Bombardier, Inc. Class B
BDRBF
Industrials
2
exclusion reasons
2 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.
Bombardier supplied engines for the Tel Aviv–Jerusalem railway, which runs through occupied West Bank territory. Al-Haq placed Bombardier on notice of war crimes complicity at the time. Bombardier sold its transportation division to Alstom in 2021, so this involvement is historical; the exclusion warrants reconsideration given the divestiture.
Bombardier has been the subject of multiple international corruption investigations related to its aircraft and railway sales. In 2017, Sweden’s National Anti-Corruption Unit charged a Bombardier employee based in Stockholm with aggravated bribery. In 2020, the UK Serious Fraud Office (SFO) opened an investigation into suspected bribery concerning contracts with Garuda Indonesia. The U.S. Department of Justice also launched two Foreign Corrupt Practices Act investigations into the company in 2020, one related to a railway equipment deal in Azerbaijan and another concerning an aviation deal in Indonesia. While the DOJ closed these two probes without charges in May 2025, the company continues to cooperate with a third, separate investigation. In 2024, Norway’s Council on Ethics noted that Bombardier had provided limited documentation to demonstrate the effectiveness of its anti-corruption controls during an extended observation period.
Research Sources
2 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.