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.
Delek Group Ltd. is an Israeli conglomerate whose operations materially support activities in occupied territories in violation of international law. The company is involved in construction and infrastructure projects within illegal Israeli settlements in the occupied West Bank. In February 2020, the United Nations Human Rights Council listed Delek Group among companies with activities linked to Israel's settlement enterprise in the Occupied Palestinian Territories, a finding reiterated in subsequent UN reports.
The company's activities in the occupied West Bank have drawn formal legal complaints against its business partners. In October 2025, Greenpeace filed a complaint under Norway's Transparency Act alleging that Equinor's relationship with Delek Group contributes to violations of Palestinian rights. Similar allegations surfaced in December 2024 and January 2026 regarding the flow of profits from Equinor's Rosebank oil field to Delek, with claims this could breach international law due to the company's operations in occupied territory.
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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.