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.
Jardine Matheson Holdings Ltd. is a diversified conglomerate whose operations span property, construction, retail, and automotive distribution across Asia. The company’s significant holdings in energy-intensive sectors, including its majority stake in Hongkong Land (property development and investment) and its control of Jardine Cycle & Carriage (which owns a major stake in Astra International, a large automotive and heavy equipment group in Indonesia), result in a substantial and structurally embedded carbon footprint. Its emissions profile is outsized relative to diversified peer groups, with no published, group-wide Science Based Targets initiative (SBTi) commitment or a consolidated net-zero target that covers its sprawling operational scope.
The company’s emissions trajectory is further complicated by its strategic focus. In its 2025 preliminary results, management emphasized a “heightened focus on shareholder returns” amid global uncertainty, rather than detailing a group-wide decarbonization strategy. This lack of a transparent, group-level climate transition plan has drawn institutional scrutiny. The Norges Bank Executive Board has excluded Jardine Matheson from investment due to “unacceptable greenhouse gas emissions,” citing the company’s failure to align with the Paris Agreement.
While some individual subsidiaries may have environmental policies, there is no evidence that group leadership treats emissions governance as a core, consolidated responsibility. The absence of a verifiable, group-wide emissions reduction target or a credible decarbonization pathway for its highest-impact holdings places Jardine Matheson behind its sector peers on climate performance.
Jardine Matheson holds a controlling 50.1% stake in Astra International, which in turn controls a majority of the palm oil and mining conglomerate Astra Agro Lestari (AAL). In March 2023, AAL commissioned an investigation by Eco Nusantara into allegations of environmental and human rights violations by its subsidiaries. The findings of this investigation have not been publicly disclosed.
In January 2026, the Indonesian government revoked the permits of 28 companies following an environmental audit after Cyclone Senyar, citing violations that contributed to deadly flooding in Sumatra. Astra Agro Lestari was among the companies named in this enforcement action. The Norwegian Government Pension Fund Global (NBIM) excluded Jardine Matheson and its subsidiaries in October 2024, citing "unacceptable risk of severe environmental damage."
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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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