@article{ART003362788},
author={Eunsun Joo and Lee, Youngmin},
title={How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager},
journal={Journal of the Scandinavian Society of Korea},
issn={1229-8646},
year={2026},
number={37},
pages={87-126}
TY - JOUR
AU - Eunsun Joo
AU - Lee, Youngmin
TI - How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager
JO - Journal of the Scandinavian Society of Korea
PY - 2026
VL - null
IS - 37
PB - The Scandinavian Society of Korea
SP - 87
EP - 126
SN - 1229-8646
AB - This study provides an in-depth case analysis of the social responsibility and sustainability investment practices of AMF-Pension, a Swedish occupational pension fund under joint labor-management ownership. This study aims to raise awareness and derive policy implications for implementing socially responsible and sustainability investment that remain a blind spot in Korean occupational pension asset management, which is currently undergoing a major transition amid ongoing discussions to introduce trust-based retirement pensions involving labor, management, and public entities. Although AMF Pension started as a collective pension manager for blue-collar workers, it has now become a major player in the Swedish occupational pension market. As of 2024, it manages approximately 4.5 million accounts with total assets under management (AUM) exceeding SEK 849billion, while achieving a low-cost operation with a 0.11% expense ratio and a high long-term return averaging around 7% over 15 years. The analysis reveals that AMF-Pension integrates social responsibility and sustainability into its entire asset portfolio and across all types of investments rather than managing separate ESG funds, thereby embedding these principles into every stage of the investment process.
In particular, AMF-Pension goes beyond simple investment exclusion to practice active shareholder engagement. Regarding the Environment(E), the funds operates a Carbon Budgets and conducts Structured Advocacy under its 2050 Net-Zero target. In terms of the Social(S), it has pursued active shareholder activism concerning labor rights at high-tech companies like Apple and Tesla. For Governance(G), it has actively promoted gender-balanced boards through participation in nomination committees. These efforts have played a highly positive role in driving corporate climate action and achieving gender balance. This case suggests that for Korean occupational pensions in this transitional phase, several shifts are necessary. First, A paradigm shift to recognize that socially responsible and sustainable investment serves as a tool for enhancing long-term returns and managing risk. Second, The establishment of guidelines for socially responsible and sustainable investment that align with international standards. Third, The introduction of an operational framework to execute these guidelines, alongside alternative long-term evaluation methods.
KW - Occupational Pension;AMF-Pension;ESG Investment;Socially Responsible Investment;Sustainability Investment;Shareholder Activism
DO -
UR -
ER -
Eunsun Joo and Lee, Youngmin. (2026). How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager. Journal of the Scandinavian Society of Korea, 37, 87-126.
Eunsun Joo and Lee, Youngmin. 2026, "How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager", Journal of the Scandinavian Society of Korea, no.37, pp.87-126.
Eunsun Joo, Lee, Youngmin "How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager" Journal of the Scandinavian Society of Korea 37 pp.87-126 (2026) : 87.
Eunsun Joo, Lee, Youngmin. How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager. 2026; 37 : 87-126.
Eunsun Joo and Lee, Youngmin. "How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager" Journal of the Scandinavian Society of Korea no.37(2026) : 87-126.
Eunsun Joo; Lee, Youngmin. How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager. Journal of the Scandinavian Society of Korea, 37, 87-126.
Eunsun Joo; Lee, Youngmin. How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager. Journal of the Scandinavian Society of Korea. 2026; 37 87-126.
Eunsun Joo, Lee, Youngmin. How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager. 2026; 37 : 87-126.
Eunsun Joo and Lee, Youngmin. "How is Socially Responsible/Sustainable Investment Being Implemented in Occupational Pension Funds?: A Case Study of AMF-Pension, a Swedish Labor-Management Joint Ownership Pension Fund Manager" Journal of the Scandinavian Society of Korea no.37(2026) : 87-126.
