China State Construction Engineering Corporation Limited
601668.SS
1
exclusion reason
1 theme
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.
China State Construction Engineering Corporation Limited (CSCEC) has been excluded due to documented corruption and bribery in its international business operations. The company has faced multiple enforcement actions and allegations related to corrupt practices in its overseas projects.
The Norwegian Government Pension Fund Global (NBIM) excluded CSCEC in 2024 based on an assessment of unacceptable corruption risk. The fund's Council on Ethics cited specific concerns regarding the company's operations in Africa, where corruption exposure is a known business risk. Academic research has identified a correlation between firms operating in Africa and higher corruption exposure, with some studies suggesting such exposure can be linked to valuation gains, indicating a potential competitive advantage derived from operating in corrupt environments.
While CSCEC is a state-owned enterprise subject to China's domestic anti-corruption campaigns, its international operations, particularly in high-risk regions, have drawn scrutiny from global institutional investors focused on governance and integrity risks.
Research Sources
1 organization
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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.
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