Ambev S.A.
ABEV
Consumer Staples
3
exclusion reasons
3 themes
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.
In early 2024, Brazil's Ministry of Labor exposed Ambev for subjecting over 300 workers to inhumane conditions during the Salvador Carnival. Workers selling Ambev beer were deprived of basic accommodation and sanitary facilities and forced to sleep on the ground.
This follows a 2021 incident where 22 Venezuelans and one Haitian immigrant lived for months (some more than a year) in the cab of trucks parked at an Ambev distributor's headquarters. They did not have access to drinking water, and were forced to work long hours without a day off.
In October 2023, the Brazilian Antitrust Authority (CADE) signed a "Cease and Desist" agreement with Ambev following investigations into exclusivity contracts with bars and restaurants. The agreement, which runs through December 2028, strictly limits the duration and automatic renewal of these contracts to prevent Ambev from blocking competitors (like Heineken) from strategic points of sale.
Ambev is the largest brewer in Latin America. Alcohol production remains its primary revenue driver, accounting for the vast majority of its operations.
Research Sources
1 organization
Related Exclusions
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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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