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.
Trane Technologies (formerly Ingersoll Rand) relocated its corporate domicile from Bermuda to Ireland in 2009 in a tax inversion, reducing U.S. tax exposure while maintaining its operational headquarters in the United States. Separately, in June 2020, two Trane subsidiaries — Aldrich Pump LLC and Murray Boiler LLC — filed Chapter 11 bankruptcy using the Texas two-step strategy: the company split itself so that one entity received operating assets and the other received asbestos liabilities, then the liability-bearing entity filed for bankruptcy. As of December 2023, the bankruptcy court denied motions to dismiss, and the cases remain pending. The Texas two-step has been widely criticized as a corporate structure manipulation designed to evade tort liability owed to asbestos victims.
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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.