelsbanken, will take office as the new chairwoman of the Third AP Fund on September 1.
