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.
TKH Group NV, a Dutch technology company, is listed by the American Friends Service Committee (AFSC) Investigate database as providing surveillance cameras used to monitor Palestinians in the occupied West Bank and Golan Heights. The AFSC identifies the company as part of Israel's illegal settlement enterprise in the occupied Palestinian territory. TKH's security and vision systems division produces the surveillance technology implicated in this use.
TKH Group NV is an internationally active technology company that specializes in creating and supplying client-centric technology systems. According to AFSC Investigate, the company's drones have been linked to Myanmar's military junta. Operating in or supplying technology to an active conflict zone, particularly one governed by a military junta accused of widespread human rights abuses, constitutes material support to the conflict. The company's own 2025 Conflict Minerals Policy acknowledges sourcing from "Conflict-Affected and High-Risk Areas," indicating an operational presence in such regions. There is no available affirmative argument that the civilian population in Myanmar would be materially worse off without the provision of TKH Group's drone technology.
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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.