Human capital intelligence
for pension investors

Human capital is recognized as a critical driver of long-term performance, yet investors often assess environmental performance more rigorously than people management.

Denominator provides pension funds with the world's most comprehensive human capital intelligence, enabling investors to assess workforce and leadership risks across their portfolios.

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Establishing the benchmark

Since 2023, Denominator has conducted large-scale human capital analyses of pension portfolios across the Nordics, covering over 38,000 equity investments across 25 pension funds with roughly USD 3 trillion in assets under management.

The analysis includes some of the region’s largest asset owners, such as ATP, Oljefondet, PFA, PensionDanmark, Storebrand, Varma, and KLP, alongside many other leading Nordic pension institutions.

We now aim to build a global version across regions, for what we are inviting pension funds to participate.

Explore Nordic analysis

Denominator’s analysis offers valuable insight into long-term sustainability and governance practices.This data can be an indicator of a company's risk management and resilience. We look forward to using these insights to empower us to engage more effectively and drive meaningful change.

Fiona Smith

Head of Responsible Investment Smart Pension

Evaluating the human capital value in underlying investments can be a challenge for UK pension funds. Therefore, the starting point needs to include a baseline assessment so that any improvements from strategy changes can be benchmarked.

Karen Shackleton

Director and chair of the board at Investors for Purpose

Our collaboration with Smart Pension shows how human capital intelligence can power more informed, responsible, and resilient investment strategies.
Portfolio-wide visibility into people-related risks and opportunities enables asset owners to act with greater confidence andconsistency.

Anders Rodenberg

CEO of Denominator

Breakthrough analysis

Denominator partnered with Smart Pension to conduct one of the first public human capital assessments of a UK pension portfolio, covering 1,751 companies across 51 countries and approximately £4.4 billion in assets.

The analysis translates human capital data into actionable stewardship insights:

Inform voting and stewardship priorities.
Support manager oversight and investment analysis.
Identify risks such as gender pay gaps and employee turnover.

Explore case study

Join the first global benchmark

Building on our previous work across Nordic pension funds, Denominator is developing the first global benchmark to measure human capital performance across pension portfolios, providing a consistent framework to assess workforce and leadership risks at scale.
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There is no cost to participate, and asset owners will be offered detailed insights into their own portfolio.

Participate

Submit equity portfolio holdings confidentially.

Benchmark

Access portfolio performance, and compare against global peers.

Act

Use insights to strengthen investment decisions and stewardship strategies.

Human capital intelligence for pension investors