FDC's exclusion lists*
Exclusions for direct involvement
| COMPANY | COUNTRY | INVOLVEMENT |
|---|---|---|
| 63 Moons Technologies Ltd. | India | Business Ethics |
| Airbus SE | France | Controversial Weapons |
| Alrosa PJSC | Russian Federation | Human Rights |
| Anhui GreatWall Military Industry Co., Ltd. | China | Controversial Weapons & Human Rights |
| Aryt Industries Ltd. | Israel | Controversial Weapons |
| Babcock International Group Plc | United Kingdom | Controversial Weapons |
| BAE Systems Plc | United Kingdom | Controversial Weapons |
| Baidu, Inc. | China | Human Rights |
| Bashneft PJSOC | Russian Federation | Human Rights |
| Bharat Dynamics Ltd. | India | Controversial Weapons & Human Rights |
| Brookfield Renewable Partners LP | Bermuda | Controversial Weapons |
| BWX Technologies, Inc. | United States of America | Controversial Weapons |
| CACI International, Inc. | United States of America | Controversial Weapons |
| Central Telegraph PJSC | Russian Federation | Human Rights |
| China Literature Ltd. | China | Human Rights |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. | China | Environment |
| China Petroleum & Chemical Corp. | China | Human Rights |
| China Shipbuilding Industry Co., Ltd. | China | Controversial Weapons |
| China Spacesat Co., Ltd. | China | Human Rights |
| CNPC Capital Co., Ltd. | China | Human Rights |
| Daikin Industries Ltd. | Japan | Controversial Weapons |
| Ducommun, Inc. | United States of America | Controversial Weapons |
| Elsewedy Electric Co. | Egypt | Environment |
| Energy Transfer LP | United States of America | Human Rights |
| Fluor Corp. | United States of America | Controversial Weapons |
| Gazprom Neft PJSC | Russian Federation | Human Rights & Business Ethics |
| Gazprom PJSC | Russian Federation | Human Rights & Business Ethics |
| Gazprombank OJSC | Russian Federation | Human Rights |
| General Dynamics Corp. | United States of America | Controversial Weapons |
| Hangzhou Hikvision Digital Technology Co., Ltd. | China | Human Rights |
| Honeywell International, Inc. | United States of America | Controversial Weapons |
| Huntington Ingalls Industries, Inc. | United States of America | Controversial Weapons |
| Huya, Inc. | China | Human Rights |
| ICL Group Ltd. | Israel | Controversial Weapons |
| Inner Mongolia Baotou Steel Union Co. Ltd. | China | Environment |
| iQIYI, Inc. | China | Human Rights |
| Irkut Corp. | Russian Federation | Human Rights |
| Jacobs Solutions, Inc. | United States of America | Controversial Weapons |
| L&T Finance Holdings Ltd. | India | Human Rights |
| L&T Technology Services Ltd. | India | Human Rights |
| L3Harris Technologies, Inc. | United States of America | Controversial Weapons |
| Larsen & Toubro Ltd. | India | Controversial Weapons & Human Rights |
| Leidos Holdings, Inc. | United States of America | Controversial Weapons |
| Leonardo SpA | Italy | Controversial Weapons |
| LIG Nex1 Co., Ltd. | South Korea | Controversial Weapons & Human Rights |
| Lockheed Martin Corp. | United States of America | Controversial Weapons & Human Rights |
| LTIMindtree Ltd. | India | Human Rights |
| Mattel, Inc. | United States of America | Human Rights |
| Metallurgical Corp. of China Ltd. | China | Environment |
| MMC Norilsk Nickel PJSC | Russian Federation | Environment |
| Moog, Inc. | United States of America | Controversial Weapons |
| Mosenergo OAO | Russian Federation | Human Rights & Business Ethics |
| Mumias Sugar Co. Ltd. | Kenya | Business Ethics |
| NIS AD | Serbia | Human Rights & Business Ethics |
| Northrop Grumman Corp. | United States of America | Controversial Weapons |
| Novorossiysk Commercial Sea Port PJSC | Russian Federation | Human Rights |
| Oceaneering International, Inc. | United States of America | Controversial Weapons |
| Oil & Natural Gas Corp. Ltd. | India | Human Rights |
| Orascom Investment Holding SAE | Egypt | Human Rights |
| PetroChina Co., Ltd. | China | Human Rights |
| Poongsan Corp. | South Korea | Controversial Weapons & Human Rights |
| Poongsan Holdings Corp. | South Korea | Human Rights |
| Pretis dd | Bosnia and Herzegovina | Controversial Weapons |
| Rheinmetall AG | Germany | Controversial Weapons |
| Rolls-Royce Holdings Plc | United Kingdom | Controversial Weapons |
