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.
| 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 |
| Canopy Growth | Canada | Product | Production of cannabis | 2018 |
| 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 |
| HEXO Corp | Canada | Product | Production of cannabis | 2019 |
| Incitec Pivot | Australia | Conduct | Human rights | 2013 |
| Larsen & Toubro | India | Product | Production of nuclear weapons | 2015 |
| 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 |
| Walmart Inc. (incl. listed subsidiaries) | USA | Conduct | Labour rights | 2013 |
| Zijin Mining | China | Conduct | Environment | 2016 |
The Council on Ethics has the annual routine of urging the excluded companies to act in compliance with the international conventions.