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.
Alstom participated in Jerusalem Light Rail through CityPass consortium from 2001. Route crosses into occupied East Jerusalem connecting settlements. Listed in OHCHR 2020 database of 112 companies. KLP divested $32M. Multiple European exclusions. Operating contract ended 2021 but Bombardier Transportation acquisition increased overall Israeli transit exposure.
Alstom participated in Jerusalem Light Rail through CityPass consortium from 2001. Route crosses into occupied East Jerusalem connecting settlements. At least nine European institutions excluded or divested between 2008-2021 (ASN Bank, Triodos, AP7, SEB, KLP divesting ~$32M). KLP noted Alstom was the only company willing to engage but maintained activities didn't violate international law. Alstom withdrew from extension bid in 2019, operating contract ended 2021. Acquired Bombardier Transportation in 2021, deepening Israeli transit exposure.
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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.