Exclusion recommendations based on a company's conduct are always preceded by engagement dialogue and a systematic escalation process during which the Council on Ethics. If a dialogue does not lead to results that the Council on Ethics considers reasonable, the Council on Ethics may as a last resort recommend that the AP Funds
exclude the company. On an annual basis, the Council on Ethics contacts all companies excluded on the basis of conduct, urging them to act in line with the international conventions and frameworks which formed the basis for the exclusion. In instances where the Council on Ethics concludes that the companies have demonstrated sufficient measures to address the reason for the exclusion, the Council on Ethics may consider recommending the AP Funds to re-include the company.
Product-based exclusion recommendations are not subject to engagement activities.
The following table lists all companies (with a link to a short explanation) that the Council on Ethics has recommended the AP Funds to exclude from their investments. In all cases the four AP Funds have followed the recommendations.
| Company | Country | Basis for exclusion | Reason | Year |
|---|---|---|---|---|
| Aurora Cannabis | Canada | Product | Production of cannabis | 2018 |
| AviChina Industry & Technology Company Limited | China | Conduct | Human rights | 2023 |
| Bharat Electronics Limited | India | Conduct | Human rights | 2024 |
| Canopy Growth | Canada | Product | Production of cannabis | 2018 |
| China Northern Rare Earth (Group) High-Tech Co Ltd. | China | Conduct | Environment | 2023 |
| China Spacesat Co Ltd | China | Product | Production of cluster munitions | 2020 |
| Cronos Group Inc | Canada | Product | Production of cannabis | 2019 |
| Elbit | Israel | Conduct | Human rights | 2010 |
| Freeport McMoRan | USA | Conduct | Environment | 2013 |
| Incitec Pivot | Australia | Conduct | Human rights | 2013 |
| Metallurgical Corporation of China Ltd. | China | Conduct | Environment | 2023 |
| Motorola Solutions | USA | Conduct | Human rights | 2015 |
| Poongsan Corp | South Korea | Product | Production of cluster munitions | 2008 |
| Tilray Brands | Canada | Product | Production of cannabis | 2018 |
| Vale S.A. | Brazil | Conduct | Human rights and environment | 2019 |
| Zijin Mining | China | Conduct | Environment | 2016 |