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.
BASF has a documented history of toxic contamination and environmental damage linked to its chemical manufacturing operations. In December 2021, the company was identified as having the fourth-largest toxic air pollution footprint of any foreign-owned company in the U.S., with the largest output of cancer-causing air pollutants among that group. This pollution is tied to its network of production sites.
The company is currently engaged in significant remediation efforts for historical contamination. In May 2024, BASF entered a class settlement with U.S. public water providers, agreeing to pay over $316 million to address PFAS "forever chemical" pollution in water systems. Separately, in May 2025, Michigan state environmental regulators ordered BASF to halt contaminated groundwater from its Wyandotte, Michigan site from flowing into the Detroit River, indicating ongoing legacy pollution issues. The company scores poorly in independent environmental assessments; the NGO ChemSec's ChemScore 2024 rating criticized BASF for a lack of transparency regarding its use of hazardous chemicals.
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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.