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.
Marfrig Global Foods is one of the world's largest beef producers, with slaughterhouses and processing plants sourcing cattle from across Brazil. The company's supply chain has been repeatedly linked to illegal deforestation in the Amazon and Cerrado biomes. In 2025, an investigation found that Marfrig's claims to track nearly 90% of its indirect suppliers in the Amazon contained significant blind spots, enabling ranchers operating on illegally deforested land to supply the company.
Civil society organizations have formally requested the Inter-American Development Bank cancel a loan to Marfrig due to alleged environmental and human rights violations in its production chain. The Norwegian Government Pension Fund Global placed Marfrig under observation in 2022, citing an "unacceptable risk" that the company contributes to serious environmental damage. While Marfrig is among a small group of Brazilian beef companies with a deforestation commitment, assessments as recent as 2023 indicate its systems are failing to prevent cattle linked to forest destruction from entering its supply chain.
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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.
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