This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Nippon Paper Industries is a major integrated forest products company whose core business involves large-scale wood harvesting, pulp production, and paper manufacturing—activities with inherent and significant environmental impact. The company's operations are directly linked to documented environmental destruction, including deforestation and pollution from its pulp and paper mills.
The company's own ESG reporting acknowledges environmental law violations, which are reported annually to its Board of Directors through its Risk Management Committee. While the company publishes environmental charters and targets, its fundamental business model remains reliant on extractive forestry and industrial processes that carry a high risk of habitat destruction, soil contamination, and water pollution.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.