Conflict Zone Operations
Companies operating in or materially supporting activities in active conflict zones — providing goods, services, or infrastructure that sustain armed conflict, or profiting from conflict conditions. For a company with conflict zone operations to avoid exclusion, an affirmative argument is required that the civilian population would be materially worse off without the company's service (e.g., the only source of heat, power, or essential infrastructure). Partnering with a junta to extract resources is categorically different from providing essential civilian services in a conflict-affected area. Includes resource extraction in conflict-affected areas (conflict minerals), military logistics in war zones, and commercial operations that fund belligerents. Distinct from occupied_territories (specific internationally recognized occupations) and military_contracting (defense sales channel).
Excluded Companies (8 total)
Showing 8 of 8 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| 883 | CNOOC | Added to US Commerce Department Entity List (January 2021) for assisting militarization of the South China Sea |
| ACP-PA | ACP-PA | AFSC notes that their subsidiary Formula Systems "provides illegal Israeli settlement councils, the Israeli military, and the Israeli Ministry of Defense with cybersecurity and IT analyst services" |
| CDNS | CADENCE DESIGN SYSTEMS INC | Cadence Design Systems agreed to plead guilty and pay over $140 million for unlawfully exporting semiconductor design tools to a restricted PRC entity tied to military development. |
| CVX | Chevron Corporation | Signed oil exploration deal off the Syrian coast; halted production in Israel's Leviathan gas field due to regional conflict. |
| EPAM | EPAM SYSTEMS INC | EPAM expressed concerns about its engineers in Ukraine being drafted into the military, forced to flee, or left unable to work in war zones following Russia's invasion in February 2022. |
| KLAC | KLA CORP | KLA-Tencor Corporation stated they are appalled by reports from conflict areas and strictly condemn activities that fuel conflict or benefit militant groups. |
| MSCI | MSCI INC | On February 12, 2024, a complaint was filed against MSCI Inc. concerning its business relationships with companies linked to the Myanmar military. |
| NLMK | Novolipetsk Steel | Novolipetsk Steel (NLMK) — Russian state-linked steel company; Vladimir Lisin (NLMK controlling shareholder) is a sanctioned Russian oligarch; company generates tax revenue supporting Russian war effo... |
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.