Fincantieri
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exclusion reasons
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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.
In February 2025, the Norges Bank Executive Board placed Fincantieri under formal observation based on Council on Ethics recommendations, citing unacceptable risk of contributing to serious human rights violations. The Italian state-controlled shipbuilder operates its shipyards through approximately 2,400 subcontracting companies employing over 45,000 workers, predominantly from non-European nations. Italian legal proceedings documented that thousands of subcontracted migrant workers were subjected to illegally long hours without overtime, denied sick pay, and paid below statutory minimums. Italy's immigration laws tie residency permits to active employment contracts, structurally reinforcing worker dependency on subcontracting entities.
Fincantieri is a major military shipbuilder whose defense revenue represents a material portion of its business. According to SIPRI data, the company generated approximately $2.2 billion in arms revenue in 2024, constituting about 25% of its total revenue of $8.8 billion. This exceeds the threshold for material defense involvement. The company’s core military products are purpose-built naval vessels, including frigates, offshore patrol vessels, and submarines.
In January 2025, Fincantieri solidified its role in the weapons industry by acquiring Leonardo’s Underwater Armaments & Systems (UAS) business for up to $447 million, giving it full control over a specialized manufacturer of torpedoes and underwater weapon systems. The company operates key naval shipyards, including Fincantieri Marinette Marine in Wisconsin, which is building the Constellation-class frigate for the U.S. Navy. This warship program, central to Pentagon modernization plans, underscores the company's integration into the military supply chain as a prime contractor for advanced combat platforms.
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