ACS Actividades De Construccion Y Servicios ADR
ACSAY
Industrials
2
exclusion reasons
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.
ACS Actividades de Construccion y Servicios is a Spanish construction and infrastructure conglomerate. The company has operated large-scale construction projects in conflict zones and territories under military occupation, raising human rights concerns.
ACS Actividades de Construccion y Servicios, the Spanish construction group and one of the world's largest construction companies, was added to the UN OHCHR's 2025 updated database of 158 companies doing business in illegal Israeli settlements in the occupied Palestinian territory. ACS was identified in connection with former industrial subsidiaries sold to French group Vinci, including SEMI (Sociedad Espanola de Montajes Industriales). ACS denies current contracts in occupied Palestinian territory or Israel, attributing the listing to historical subsidiary activity, but the UN's methodology requires companies to demonstrate they have ceased involvement to be removed. The 2025 update retained ACS on the list.
Research Sources
3 organizations
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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