Pia Axelsson of the Fourth AP Fund has taken on the role of Chair of the Board of the Council on Ethics from 1 January 2026. The responsibility for chairing the Board rotates between the AP Funds on an annual basis.
We asked Pia a few questions about the year ahead:
What previous experience do you have of working in the Council on Ethics?
I have worked as a Board member in the Council on Ethics since 2012, and this is the third time that I am taking on the role of Chair. The Council on Ethics has developed considerably during that period — particularly over the past two years, with a new structure and increased resources.
What does the Council on Ethics mean for the AP Funds?
The Council on Ethics is an important part of the AP Funds, where we can combine our resources and engage in more impactful dialogues with the companies we own. Through the Council on Ethics, we work together to support the AP Funds’ portfolio companies in developing their sustainability efforts. The Council on Ethics has very competent colleagues, and it is both enjoyable and rewarding to work with them and with the other AP Funds in such a unique and close collaboration.
As Chair, do you have any particular focus for 2026?
2026 will be a year of consolidation, both for the AP Funds and for the Council on Ethics. The focus will be on completing intense work of recent years to develop the way the Council on Ethics operates — together with the AP Funds’ new organisational structures.
One of the founders of the Council on Ethics, the First AP Fund, ceased operations at the end of 2025. What does the consolidation of the AP Funds mean for the Council on Ethics?
The consolidation has required significant effort within each AP Fund, but it has not affected the Council on Ethics’ mandate, direction, or resources. Our work continues unchanged with the same focus on cooperation, efficiency and impact.
