FI has investigated whether the Swedish Pensions Authority has complied with the rules in connection with investments in Heimstaden Bostad. The investigation concerns the period 2021–2023 and shows that the Swedish Pensions Authority has failed in its risk control. This means that the Swedish Pensions Authority has not met the requirements set by law in order to make the investments.

“The Swedish Pensions Authority has taken measures to gain knowledge about the risk of investments in Heimstaden Bostad, but the measures have not been sufficient. The Swedish Pensions Authority has also not ensured that it has had sufficient opportunities to manage this risk. This means that the authority has not met the legal requirements for risk control,” says Erik Blommé, Chief Legal Officer at FI.

The risk that the investigation has focused on concerns the risk of the invested funds being lost. The investigation shows that the Swedish Pensions Authority has taken measures to gain knowledge about the circumstances that affect that risk. These include differences in incentives and influence between the owners, agreed share prices and the obligation to reinvest funds in the company. However, the Swedish Pensions Authority's measures have not been sufficient. The authority has also not been satisfied that it can handle the risk posed by the investments.

The Swedish Pensions Authority is therefore receiving a reprimand.

The investigations into whether Alecta, Folksam Liv, Folksam Sak and KPA Pension have complied with applicable regulations in connection with their investments in Heimstaden Bostad are still ongoing.