FDC's exclusion list
| COMPANY* | NORM AREA | COUNTRY |
|---|---|---|
| 63 Moons Technologies Ltd. | Business Ethics |
India |
| Adani Enterprises Ltd. | Environment |
India |
| Adani Wilmar Ltd. | Human Rights & Environment |
India |
| Aerojet Rocketdyne Holdings, Inc. | Controversial Weapons |
United States of America |
| Airbus SE | Controversial Weapons |
Netherlands |
| Alrosa PJSC | Human Rights |
Russian Federation |
| Anhui GreatWall Military Industry Co., Ltd. | Controversial Weapons & Human Rights |
China |
| Aryt Industries Ltd. | Controversial Weapons |
Israel |
| Aselsan Elektronik Sanayi ve Ticaret AS | Controversial Weapons |
Turkey |
| ATI Physical Therapy, Inc. | Controversial Weapons |
United States of America |
| Avio SpA | Controversial Weapons |
Italy |
| Babcock International Group Plc | Controversial Weapons |
United Kingdom |
| BAE Systems Plc | Controversial Weapons |
United Kingdom |
| Baidu, Inc. | Human Rights |
China |
| Bashneft PJSOC | Human Rights |
Russian Federation |
| Bharat Dynamics Ltd. | Controversial Weapons & Human Rights |
India |
| Brookfield Corp. |
Controversial Weapons |
Canada |
| Brookfield Business Partners LP | Controversial Weapons | Bermuda |
| BWX Technologies, Inc. | Controversial Weapons |
United States of America |
| CACI International, Inc. | Controversial Weapons |
United States of America |
| Carmat SA | Controversial Weapons |
France |
| CCC Intelligent Solutions Holdings, Inc. | Controversial Weapons |
United States of America |
| Central Telegraph PJSC | Human Rights |
Russian Federation |
| China Aerospace International Holdings Ltd. | Controversial Weapons |
Hong Kong |
| China Isotope & Radiation Corp. | Controversial Weapons |
China |
| China Literature Ltd. | Human Rights |
China |
| China National Nuclear Power Co., Ltd. | Controversial Weapons |
China |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. | Environment |
China |
| China Petroleum & Chemical Corp. | Human Rights |
China |
| China Shipbuilding Industry Co., Ltd. | Controversial Weapons |
China |
| China Shipbuilding Industry Group Power Co | Controversial Weapons |
China |
| China Spacesat Co., Ltd. | Controversial Weapons & Human Rights |
China |
| CI&T, Inc. (Brazil) | Controversial Weapons |
Brazil |
| CNNC International Ltd. | Controversial Weapons |
Hong Kong |
| CNPC Capital Co., Ltd. | Human Rights |
China |
| Cox & Kings (India) Ltd. | Business Ethics |
India |
| Dassault Aviation SA | Controversial Weapons |
France |
| Definitive Healthcare Corp. | Controversial Weapons |
United States of America |
| Ducommun, Inc. | Controversial Weapons |
United States of America |
| Dufry AG | Controversial Weapons |
Switzerland |
| Elsewedy Electric Co. | Environment |
Egypt |
| Energy Transfer LP | Human Rights |
United States of America |
| Eureka Forbes Ltd. | Controversial Weapons | India |
| First Watch Restaurant Group, Inc. | Controversial Weapons |
United States of America |
| Fluor Corp. | Controversial Weapons |
United States of America |
| Gazprom Neft PJSC | Human Rights & Business Ethics |
Russian Federation |
| Gazprom PJSC | Human Rights & Business Ethics |
Russian Federation |
| Gazprombank OJSC | Human Rights |
Russian Federation |
| General Dynamics Corp. | Controversial Weapons |
United States of America |
| Hangzhou Hikvision Digital Technology Co | Human Rights |
China |
| Hanwha Aerospace Co., Ltd. | Controversial Weapons |
South Korea |
| Hanwha Corp. | Controversial Weapons |
South Korea |
| Hanwha Systems Co., Ltd. | Controversial Weapons |
South Korea |
| Hensoldt AG | Controversial Weapons |
Germany |
| Honeywell Automation India Ltd. | Controversial Weapons |
India |
