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.
Kenon Holdings Ltd is a holding company whose primary business is its approximately 47% equity stake in OPC Energy, a power generation company with facilities in Israel and the United States. OPC Energy’s power plants are designed to utilize natural gas, and the company operates within the natural gas production and distribution sector, serving both wholesale and retail customers. The company’s core operations are intrinsically linked to the combustion and distribution of fossil natural gas for electricity generation.
The company is currently engaged in international arbitration against the Republic of Peru through its subsidiary IC Power Ltd, alongside Kenon Holdings Ltd itself, as a claimant. The dispute, registered with ICSID (Case No. ARB/20/34), involves the energy generation and distribution business in Peru. This legal action underscores the company’s direct, material involvement in the natural gas utility sector in international markets.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.