| Rosneft Oil Co. | Russian Federation | Human Rights |
| Rostelecom PJSC | Russian Federation | Human Rights |
| RTX Corp. | United States of America | Controversial Weapons & Human Rights |
| Safran SA | France | Controversial Weapons |
| Saudi Arabian Oil Co. | Saudi Arabia | Human Rights |
| Saudi Aramco Base Oil Co. | Saudi Arabia | Human Rights |
| Saudi Basic Industries Corp. | Saudi Arabia | Human Rights |
| Sberbank Russia PJSC | Russian Federation | Human Rights |
| Sinopec Kantons Holdings Ltd. | Hong Kong | Human Rights |
| SNT Dynamics Co., Ltd. | South Korea | Controversial Weapons & Human Rights |
| SNT Holdings Co., Ltd. | South Korea | Human Rights |
| S-Oil Corp. | South Korea | Human Rights |
| Stark Corp. Public Co. Ltd. | Thailand | Business Ethics |
| Steel Authority of India Ltd. | India | Human Rights |
| Tata Consultancy Services Ltd. | India | Human Rights |
| Tata Investment Corp. Ltd. | India | Human Rights |
| Tatneft PJSC | Russian Federation | Human Rights |
| Tencent Holdings Ltd. | China | Human Rights |
| Tencent Music Entertainment Group | China | Human Rights |
| Territorial Generating Co. No 1 PJSC | Russian Federation | Human Rights & Business Ethics |
| Textron, Inc. | United States of America | Controversial Weapons |
| Thales SA | France | Controversial Weapons |
| The Boeing Co. | United States of America | Controversial Weapons |
| The Second Generation Co of the Wholesale Power Market PJSC | Russian Federation | Human Rights & Business Ethics |
| Tokyo Electric Power Co. Holdings, Inc. | Japan | Human Rights & Environment |
| Transneft PJSC | Russian Federation | Human Rights |
| Unitech Ltd. | India | Human Rights & Business Ethics |
| United Aircraft Corp. PJSC | Russian Federation | Human Rights |
| Vale SA | Brazil | Human Rights & Environment |
| VK Co., Ltd. | Cyprus | Human Rights & Business Ethics |
| VTB Bank PJSC | Russian Federation | Human Rights |
| Walchandnagar Industries Ltd. | India | Controversial Weapons & Human Rights |
| Weibo Corp. | China | Human Rights |
| Wells Fargo & Co. | United States of America | Business Ethics |
| Wirecard AG | Germany | Business Ethics |
| Xinjiang Zhongtai Chemical Co., Ltd. | China | Labour Rights |
| Yixin Group Ltd. | Hong Kong | Human Rights |
Exclusions through FDC's internal corporate ownership assessment
| COMPANY | COUNTRY |
|---|---|
| 4iG Nyrt. | Hungary |
| Avio SpA | Italy |
| Cameco Corp. | Canada |
| China Aerospace International Holdings Ltd. | Hong Kong |
| China Isotope & Radiation Corp. | China |
| China National Nuclear Power Co., Ltd. | China |
| China Shipbuilding Industry Group Power Co., Ltd. | China |
| CNNC International Ltd. | Hong Kong |
| Dassault Aviation SA | France |
| Hensoldt AG | Germany |
| Honeywell Automation India Ltd. | India |
| Indian Hotels Co. Ltd. | India |
| Norinco International Cooperation Ltd. | China |
| NuScale Power Corp. | United States of America |
| Tata Chemicals Ltd. | India |
| Tata Consumer Products Ltd. | India |
| Tata Elxsi Ltd. | India |
| Tata Motors Ltd. | India |
| Tata Power Co., Ltd. | India |
| Tata Steel Ltd. | India |
| Trent Ltd. | India |
| Voltas Ltd. | India |
Exclusions through FDC's internal assessment of companies "at risque of involvement"
| COMPANY | COUNTRY |
|---|---|
| Bolloré SE | France |
| Compagnie de l'Odet SE | France |
| Compagnie du Cambodge SA | France |
| GCM Resources Plc | United Kingdom |
| La Forestière Équatoriale SA | Cote D`Ivoire |
| McDonald's Corp. | United States of America |
| Siemens Energy AG | Germany |
| Socfinaf SA | Luxembourg |
| Socfinasia SA | Luxembourg |
| Société de Caoutchoucs de Grand-Bereby | Cote D`Ivoire |
| Société Financière des Caoutchoucs SA | Luxembourg |
| The Okomu Oil Palm Co. Plc | Nigeria |
| Wockhardt Ltd. | India |
*Lists as of February 2024. FDC decides on the exclusion of companies from its investment universe (the latter including public companies only). This publication shows the result of the implementation of FDC’s exclusion policy. FDC’s exclusion lists are 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 lists are being updated, this in any manner whatsoever.
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