The Boeing Company
BA
Industrials
5
exclusion reasons
5 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.
Lead DHS contractor for SBInet "virtual border wall" (2006–2011): deployed integrated surveillance towers, radar, and camera networks along US-Mexico border. Legacy systems remain operational. Boeing aircraft also used by ICE for deportation operations.
The Boeing Company derives approximately $33.6 billion, or just over half of its total revenue, from its defense, space, and security business. Its Boeing Defense, Space & Security (BDS) division is a major contractor for the U.S. Department of Defense and international militaries, manufacturing purpose-built weapons platforms including the F-15 and F/A-18 fighter jets, the AH-64 Apache attack helicopter, the KC-46 aerial refueling tanker, and various missile systems.
The company has a documented history of regulatory violations within its defense contracting. In February 2024, the U.S. Department of State concluded a $51 million settlement with Boeing to resolve 199 violations of the Arms Export Control Act and the International Traffic in Arms Regulations. A 2021 Pentagon inspector general review of audit reports also cited evidence and reporting deficiencies related to Boeing and other major contractors.
Boeing breached its 2021 Deferred Prosecution Agreement (DPA) on 737 MAX fraud. DOJ filed criminal charges May 2024. Boeing agreed to $243.6M criminal penalty, $444.5M in victim compensation, and $455M in compliance investment. Company pleaded guilty to conspiracy to defraud the US government — original DPA had already required $2.5B in penalties for concealing flight-control defects from FAA that caused two crashes killing 346 people.
The Boeing Company is a major supplier of weapons systems to the Israeli military, including F-15 fighter jets and AH-64 Apache attack helicopters. In 2024, the U.S. Department of State concluded a $51 million settlement with Boeing to resolve 199 violations of the Arms Export Control Act and International Traffic in Arms Regulations related to unauthorized exports of technical data, including to Israel.
Amnesty International has confirmed that weapons made by Boeing were used in unlawful Israeli airstrikes on Gaza that killed civilians, including children. The company is cited in multiple civil society and United Nations reports as a key military supplier enabling Israel’s occupation of Palestinian territories. Following student protests, the University of Massachusetts at Boston paused seeking gifts from Boeing, citing its role in the occupied Palestinian territories.
Boeing provides critical equipment and services to the global fossil fuel industry through its Boeing Global Services division. This includes the manufacture and export of specialized oil field equipment, such as components used in drilling and extraction operations. In one documented instance, the company and several affiliates settled over 170 violations related to the export of such oil field equipment to Iran, a sanctioned jurisdiction.
The company’s core commercial and defense aircraft are also significant consumers of fossil-based jet fuel. While Boeing promotes sustainable aviation fuel (SAF) as part of its sustainability reporting, SAF currently constitutes a negligible portion of global jet fuel supply. The air transport sector, for which Boeing is a primary manufacturer, is projected to account for 14% of total transportation fuel demand by 2035, underscoring the company's foundational role in a high-emissions industry.
Related Issues
Surveillance Capitalism
Surveillance capitalism is extraction without consent — behavioral data harvested from people whose agreement was buried in terms they couldn't negotiate and can't revoke. We exclude companies whose revenue depends on this, and hold a high bar for any tech company where surveillance is a meaningful input. Until users can control, audit, and delete their data, this stays a core exclusion.
Palestine & Occupied Territories
We exclude companies that profit from Israel's occupation of Palestinian territories — settlement construction, military technology, surveillance infrastructure, discriminatory resource arrangements. The ICJ ruled this occupation unlawful in 2024. We don't wait for political resolution to stop funding what international law has condemned.
Research Sources
11 organizations
Related Exclusions
Wondering what we do invest in?
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.