Excluded companies
When we receive confirmed information on breach of conventions or similar, we engage in a dialogue with the company about a change of conduct.
We organise a structured dialogue and set a clear objective of regularly monitoring progress. We engage in a dialogue either directly with the company or together with other investors – typically a mixture of the two. We often choose to vote at the company's annual general meeting. If the company shows no desire to change its conduct, or if it is unrealistic that this will happen, we will exclude the company from Nykredit's investments and review our decision within two years. The following companies have been excluded:
| 22ND CENTURY GROUP, INC. | Producer of tobacco |
| A1 Group Inc | Producer of tobacco |
| ABOITIZ EQUITY VENTURES INC. | Fossil policy |
| AC Energy Corporation | Fossil policy |
| ADANI POWER LIMITED | Fossil policy |
| ADANI TRANSMISSION LIMITED | Fossil policy |
| AEP TEXAS INC. | Fossil policy |
| Aerojet Rocketdyne Holdings, Inc. | Producer of depleted uranium munitions |
| AES Andes S.A. | Fossil policy |
| AFRICAN RAINBOW MINERALS LIMITED | Fossil policy |
| AKSA AKRILIK KIMYA SANAYII ANONIM SIRKETI | Fossil policy |
| AKSA ENERJI URETIM ANONIM SIRKETI | Fossil policy |
| Alabama Power Company | Fossil policy |
| ALBIOMA SA | Fossil policy |
| AL-EQBAL INVESTMENT COMPANY PLC | Producer of tobacco |
| ALLETE, INC. | Fossil policy |
| ALLIANCE RESOURCE PARTNERS, L.P. | Fossil policy |
| ALLIANT ENERGY CORPORATION | Fossil policy |
| Almaz-Antey Corporation | EU-sanctions |
| ALPHA METALLURGICAL RESOURCES, INC. | Fossil policy |
| Altria Group, Inc. | Producer of tobacco |
| AMEREN CORPORATION | Fossil policy |
| AN HUI WENERGY COMPANY LIMITED | Fossil policy |
| ANGLO AMERICAN PLC | Fossil policy |
| Anhui Great Wall Military Industry Co Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions |
| ANTERO RESOURCES CORPORATION | Fossil policy |
| APA CORPORATION | Fossil policy |
| APACHE CORPORATION | Fossil policy |
| Appalachian Power Company | Fossil policy |
| ARC RESOURCES LTD. | Fossil policy |
| ARCH COAL, INC. | Fossil policy |
| ARIZONA PUBLIC SERVICE COMPANY | Fossil policy |
| ARYT INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| ASCENT RESOURCES UTICA HOLDINGS, LLC | Fossil policy |
| ASHOT - ASHKELON INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| ATHABASCA OIL CORPORATION | Fossil policy |
| Avibras Industria Aeroespacial SA | Producer of weapons in breach with Oslo and Ottawa Conventions |
| AYALA CORPORATION | Fossil policy |
| B.A.T CAPITAL CORPORATION | Producer of tobacco |
| B.A.T. INTERNATIONAL FINANCE P.L.C. | Producer of tobacco |
| B.A.T. Netherlands Finance B.V. | Producer of tobacco |
| BADECO ADRIA d.d. Sarajevo | Producer of tobacco |
| Banpu Public Company Limited | Fossil policy |
| BAYTEX ENERGY CORP. | Fossil policy |
| BEML Limited | Producer of weapons in breach with Non-Proliferation Treaty |
| BERKSHIRE HATHAWAY ENERGY COMPANY | Fossil policy |
| BERRY CORPORATION (BRY) | Fossil policy |
| Bharat Dynamics Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions as well as Non-Proliferation Treaty |
| Bharat Heavy Electricals | Producer of weapons in breach with Non-Proliferation Treaty |
| BIRCHCLIFF ENERGY LTD. | Fossil policy |
| BLACK HILLS CORPORATION | Fossil policy |
| BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD | Producer of tobacco |
| BRITISH AMERICAN TOBACCO BANGLADESH CO. LTD. | Producer of tobacco |
| British American Tobacco Kenya plc | Producer of tobacco |
| BRITISH AMERICAN TOBACCO P.L.C. | Producer of tobacco |
| British American Tobacco Uganda | Producer of tobacco |
