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.
Ecolab Inc. manufactures and markets a range of cleaning, sanitizing, and pest control products, including synthetic pesticides and industrial chemicals. The company has a documented history of regulatory violations related to these products. In 2014, the California Department of Pesticide Regulation levied a $120,000 penalty against Ecolab for a pesticide violation. A more significant penalty of $583,000 was issued by the Connecticut Department of Environmental Protection in 2007 for similar violations. In 2021, the U.S. Environmental Protection Agency (EPA) announced Ecolab paid a $214,000 penalty for violations of federal pesticide and hazardous waste regulations stemming from a 2019 fire at its Tacoma, Washington facility. A separate 2025 EPA settlement addressed alleged Resource Conservation and Recovery Act violations. Further, a filed consumer complaint alleges Ecolab falsely marketed its OxyCide disinfectant products as safe and effective to healthcare professionals and consumers.
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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.