On this page we list all companies (with a link to a shorter 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 | Sector | Year |
|---|---|---|---|
| Aphria | Canada | Cannabis | 2018 |
| Aurora Cannabis | Canada | Cannabis | 2018 |
| Cannopy Growth | Canada | Cannabis | 2018 |
| CannTrust Holdings Inc | Canada | Cannabis | 2019 |
| China Spacesat Co Ltd | China | Aerospace and defence | 2020 |
| Cronos Group Inc | Canada | Cannabis | 2019 |
| Elbit | Israel | Aerospace and defence | 2010 |
| Freeport McMoRan | USA | Metal and mining | 2013 |
| Hanwha | South Korea | Chemistry | 2008 |
| HEXO Corp | Canada | Cannabis | 2019 |
| Incitec Pivot | Australia | Chemistry | 2013 |
| Larsen & Toubro | India | Industrial | 2015 |
| Motorola Solutions | USA | Telecom | 2015 |
| Nutrien | Canada | Cemistry | 2013 |
| Poongsan Corp | South Korea | Gruv och metall | 2008 |
| Vale S.A. | Brazil | Metal and mining | 2019 |
| Walmart Stores Inc (incl. listed subsidiaries) | USA | Food and Consumer Staples | 2013 |
| Zijin Mining | China | Metal and mining | 2016 |
The Council on Ethics has the annual routine of urging the excluded companies to act in compliance with the international conventions.