The Fund believes that the most  severe risks it poses concerning adverse impacts on human rights lie in its roles of asset owner and asset manager. This refers to risks arising from the Fund's portfolio, to which the Fund may in its turn be directly linked or might contribute to through its investment. Consequently, this report focuses primarily on the Fund's risks related to its investment portfolio and its role as an asset owner and asset manager...This Report is intended to increase transparency regarding the funds efforts to implement the UNGPs, as well as the Fund’s achievements and challenges during this process... AP2 has elected to report in accordance with the UNGP Reporting Framework...The first part of the Report (A) addresses the Fund’s commitment, governance and policies on human rights issues. Part two (B) describes the Fund’s perceptions regarding its human rights risks and the challenge of identifying its salient risks. Part three (C) provides examples of the Fund’s reactive and proactive management of two of the Fund’s salient risks. These risks are named in the Report as “The Vale Case” and “Farmland investments in Brazil”. These particular risks are cited because of their severe implications concerning human rights...