Union Pacific Corporation
UNP
Industrials
1
exclusion reason
1 theme
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.
Union Pacific Corporation has been designated a "serial violator" of the Federal Railroad Safety Act (FRSA) by OSHA. The company has faced more than 200 whistleblower complaints since 2001, establishing a documented pattern of retaliating against employees who report safety violations, refuse to work in dangerous conditions, or seek medical care for workplace injuries. In March 2026, OSHA found Union Pacific wrongly terminated an employee for reporting and seeking medical treatment for a work-related injury, ordering reinstatement and over $300,000 in back wages and damages. In August 2025, OSHA issued a similar finding and reinstatement order with over $300,000 in penalties. OSHA has found Union Pacific violated the FRSA at its North Platte yard at least three times since 2011 for disciplining employees who reported workplace injuries. A ProPublica investigation documented that dead workers and severed limbs were missing from railroad safety data industry-wide, with Class 1 railroads collectively fined only $30,011 in 2022 despite $108 billion in combined revenue. Union Pacific's systemic retaliation against injured workers suppresses injury reporting and creates conditions where preventable harm goes unaddressed.
Research Sources
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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.
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