RELX Inc
RELX
Communication Services
1
exclusion reason
1 theme
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.
RELX operates Elsevier, a scientific publishing division generating approximately 35% of total revenue. Elsevier's business model relies on a "triple pay" structure: publicly funded researchers produce the work, unpaid academics perform peer review, and universities pay subscription fees to access the results.
Elsevier's profit margins consistently exceed 30%, built on intellectual property that originates almost entirely from taxpayer-funded research. Institutions that produce the research must then purchase it back at prices that have risen faster than inflation for decades.
The model is legally sound and does not constitute fraud. It is, however, structurally exploitative — extracting value at every stage of the knowledge production cycle while contributing minimal original work.
Research Sources
4 organizations
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.