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.
Baran Group managed Tel Aviv-Jerusalem fast train section A crossing into occupied land. Built infrastructure for 459 housing units in Ma'ale Adumim (2022-2023). Installed cellular mast in Beitar Illit (2023). Managed Jerusalem Light Rail expansion. Signed $18M contract with Elbit Systems for factory relocation projected to forcibly displace 36,000 Palestinian Bedouins. Managed Bereshit Wind Farm turbine installation in occupied Golan (2022). Listed in OHCHR 2025 database.
Baran Group has military facility construction contracts and border surveillance project work. $18M Elbit Systems contract for factory relocation tied to forced displacement of 36,000 Palestinian Bedouins. Infrastructure work crosses occupied territory. Same underlying operational footprint as occupied_territories record.
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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.