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Policy for responsible investments

The pension fund's policy for responsible investments is a part of the overall policy for investments.

The pension fund works to generate the highest possible return and at the same time be a responsible investor.

The work with responsibility brings focus to whether the pension fund, business relationships and companies, in which the pension fund has invested, have management systems which can identify, prevent and handle actual and potential negative impact on e.g. the environment and human rights. 

We have decided on politics and guidelines which ensure integration of responsibility in our investments. Our work is based on national and international guidelines and regulation for responsibility and structured across our investments.

The policy is based on the UN Global Compact, the UN-supported Principles for Responsible Investments (PRI), the UN 17 Sustainable Development  Goals, the Paris Agreement adopted at COP21 as well as the Danish Recommendations on Active Ownership from the Committee on Corporate Governance.

Compliance of the policy aims at being on a par with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights as well as the Danish Guidelines on Responsible Investments.


The policy is applied across the pension fund’s portfolio on investments in:

  • Listed companies
  • Unlisted companies
  • Credit and loans to companies
  • Forest
  • Infrastructure
  • Real estate
  • Government bonds


Download the policy for responsible investments here


Download the policy for active ownership here

The ultimate responsibility for the pension fund’s work being compliant with the policy for responsible investments rests with the pension fund’s Board. The operational responsibility rests with the pension fund’s Head of ESG who reports to the CIO. The CIO reports to the pension fund’s CEO.

The investment committee
The pension fund’s investment committee discusses circumstances related to the pension fund’s investments before the pension fund’s CIO decides on the further development of the investment. The investment committee must ensure:

  • that there is clear correlation between the pension fund’s return and risk profile
  • that the risk-based investment process is embedded in the entire organization
  • that the CRO can provide input and be consulted in key investment decisions to ensure that the risk mapping and measurement are properly managed
  • that the completed due diligence on specific investments complies with the internal administrative procedures, including that the pension fund complies with national or international regulations and legislation when investing
  • that investments are made according to the pension fund’s policy for responsible investments. The investment committee discusses responsibility in investments, changes to the pension fund’s exclusion list as well as relevant issues related to responsibility.

The members of the investment committee are the pension fund’s CEO, CIO, CFO, Head of ESG and CRO. The investment committee meets every other week.

The pension fund must focus on making investments which support the UN 17 Sustainable Development Goals, but not at the expense of return to the members.  

The 17 Sustainable Development Goals must be supported through integration of responsibility in investment decisions. Furthermore, the pension fund must prioritise investments in funds which support the 17 Sustainable Development Goals as a result of the type of investments in the funds.


P+ invests through:


Danish SDG Investment Fund (SDG fund): The SDG fund was established in 2018 to encourage the UN development goals by offering capital to commercial sustainable projects in developing countries and growth markets. The SDG fund is a public/private cooperation with capital from the Danish government, the Investment Fund for Developing Countries (IFU) and a number of private investors and pension companies. Through the SDG fund, P+ is a co-investor in the development of e.g. renewable energy plants in Africa, Asia and Latin America.

Copenhagen Infrastructure Partners (CIP): CIP was established in 2012 and specialises in long-term investments in energy and infrastructure. Through CIP’s funds, P+ is among other things a co-investor in windmills in Spain and Taiwan.

Actis Life Infrastructure Fund (ALLIF): The fund belongs under Actis which is a leading investor on the global growth markets. The fund invests in renewable energy in middle income and developing countries in Asia, Africa and Latin America. Through ALLIF, P+ is a co-investor in photovoltaic power stations in Chile and India.

Furthermore, P+ has investments in Vestas, Christian Hansen Holding A/S and Ørsted A/S which are all rated among the world’s most sustainable companies.