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.
Nitto Denko Corporation manufactures industrial materials including adhesive tapes, films, and semiconductor components. The company's operations involve the use of hazardous chemicals, including per- and polyfluoroalkyl substances (PFAS), which are persistent environmental contaminants. Nitto Denko's 2024 CDP Corporate Questionnaire acknowledges the use of PFAS in its products and manufacturing processes, noting the substances' potential for long-term environmental persistence and bioaccumulation. The company reports that its operations generate hazardous waste, which it manages through treatment and disposal, and that it has been subject to environmental regulations concerning chemical substances in multiple jurisdictions. While Nitto Denko discloses environmental management procedures, its continued production and use of persistent toxic chemicals like PFAS constitutes a documented source of potential environmental contamination.
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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.