Paper short abstract:

The Swedish national pension fund, Första AP-fonden, is a government authority and a fund company and thus situated in the nexus of statecraft and market-making. This study explores the fund's claim to be "a role model among international pension fund managers".

Paper long abstract:

The Swedish national pension fund, Första AP-fonden, is a government authority and a fund company and thus situated in the nexus of statecraft and market-making. The fund's claim to be "a role model among international pension fund managers" makes it an interesting site for a study of attempts to organize the financial market on an international level. This "study through" the practices and policies of Första AP-fonden provides insights of how the fund, by exploiting its dual role as fund company and state authority, acts on the financial market with an ambition of "doing good". Through practices such as ESG (Environmental, Social and Governance-analysis), shareholder activism and its Ethical Council publishing a "black list" of companies that violate the fund's codes of conduct attempts to, through expectations, norms and regulation, shape other market actors and thus the market and the study shed light on practices here used.

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