| British American Tobacco Zimbabwe (Holdings) Ltd | Producer of tobacco |
| Bukit Asam Tbk PT | Fossil policy |
| Bulgarian Energy Holding EAD | Fossil policy |
| Bulgartabac holding AD | Producer of tobacco |
| CALIFORNIA RESOURCES CORPORATION | Fossil policy |
| CALLON PETROLEUM COMPANY | Fossil policy |
| CANADIAN NATURAL RESOURCES LIMITED | Fossil policy |
| CAPITAL POWER CORPORATION | Fossil policy |
| Cenovus Energy Inc. | Fossil policy |
| CENTENNIAL RESOURCE DEVELOPMENT, INC. | Fossil policy |
| CENTERPOINT ENERGY, INC. | Fossil policy |
| Centrais Eletricas Brasileiras S.A. | Fossil policy |
| CESC LTD | Fossil policy |
| CEYLON TOBACCO COMPANY PLC | Producer of tobacco |
| Charlie’s Holdings, Inc. | Producer of tobacco |
| CHESAPEAKE ENERGY CORPORATION | Fossil policy |
| China Aerospace Science and Technology Corporation | Producer of weapons in breach with Oslo and Ottawa Conventions |
| China Boton Group Company Limited | Producer of tobacco |
| China Coal Energy Company Limited | Fossil policy |
| CHINA LONGYUAN POWER GROUP CORPORATION LIMITED | Fossil policy |
| China National Nuclear Power Co., Ltd | Fossil policy |
| CHINA NORTH INDUSTRIES GROUP CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| China Power International Development Limited | Fossil policy |
| China Resources Power Holdings Company Limited | Fossil policy |
| China Shenhua Energy Company Limited | Fossil policy |
| China Spacesat Co., Ltd. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| CIMAREX ENERGY CO. | Fossil policy |
| CIVITAS RESOURCES, INC. | Fossil policy |
| CLP HOLDINGS LIMITED | Fossil policy |
| CMS ENERGY CORPORATION | Fossil policy |
| CNOOC LIMITED | Fossil policy |
| CNX RESOURCES CORPORATION | Fossil policy |
| COAL INDIA LTD | Fossil policy |
| Coinbase Global, Inc. | Conflict with Global Compact principle 10 |
| Coka Duvanska Industrija ad Coka | Producer of tobacco |
| Colbun S.A. | Fossil policy |
| Comision Federal de Electricidad | Fossil policy |
| COMPAGNIE PETROLIERE IMPERIALE LTEE | Fossil policy |
| Compania General de Combustibles S.A. | Fossil policy |
| COMSTOCK RESOURCES, INC. | Fossil policy |
| CONG TY CO PHAN NGAN SON | Producer of tobacco |
| Cong Ty Co Phan Ngan Son | Producer of tobacco |
| CONSOL ENERGY INC. | Fossil policy |
| CONTINENTAL RESOURCES, INC. | Fossil policy |
| CONTOURGLOBAL PLC | Fossil policy |
| CORECIVIC, INC. | Breach of human rights |
| CORONADO GLOBAL RESOURCES INC. | Fossil policy |
| Coterra Energy Inc. | Fossil policy |
| CRESCENT ENERGY COMPANY | Fossil policy |
| CRESCENT POINT ENERGY CORP. | Fossil policy |
| CREW ENERGY INC. | Fossil policy |
| Crimean Sea Ports | |
| CTO Public Company Ltd | Producer of tobacco |
| DIAMONDBACK ENERGY, INC. | Fossil policy |
| DMCI HOLDINGS INC. | Fossil policy |
| Dobrolet | EU-sanctions |
| DTE ELECTRIC COMPANY | Fossil policy |
| DTE ENERGY COMPANY | Fossil policy |
| Duvanska industrija ad Bujanovac | Producer of tobacco |
| Eastern Company SAE | Producer of tobacco |
| ELBIT SYSTEMS LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Electric Power Development Co., Ltd. | Fossil policy |
| ELECTRICITY GENERATING PUBLIC COMPANY LIMITED | Fossil policy |
| EMERA INCORPORATED | Fossil policy |
| ENBRIDGE INC | Breaches of human rights |
| ENEA SPOLKA AKCYJNA | Fossil policy |
| ENERGA SPOLKA AKCYJNA | Fossil policy |
| Energy Transfer LP | Breaches of human rights (name change from Energy Transfer Partners, LP) |
| Enerplus Corporation | Fossil policy |
| ENEVA S.A | Fossil policy |
| ENTERGY ARKANSAS, LLC | Fossil policy |
| ENTERGY CORPORATION | Fossil policy |
| EOG RESOURCES, INC. | Fossil policy |
| EQT CORPORATION | Fossil policy |
| ESKOM HOLDINGS SOC LIMITED | Fossil policy |
