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.
California State Water Board / IBFAN / French Senate — Nestlé S.A. (NSRGY); Perrier/Vittel/Contrex fraud: admitted illegal UV + activated carbon purification of brands marketed as "natural mineral water" after finding bacteria and pesticides at source springs; French Senate report May 2025 found government covered up practices since 2021; Perrier fined €2M; Contrex/Hépar microplastic contamination at 1.3 million times higher than surface water
Break Free From Plastic Brand Audit 2023 (Feb 2024) — Rank #2 global plastic polluter; top 3 in every annual audit since 2018. Science Advances (Cowger 2024): Nestlé ~3% of all globally branded plastic pollution 2018–2022 across 84 countries. OTC ADR (primary listing SIX Swiss Exchange).
Research Sources
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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.