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.
PT Dian Swastatika Sentosa Tbk is primarily engaged in thermal coal mining and trading through its subsidiaries PT Golden Energy Mines Tbk (GEMS) and PT Sumber Energi Andalan. The company’s core business activity is the production and sale of thermal coal, which constitutes its dominant revenue source. It is majority-owned by the Sinar Mas Group, a major Indonesian conglomerate.
The company operates within Indonesia, the world’s largest thermal coal exporter, a sector associated with elevated environmental and social infringements. The Norwegian Government Pension Fund Global (NBIM) excluded the company in December 2023 for its production of coal, categorizing it under “other particularly serious violations of fundamental ethical norms.” This places the company within a peer group of Indonesian coal producers excluded for activities resulting in significant negative climate impact.
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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.
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