| ESTERLINE TECHNOLOGIES C | Producer of depleted uranium munitions |
| EVERGY KANSAS CENTRAL, INC. | Fossil policy |
| Evergy Metro, Inc. | Fossil policy |
| Evergy, Inc. | Fossil policy |
| EXXARO RESOURCES LIMITED | Fossil policy |
| Feodosia | EU-sanctions |
| FIRST PACIFIC COMPANY LIMITED | Fossil policy |
| FIRSTENERGY CORP. | Fossil policy |
| Franco-Nevada Corporation | Fossil policy |
| Freeport-McMoRan Copper & Gold Inc. | Breach of human rights and norms safeguarding the environment |
| Fyolo Technology Corp | Producer of tobacco |
| Gazprom | OFAC-sanctions |
| Gazprom Neft | EU-sanctions |
| Gazprombank | EU-sanctions |
| GD POWER DEVELOPMENT CO., LTD. | Fossil policy |
| GENERAL DYNAMICS CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions, Producer of depleted uranium munitions |
| GENTING BERHAD | Fossil policy |
| GEO ENERGY RESOURCES LIMITED | Fossil policy |
| GEORGIA POWER COMPANY | Fossil policy |
| GILLA INC. | Producer of tobacco |
| Global Power Synergy Public Company Limited | Fossil policy |
| GMR INFRASTRUCTURE LIMITED | Fossil policy |
| GODFREY PHILLIPS INDIA LIMITED | Producer of tobacco |
| Golden Tobacco Ltd | Producer of tobacco |
| Gotse Delchev Tabac AD | Producer of tobacco |
| Great River Energy | Fossil policy |
| GUANGDONG INVESTMENT LIMITED | Fossil policy |
| Guanghui Energy Co., Ltd. | Fossil policy |
| GULFPORT ENERGY CORPORATION | Fossil policy |
| HANWHA AEROSPACE CO., LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| HANWHA CORP | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Healthier Choices Management Corp | Producer of tobacco |
| HESS CORPORATION | Fossil policy |
| Hokkaido Electric Power Company, Incorporated | Fossil policy |
| Hokuriku Electric Power Company | Fossil policy |
| Huabao International Holdings Limited | Producer of tobacco |
| Huadian Power International Corporation Limited | Fossil policy |
| HUANENG POWER INTERNATIONAL, INC. | Fossil policy |
| IDACORP, INC. | Fossil policy |
| Imperial Brands Finance Netherlands B.V. | Producer of tobacco |
| IMPERIAL BRANDS FINANCE PLC | Producer of tobacco |
| IMPERIAL BRANDS PLC | Producer of tobacco |
| INDIANA MICHIGAN POWER COMPANY | Fossil policy |
| Indo Tambangraya Megah Tbk PT | Fossil policy |
| Indonesian Tobacco Tbk PT | Producer of tobacco |
| INNER MONGOLIA JUNZHENG ENERGY & CHEMICAL GROUP CO., LTD. | Fossil policy |
| INNER MONGOLIA YITAI COAL CO., LTD | Fossil policy |
| INTER RAO YEES PAO | Fossil policy |
| IPALCO ENTERPRISES INC | Fossil policy |
| ISRAEL MILITARY INDUSTRIES LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| ITC LIMITED | Producer of tobacco |
| ITOCHU ENEX CO., LTD. | Fossil policy |
| Japan Petroleum Exploration Co., Ltd. | Fossil policy |
| JAPAN TOBACCO INC. | Producer of tobacco |
| JARDINE MATHESON HOLDINGS LIMITED | Fossil policy |
| JARDINE STRATEGIC HOLDINGS LIMITED | Fossil policy |
| JASTRZEBSKA SPOLKA WEGLOWA SPOLKA AKCYJNA | Fossil policy |
| JBS S.A. | Breach of norms safeguarding the environment |
| Jerusalem Cigarette Co Ltd | Producer of tobacco |
| JINDAL STEEL AND POWER LIMITED | Fossil policy |
| JSC Kalashnikov | EU-sanctions |
| JSC Tula Arms Plant | EU-sanctions |
| JT International Financial Services B.V. | Producer of tobacco |
| Karelia Tobacco Company Inc SA | Producer of tobacco |
| Khyber Tobacco Company Ltd | Producer of tobacco |
| KINDER MORGAN, INC. | Fossil policy |
| KOREA AEROSPACE INDUSTRIES, LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Korea East-West Power Co., Ltd. | Fossil policy |
| Korea Midland Power Co., Ltd | Fossil policy |
| Korea South-East Power Co., Ltd | Fossil policy |
| Korea Southern Power Co., Ltd. | Fossil policy |