| Honeywell International, Inc. | Controversial Weapons |
United States of America |
| Huneed Technologies | Controversial Weapons |
South Korea |
| Huntington Ingalls Industries, Inc. | Controversial Weapons |
United States of America |
| ICL Group Ltd. | Controversial Weapons |
Israel |
| Indian Hotels Co. Ltd. | Controversial Weapons |
India |
| Indostar Capital Finance Ltd. | Controversial Weapons |
India |
| Inner Mongolia Baotou Steel Union Co. Ltd. | Environment |
China |
| InPost SA | Controversial Weapons |
Luxembourg |
| iQIYI, Inc. | Human Rights |
China |
| Irkut Corp. | Human Rights |
Russian Federation |
| Jacobs Solutions, Inc. | Controversial Weapons |
United States of America |
| Kangmei Pharmaceutical Co., Ltd. | Business Ethics |
China |
| L&T Finance Holdings Ltd. | Controversial Weapons & Human Rights |
India |
| L&T Technology Services Ltd. | Controversial Weapons & Human Rights |
India |
| L3Harris Technologies, Inc. | Controversial Weapons |
United States of America |
| Larsen & Toubro Ltd. | Controversial Weapons & Human Rights |
India |
| Larsen & Toubro Infotech Ltd. (India) | Controversial Weapons |
India |
| Leidos Holdings, Inc. | Controversial Weapons |
United States of America |
| Leonardo SpA | Controversial Weapons |
Italy |
| LIG Nex1 Co., Ltd. | Controversial Weapons & Human Rights |
South Korea |
| Lockheed Martin Corp. | Controversial Weapons & Human Rights |
United States of America |
| Mattel, Inc. | Human Rights |
United States of America |
| Metallurgical Corp. of China Ltd. | Environment |
China |
| Mindtree Ltd. | Controversial Weapons & Human Rights |
India |
| MMC Norilsk Nickel PJSC | Environment |
Russian Federation |
| Moog, Inc. | Controversial Weapons |
United States of America |
| Mosenergo OAO | Human Rights & Business Ethics |
Russian Federation |
| MTN Group Ltd. | Human Rights |
South Africa |
| MTN Nigeria Communications Plc | Human Rights |
Nigeria |
| Mumias Sugar Co. Ltd. | Business Ethics |
Kenya |
| NCS Multistage Holdings, Inc. | Controversial Weapons |
United States of America |
| NIS AD | Human Rights & Business Ethics |
Serbia |
| Norinco International Cooperation Ltd. | Controversial Weapons |
China |
| Northrop Grumman Corp. | Controversial Weapons |
United States of America |
| Novorossiysk Commercial Sea Port PJSC | Human Rights |
Russian Federation |
| NuScale Power Corp. | Controversial Weapons |
United States of America |
| Oceaneering International, Inc. | Controversial Weapons |
United States of America |
| Oil & Natural Gas Corp. Ltd. | Human Rights |
India |
| Olaplex Holdings, Inc. | Controversial Weapons |
United States of America |
| Orascom Investment Holding SAE | Human Rights |
Egypt |
| PetroChina Co., Ltd. | Human Rights |
China |
| PG&E Corp. | Human Rights |
United States of America |
| Poongsan Corp. | Controversial Weapons & Human Rights |
South Korea |
| Poongsan Holdings Corp. | Controversial Weapons & Human Rights |
South Korea |
| Pretis dd | Controversial Weapons |
Bosnia and Herzegovina |
| Raytheon Technologies Corp. | Controversial Weapons & Human Rights |
United States of America |
| Rolls-Royce Holdings Plc | Controversial Weapons |
United Kingdom |
| Rosneft Oil Co. | Human Rights |
Russian Federation |
| Rostelecom PJSC | Human Rights |
Russian Federation |
| Safran SA | Controversial Weapons |
France |
| Satrec Initiative Co., Ltd. | Controversial Weapons |
South Korea |
| Saudi Arabian Oil Co. | Human Rights |
Saudi Arabia |
| Saudi Basic Industries Corp. | Human Rights |
Saudi Arabia |
| Sberbank Russia PJSC | Human Rights |
Russian Federation |
| Scancom Plc | Human Rights |
Ghana |
| Sinopec Kantons Holdings Ltd. | Human Rights |
Hong Kong |
| SNT Dynamics Co., Ltd. | Controversial Weapons & Human Rights |
