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.
Orbia operates a polyvinyl chloride (PVC) resin production facility in Netanya, Israel, which is an active conflict zone. The company’s 2023 Annual Report identifies Israel as a market where it maintains operations and acknowledges that “conflict” could have a material impact on the company. Orbia’s Netanya plant is a significant part of its global polymer solutions business, which generated approximately $2.5 billion in revenue in 2023. There is no public evidence of an affirmative argument that Orbia’s PVC production in Israel provides an essential civilian service that would leave the population materially worse off if withdrawn.
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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.