STERICYCLE INC
SRCL
Industrials
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.
Stericycle agreed to pay over $84 million (2022) to resolve DOJ and SEC investigations into Foreign Corrupt Practices Act violations. The company bribed government officials in Brazil, Mexico, and Argentina to win and retain business. The NBIM Council on Ethics independently recommended Stericycle for exclusion from Norway's Government Pension Fund Global based on "unacceptable risk of the company contributing to or being responsible for serious corruption."
Stericycle has accumulated major EPA enforcement actions across multiple violation categories. In January 2021, the DOJ and EPA settled Clean Air Act violations at Stericycle's North Salt Lake, Utah medical waste incinerator, requiring a $600,000 civil penalty plus $2 million in supplemental environmental projects after the company operated its incinerator exceeding regulatory limits for nitrogen oxides and failed to conduct proper stack tests. In January 2025, DOJ and EPA announced a $9.5 million civil penalty for RCRA hazardous waste violations, one of the largest RCRA penalties ever assessed, after finding that Stericycle regularly lost track of hazardous waste during transport, sent waste to unauthorized facilities, delivered shipments without required manifests, and stored hazardous waste at transfer facilities beyond legal time limits from 2014 through 2020.
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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.