South Korea |
| SNT Holdings Co., Ltd. | Controversial Weapons & Human Rights |
South Korea |
| S-Oil Corp. | Human Rights |
South Korea |
| Sovos Brands, Inc. | Controversial Weapons |
United States of America |
| Steel Authority of India Ltd. | Human Rights |
India |
| Tata Chemicals Ltd. | Controversial Weapons |
India |
| Tata Communications Ltd. | Controversial Weapons |
India |
| Tata Consultancy Services Ltd. | Controversial Weapons & Human Rights |
India |
| Tata Consumer Products Ltd. | Controversial Weapons |
India |
| Tata Elxsi Ltd. | Controversial Weapons |
India |
| Tata Investment Corp. Ltd. | Controversial Weapons & Human Rights |
India |
| Tata Motors Ltd. | Controversial Weapons |
India |
| Tata Power Co., Ltd. | Controversial Weapons |
India |
| Tata Steel Ltd. | Controversial Weapons |
India |
| Tata Teleservices (Maharashtra) Ltd. | Controversial Weapons |
India |
| Tatneft PJSC | Human Rights |
Russian Federation |
| Tencent Holdings Ltd. | Human Rights |
China |
| Tencent Music Entertainment Group | Human Rights |
China |
| Territorial Generating Co. No 1 PJSC | Human Rights & Business Ethics |
Russian Federation |
| Teva Pharmaceutical Industries Ltd. | Business Ethics |
Israel |
| Textron, Inc. | Controversial Weapons |
United States of America |
| Thales SA | Controversial Weapons |
France |
| The Boeing Co. | Controversial Weapons |
United States of America |
| The Second Generation Co of the Wholesale Power Market PJSC | Human Rights & Business Ethics |
Russian Federation |
| Titan Co. Ltd. | Controversial Weapons |
India |
| Tokyo Electric Power Co. Holdings, Inc. | Human Rights & Environment |
Japan |
| Transneft PJSC | Human Rights |
Russian Federation |
| Trent Ltd. | Controversial Weapons |
India |
| Tronic's Microsystems SA | Controversial Weapons |
France |
| Unitech Ltd. | Human Rights & Business Ethics |
India |
| United Aircraft Corp. PJSC | Controversial Weapons & Human Rights |
Russian Federation |
| Vale SA | Human Rights & Environment |
Brazil |
| VK Co., Ltd. | Human Rights & Business Ethics |
Cyprus |
| Voltas Ltd. | Controversial Weapons |
India |
| Vozrozhdenie Bank PJSC | Human Rights |
Russian Federation |
| VTB Bank PJSC | Human Rights |
Russian Federation |
| Walchandnagar Industries Ltd. | Controversial Weapons & Human Rights |
India |
| Weibo Corp. | Human Rights |
China |
| Wells Fargo & Co. | Business Ethics |
United States of America |
| Wirecard AG | Business Ethics |
Germany |
| Xinjiang Zhongtai Chemical Co., Ltd. | Labour Rights |
China |
| Yixin Group Ltd. | Human Rights |
China |
*February 2023. FDC decides on the exclusion of companies from its investment universe. This publication shows the result of the implementation of FDC’s exclusion policy. FDC’s exclusion list is updated regularly based on information through an independent third party service provider. Nothing contained in this publication shall be construed as to make a representation or warranty, express or implied, regarding the advisability to invest or not in these companies or to include or exclude these companies in/from investable universes and/or portfolios. Any third party should make its own judgement on whether or not to invest in these companies. The information is provided “as is” and therefore FDC assumes no responsibility for errors or omissions. Furthermore, FDC accepts no responsibility and cannot be held liable for damage arising from the use or improper use of this publication or information contained herein or for the information on a company during periods when the exclusion list is being updated, this in any manner whatsoever.
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