POLARIS INC
PII
Consumer Discretionary
3
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.
Polaris Inc. designs, engineers, and manufactures powersports vehicles, including all-terrain vehicles (ATVs) and side-by-side vehicles. Its commercial and government/defense business designs and manufactures vehicles that support various government applications. The company's annual reports confirm this as a material business segment. The evidence gathered does not specify the nature of these government applications, the end-users, or any specific contracts in active conflict zones. Polaris publishes a Conflict Minerals Policy stating its commitment to a conflict-free supply chain, but this policy addresses upstream sourcing, not the downstream use of its finished products by military or paramilitary forces in conflict areas. To substantiate an exclusion under this category, specific evidence is required linking Polaris's products or services to the direct sustainment of armed conflict, such as documented sales to belligerent forces or the use of its vehicles in combat operations. The current evidence is insufficient to make that determination.
Polaris Inc. provides all-terrain vehicles to the Israeli military and to illegal settlements in the occupied Palestinian territory. The American Friends Service Committee (AFSC) Investigate database documents the company's role in materially supporting Israel's illegal settlement enterprise. This activity constitutes direct support for infrastructure and operations in territories occupied in violation of international law.
Polaris Inc. manufactures and markets purpose-built military vehicles through its Government & Defense division. Its primary product is the MRZR series of light tactical all-terrain vehicles, which are explicitly designed for military use. The company is a key supplier to the U.S. Department of Defense and allied forces, with its vehicles integrated into weapons systems, such as the "Dragon" counter-drone platform where a Polaris MRZR serves as the mobile weapons mount.
The company is part of the defense industrial base, listed in the "Military industry in the United States" category and referenced in market analyses for military vehicle electrification. Its military-specific product development and marketing meet the threshold for specialized products targeting military customers, distinguishing it from companies selling incidental, dual-use goods.
Research Sources
9 organizations
Related Exclusions
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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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