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.
Compagnie de l'Odet SE, the holding company for the Bolloré Group, has been excluded by the Norwegian Government Pension Fund Global (NBIM) due to concerns over corruption. The fund's decision is based on an assessment of unacceptable risk that the company may be involved in corruption. While the Business & Human Rights Resource Centre maintains a profile for Bolloré, no specific, indexed incidents or news articles detailing the alleged misconduct were found in the available public summary. The exclusion reflects a risk-based judgment by a major institutional investor following its own due diligence.
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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.