Recommended Exclusions

On this page we list all companies (with a link to a short explanation) that the Council on Ethics have recommended the four AP Funds to exclude from their investments. In all cases the four funds have followed the recommendations.

CompanyCountryBasis for exclusionReasonYear
Aurora CannabisCanadaProductProduction of cannabis2018
AviChina Industry & Technology Company LimitedChinaConductHuman rights2023
Canopy GrowthCanadaProductProduction of cannabis2018
China Spacesat Co LtdChinaProductProduction of cluster munitions2020
Cronos Group IncCanadaProductProduction of cannabis2019
ElbitIsraelConductHuman rights2010
Freeport McMoRanUSAConductEnvironment2013
HEXO CorpCanadaProductProduction of cannabis2019
Incitec PivotAustraliaConductHuman rights2013
Larsen & ToubroIndiaProductProduction of nuclear weapons2015
Motorola SolutionsUSAConductHuman rights2015
Poongsan CorpSouth KoreaProductProduction of cluster munitions2008
Tilray BrandsCanadaProductProduction of cannabis2018
Vale S.A.BrazilConductHuman rights and environment2019
Walmart Inc. (incl. listed subsidiaries)USAConductLabour rights2013
Zijin MiningChinaConductEnvironment2016

The Council on Ethics has the annual routine of urging the excluded companies to act in compliance with the international conventions.