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Första AP-FondenStockholm, Sweden
Report FactsCompany name: Första AP-FondenFiscal year end: December 31, 2008 Report title: Annual report 2008 Chairman of the Board: Anna Hedborg Managing Director: Johan Magnusson Number of books: One Report length: 80 pages Auditors: Ernst & Young AB Production and design: Första AP-Fonden with Hallvarsson & Halvarsson E-mail: info@ap1.se |
Report Rating(Rating scale below) ContextThe Swedish pension system can be likened to a pyramid in which the national retirement pension forms the base, the supplementary occupational pension comprises the mid-layer and the top consists of voluntary, private pension savings. The AP-fonden (funds) are part of the national retirement pension system.(As explained in the Annual Report pp 12-13) ProfileThe Swedish parliament has assigned Första AP-fonden the mission of managing part of the national income pension system’s assets. Första AP-fonden shall achieve the highest possible returns on the fund’s asets, with well-balanced financial risks, and thereby contribute to high and predictable long-term retirement pensions for current and future pensioners.(Annual Report source) (Italics are own company’s words) Key FiguresClosing net assets: SEK 171.6 billionNet investment income: (SEK 48 billion) Total return (before expenses): -21.7% Active return (before expenses): -0.7% Currency exposure: 22.2% (Source: 2008 figures sourced from the annual report) |
Triple A> Outstandingly thorough Highlights, setting forth a five-year overview, active return contribution, asset exposure to different regions, a description of asset classes and return.> Year’s dramatic chain of events and its repercussions honestly put in perspective. Better than in dozens of private or public sector financial institutions’ reports. > Clear description of the mission, the context, the asset management model and their implications on the scope of activities. > Goals and strategies smartly mapped out. > Five-year overview rich in ratios. > Very good and clearly put review of operations (see Selected Pages). |
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Double A> Simple, clear and effective layout and circle-by-circle report thread.> Well-structured and user-friendly online version, downloadable in short sections. > Strong use of charts, graphs, diagrams, maps. > Governance section shows the participation in companies’ shareholder meetings. |
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Simple A> Risk factors and management addressed, yet insufficiently developed.> Accounting and valuation principles could be more elaborate. > Pictures do their placard-carrying job. |
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B Sides> Report ending and back covers not used.> Couldn’t statements span over three years? > Notes to statements are much too short and lack comments. |
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How does the company report in key areas? What are the main report pluses and minuses?
The Report Scan gives an overview of strengths and weaknesses, and scores each item.
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Selected Pages(pp 44-45 of Första AP-Fonden Annual Report 2008)
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