NEC
NIPNF
2
exclusion reasons
2 themes
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.
NEC Corporation supplies biometric identification and border surveillance systems used in immigration enforcement and border militarization programs.
NEC Corporation is a major arms producer, ranking 91st in the SIPRI Top 100 list of the world’s largest arms-producing and military services companies. The company’s estimated arms sales were approximately $1.14 billion in 2022. This military revenue constitutes a material portion of its business, representing an estimated 6.8% of its total sales. The company is part of a significant Japanese defense industry group whose combined arms sales reached $13.3 billion in 2024.
NEC develops and manufactures specialized defense equipment, including advanced systems for command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR). Its products are integral to modern military operations, distinguishing its activities from the incidental sale of dual-use commercial goods.
Research Sources
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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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