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.
Posco International has been documented destroying 26,500 hectares of rainforest in Papua, Indonesia, through palm oil plantation expansion. Solutions for Our Climate published research quantifying this deforestation footprint.
Indonesia's military-backed forestry task force announced plans to collect $8.5 billion in fines from companies operating illegally in forest areas during 2026. The task force has already collected 2.34 trillion rupiah ($139.7 million) from 20 palm oil companies as of late 2025. The standardized penalty is 25 million rupiah per hectare per year of forest encroachment.
At that rate, Posco International's 26,500 hectares represent material ongoing financial exposure. The enforcement wave — with 4.1 million hectares of land seized or reclaimed — marks a regulatory shift that moves this record from historically documented harm to active liability.
Research Sources
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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.