Swiss pension fund defends oil and gas exposure despite political pushback
Pensionskasse des Kantons Schwyz (PKSZ), the CHF3bn (€3.2bn) pension fund of the Swiss canton of Schwyz, will continue to invest in oil and gas companies – including those operating in authoritarian regimes – arguing that greening the portfolio would damage returns.
The canton’s government has rejected a motion tabled by members of the Social Democratic Party (SP) to amend the law governing the fund’s investments, which would have introduced sustainability criteria and excluded fossil fuel holdings.
The executive council, led by finance department head Herbert Huwiler, who also chairs the PKSZ board, said that imposing stricter sustainability rules would “likely have a negative impact” on expected returns.
The government added that sustainable investment rules would both reduce benefits and restrict the board’s authority as set out in law. It described the SP’s motion as being based on moral prejudice, framing sustainable investment as a “black and white” issue.
The political push followed an investigation by WAV Recherchekollektiv and non-profit newsroom Correctiv, which found that PKSZ has exposure to oil and gas companies, including those operating in autocratic states.
Read more @IPE
