Human Rights Violations
Conduct Screen Geopolitical Conflict
Documented complicity in serious human rights violations — extrajudicial killings, torture, mass displacement, or systematic deprivation of fundamental rights. This is a high-severity category for conduct that crosses the threshold of international human rights law.
2 companies currently excluded under this screen
Excluded Companies (2 total)
Showing 2 of 2 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| FNCNF | Fincantieri | In February 2025, the Norges Bank Executive Board placed Fincantieri under formal observation based on Council on Ethics recommendations, citing unacceptable risk of contributing to serious human rights violations. The Italian state-controlled shipbuilder operates its shipyards through approximately 2,400 subcontracting companies employing over 45,000 workers, predominantly from non-European nations. Italian legal proceedings documented that thousands of subcontracted migrant workers were subjected to illegally long hours without overtime, denied sick pay, and paid below statutory minimums. Italy's immigration laws tie residency permits to active employment contracts, structurally reinforcing worker dependency on subcontracting entities. |
| 28670 | Pan Ocean Co Ltd | Pan Ocean Co Ltd is a South Korean shipping and logistics company. The exclusion by NBIM under a human rights violations category indicates a finding of complicity in serious abuses, though the specific evidence from the provided source is inaccessible. Such exclusions typically stem from documented involvement in activities linked to extrajudicial killings, torture, mass displacement, or systematic deprivation of fundamental rights, as defined by international human rights law. Without access to the underlying case details, the precise nature of the violation cannot be specified, but the classification by a major sovereign wealth fund signals a material breach of fundamental human rights standards. |
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.
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