The role played by finance in allocating resources has become crucial in modern economies. Responsible Investing, i.e., the integration of non-financial criteria (such as environmental, social, and governance (ESG), negative/positive screening, and active ownership) into the investment process, has gained an important role. Does this apply to pension funds, too? This article compares two public pension reserve funds, one from Finland and one from Sweden, and describes their path towards responsible investments. The article shows that although having taken different paths, responsible investing has been clearly integrated into the investment process of both funds during the last decades. In Finland, the role played by pension fund insiders has been remarkable. In Sweden, legislators have played an active and significant role in the process. The design of the pension system equally plays an important role in the overall process. In Sweden, cooperation is promoted in responsible investments. In Finland, pension system design fosters competition, thereby reducing cooperation in investments. This article adds more information on the scarce comparative research on public pension reserve funds.

在现代经济中，金融在配置资源方面所起的作用变得至关重要。负责任投资，即将非财务标准（如环境、社会和治理 (ESG)、负面/正面筛选和主动所有权）整合到投资过程中，已经发挥了重要作用。这也适用于养老基金吗？本文比较了两种公共养老储备基金，一种来自芬兰，一种来自瑞典，并描述了它们走向负责任投资的道路。文章表明，尽管采取了不同的路径，但负责任的投资在过去几十年中已明确融入两家基金的投资过程。在芬兰，养老基金内部人士所发挥的作用非常显着。在瑞典，立法者在这一过程中发挥了积极而重要的作用。养老金制度的设计在整个过程中同样起着重要的作用。在瑞典，促进负责任投资的合作。在芬兰，养老金制度设计促进了竞争，从而减少了投资合作。本文补充了关于公共养老金储备基金的稀缺比较研究的更多信息。