Jardine Cycle & Carriage Limited
JCYGY
2
exclusion reasons
1 theme
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 Cycle & Carriage is an investment holding company majority-owned by Jardine Matheson. Its portfolio includes significant interests in Southeast Asia's natural resource and agribusiness sectors, where its subsidiaries have been linked to severe environmental damage. Norges Bank Investment Management, which manages Norway's sovereign wealth fund, excluded Jardine Cycle & Carriage in 2024 over environmental concerns.
The fund's decision followed allegations of environmental safety standard violations associated with the company's operations. While specific public studies on the impact of its subsidiaries, such as palm oil operations in Indonesia, are limited, the exclusion by a major institutional investor with rigorous ethical screening criteria indicates a pattern of serious environmental risk. The company's sustainability reporting covers its controlled portfolio but does not negate the documented concerns that prompted the divestment.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
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.