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.
ElSewedy Electric Co was excluded from the Norwegian Government Pension Fund Global in May 2020 following a recommendation by the fund's Council on Ethics. The Council's assessment found an unacceptable risk that the company is contributing to severe environmental damage. While the specific operational incidents prompting this exclusion are not detailed in the public decision, the company's inclusion in multiple norm-based investor engagement reports highlights ongoing concerns. These reports, from institutions like SPK and Futur Pension, consistently cite ElSewedy alongside companies penalized for pollution, specifically noting issues related to water and soil contamination. The company's operations in regions like Russia have been flagged within these frameworks for their environmental impact, aligning with Sustainable Development Goal targets for sustainable cities and communities. The exclusion by Norges Bank, a leading sovereign wealth fund, represents a significant judgment on the company's environmental risk profile.
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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.