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.
Solvay, a Belgian multinational chemical company, manufactures products that were used in the construction of a water system for illegal Israeli settlements in the occupied West Bank. According to the research group Who Profits, Solvay products were used at the construction site of the Bardala bypass pipeline, a project of Israel's national water company Mekorot. This pipeline transports water from underground sources in the Palestinian village of Bardala to nearby illegal settlements for drinking and agricultural use, preventing Palestinian residents from accessing their own water sources. Exploiting the natural resources of an occupied territory for civilian use is prohibited under international law.
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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.