Byråd (city council) approves annual risk briefing on municipality's approx. DKK 3.4 billion

On Wednesday, 23 September 2026, Aarhus Byråd approved the magistrat's recommendation that the capital managers annually brief Økonomi- og Erhvervsudvalget on geopolitical, legal and financial risks in the municipality's capital management. The practice will be incorporated into the municipality's guidelines for active ownership and responsible investment.

Returned to the Mayor's Department with the note that the byråd at its meeting on 23 September 2026 has approved the magistrat's above recommendation

What does it mean for you

The municipality's surplus liquidity continues to be managed within the current investment framework, which the administration assesses as robust. What is new is political follow-up: Økonomi- og Erhvervsudvalget will receive an annual briefing on how risks of sanctions, state intervention and other uncertainties develop in the portfolio. The measure must take place within existing frameworks and without impact on the long-term, budgeted return.

Background

Radikale Venstre submitted on 18 February 2026 a motion on principles for responsible and risk-based investment policy. The party pointed to increasing geopolitical instability, trade policy conflicts and unpredictable state intervention in financial markets, and sought among other things tightened criteria for geopolitical, legal and financial risk, divestment from investments with significant risk of sanctions or expropriation, and an updated investment policy for political consideration.

The byråd sent the proposal for magistrat processing. On 27 May 2026, Økonomi- og Erhvervsudvalget discussed the matter, where Economy Management and Accounting together with one of the municipality's capital managers reviewed needs and options. According to the recommendation, it emerged that the current investment framework and guidelines already ensure systematic handling of the identified risks, and that the framework continues to be assessed as robust.

The Mayor's Department therefore recommended on 1 September 2026 not a full revision of the policy according to RV's seven points, but an annual manager briefing to Økonomi- og Erhvervsudvalget, which is to be added to the guidelines for active ownership and responsible investment. The magistrat recommended on 15 September 2026 that the byråd approve the recommendation. Socialistisk Folkeparti entered a reservation in the magistrat. The matter was submitted after the deadline following prior dialogue in the udvalg (committee) and agreement with the proposer.

Figures and facts

• As of 3 June 2026, Aarhus Kommune had invested approx. DKK 3.4 billion through four capital managers. (Appendix — Recommendation)
• At least 70 percent and at most 100 percent of the funds must be placed in Danish mortgage and government bonds as well as government bonds in other EU countries. (Appendix — Recommendation)
• At most 30 percent may be placed in shares and corporate bonds via UCITS-approved, dividend-paying investment funds. (Appendix — Recommendation)
• Radikale Venstre's motion referred to AkademikerPension's decision to divest American government bonds worth around USD 100 million. (Appendix — Appendix 1: Motion RV 23.01.2026)
• The proposal was considered in the byråd on 18 February 2026 and discussed in Økonomi- og Erhvervsudvalget on 27 May 2026. (Appendix — Recommendation)
• The guidelines for active ownership and responsible investment were last revised on 30 April 2025. (Appendix — Appendix 2: Guidelines for active ownership and responsible investment)

Who said what

In the byråd chamber on 23 September 2026, several parties backed the recommendation while emphasising the need for continued attention.

Mette Bjerre (SF) thanked the committee for the briefing and noted that, in SF's reading, the guidelines focus on individual companies and not on the geopolitical situation. She stressed that the municipality should not conduct foreign policy, but invest Aarhus residents' money ethically and without major geopolitical risks, and that SF could approve the recommendation.

Sarah Jarsbo (EL) reiterated that investments must also be assessed on responsibility, ethics and sustainability. Enhedslisten found the annual review sensible, would have preferred further steps, but saw the recommendation as a step in the right direction and could approve it.

Metin Lindved Aydin (RV) noted that the process has shown that the capital managers already work systematically with the risks the party pointed to, and that the framework is assessed as robust. He saw the annual briefing in Økonomi- og Erhvervsudvalget as a small tightening that is now incorporated into the guidelines, and approved the recommendation.

Anna Thusgård (S) thanked RV for the proposal and the committee discussions. Socialdemokratiet felt reassured by the capital managers on the basis of the recommendation and followed it.

The borgmester (mayor) then noted that the matter had been approved.

What happens next

The matter is returned to the Mayor's Department. The capital managers must annually brief Økonomi- og Erhvervsudvalget on developments in geopolitical, legal and financial risks, typically in connection with ongoing reporting on capital management. Aarhus Kommune's guidelines for active ownership and responsible investment are updated with this practice. Ongoing administrative follow-up also takes place in dialogue with the managers.

Sources

• Minutes — Response to proposal from RV on principles for responsible and risk-based investment policy
• Appendix — Recommendation
• Appendix — Appendix 1: Motion RV 23.01.2026
• Appendix — Appendix 2: Guidelines for active ownership and responsible investment
• Aarhus Kommune meeting documents — meeting
• Aarhus Kommune

Other appendices

• Appendix — Byråd debate 18.02.2026
• Appendix — Byråd debate 23.09.2026