Winning the investment strategy award for Denmark is recognition of all the work that has been taking place at ATP over the past few years, says Helle Holm Madsen of the fund. “We are delighted to have won the award, which is recognition of the activities of the whole team.
“In 1999, we decided on a new vision for our management, aiming for it to be of the highest international standards, and measured against that benchmark. The aim was to achieve those standards by the end of 2002, and so the awards could not have come at a better time, suggesting as they do that we are on the right track with the changes we have instigated.”
A number of major changes have been introduced, which make the ATP scheme different from many other pension schemes in the country. “We have our own asset liability model, which I think is unique in Denmark.
“Another aspect which the judges may have noticed is our risk control framework. Although the set-up may be similar to other companies, we operate in a very disciplined way within that framework. Each line and limit is controlled every day, a frequency which few funds match, making us a little different from the rest.”
Madsen highlights a third area, which she believes will have been drawn to the judges’ attention – the new corporate governance strategy. “Our vision for this was very specific, and again an innovation in Denmark.”
Under the working title of active ownership four areas have been identified for particular attention. These are shareholder rights, board and management, disclosure and communications and finally relationship with other shareholders.
“Although these areas had always merited attention they had never been formulated under the umbrella of corporate governance,” says Madsen. “All these innovations will have been seen by the judges. Another area is one of cost, and here we are a low-maintenance scheme, with low costs compared with other schemes.”
As to the awards Madsen says everyone likes to make comparisons. “We all like to measure ourselves against the best,” she says. “And perhaps more importantly the IPE awards allow our members to see that we have been recognised for the work that we do.
“As a compulsory scheme this is important, as our members do not have the alternative of opting out. Consequently it is important that they see the results of our work.”

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