| Korea Western Power Co., Ltd | Fossil policy |
| KT&G Corporation | Producer of tobacco |
| Kyushu Electric Power Company, Incorporated | Fossil policy |
| LAREDO PETROLEUM, INC | Fossil policy |
| LARSEN AND TOUBRO LIMITED | Producer of weapons in breach with Oslo and Ottawa Conventions |
| LIG Nex1 Co., Ltd | Producer of weapons in breach with Oslo and Ottawa Conventions |
| LOCKHEED MARTIN CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Lukoil | OFAC-sanctions |
| MAGNOLIA OIL & GAS CORPORATION | Fossil policy |
| MALAKOFF CORPORATION BERHAD | Fossil policy |
| MANILA ELECTRIC CO. | Fossil policy |
| MARATHON OIL CORPORATION | Fossil policy |
| MARATHON PETROLEUM CORP | Breaches of human rights |
| MATADOR RESOURCES COMPANY | Fossil policy |
| MECHEL PAO | Fossil policy |
| MEDIGREEN HOLDINGS CORPORATION | Producer of tobacco |
| MEG Energy Corp. | Fossil policy |
| MGE ENERGY, INC. | Fossil policy |
| MIDAMERICAN ENERGY COMPANY | Fossil policy |
| MONONGAHELA POWER COMPANY | Fossil policy |
| MOTOROLA SOLUTIONS INC | Breaches of human rights in occupied territories |
| MOTOVILIKHINSKIYE ZAVODY PAO | Producer of weapons in breach with Oslo and Ottawa Conventions |
| MURPHY OIL CORPORATION | Fossil policy |
| NATIONAL FUEL GAS COMPANY | Fossil policy |
| NATIONAL PRESTO INDUSTRIES, INC. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| NEW HOPE CORPORATION LIMITED | Fossil policy |
| Nicotiana BT Holding AD | Producer of tobacco |
| NISOURCE INC. | Fossil policy |
| NLC INDIA LIMITED | Fossil policy |
| North Huajin Chemical Industries Co., Ltd. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| NORTH NAVIGATION CONTROL TECHNOLOGY CO LTD. | Producer of weapons in breach with Oslo and Ottawa Conventions |
| NORTHERN OIL AND GAS, INC. | Fossil policy |
| Northern States Power Company (Minnesota) | Fossil policy |
| Northrop Grumman Corporation | Producer of depleted uranium munitions |
| NORTHWESTERN CORPORATION | Fossil policy |
| NOVA SCOTIA POWER INCORPORATED | Fossil policy |
| Novatek | OFAC-sanctions |
| NPK Technologii Maschinostrojenija | EU-sanctions |
| NTC Industries Ltd | Producer of tobacco |
| OAO Almaz Antey | EU-sanctions |
| OAO NPO Bazalt | EU-sanctions |
| OAO VO Technopromexport (OAO VO TPE) | |
| OAO Wysokototschnye Kompleksi | |
| OASIS PETROLEUM INC. | Fossil policy |
| OCI Company Ltd. | Fossil policy |
| OCP S.A. | Breaches of human rights in occupied territories |
| OGE ENERGY CORP. | Fossil policy |
| OKLAHOMA GAS AND ELECTRIC COMPANY | Fossil policy |
| Old Holdco, Inc. | Producer of tobacco |
| OOO VO Technopromexport (OOO VO TPE) | EU-sanctions |
| OPC Energy Ltd. | Fossil policy |
| OPK Oboronprom | EU-sanctions |
| Otter Tail Corporation | Fossil policy |
| OVINTIV INC. | Fossil policy |
| Ozon Holdings | OFAC-sanctions |
| Pakistan Tobacco Company Ltd | Producer of tobacco |
| PARAMOUNT RESOURCES LTD. | Fossil policy |
| Pazardzhik BTM AD | Producer of tobacco |
| PDC ENERGY, INC. | Fossil policy |
| PEABODY ENERGY CORPORATION | Fossil policy |
| PEYTO EXPLORATION & DEVELOPMENT CORP. | Fossil policy |
| PGE POLSKA GRUPA ENERGETYCZNA SPOLKA AKCYJNA | Fossil policy |
| PHILIP MORRIS (PAKISTAN ) LTD | Producer of tobacco |
| Philip Morris CR as | Producer of tobacco |
| Philip Morris International Inc. | Producer of tobacco |
| Philip Morris Operations a.d. Nis | Producer of tobacco |
| PHILLIPS 66 | Breaches of human rights |
| PINNACLE WEST CAPITAL CORPORATION | Fossil policy |
| PIONEER NATURAL RESOURCES COMPANY | Fossil policy |
| PJSC Chernomorneftegaz | EU-sanctions |
| PJSC Mostotrest | EU-sanctions |
| PNM RESOURCES, INC. | Fossil policy |
| POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SPOLKA AKCYJNA | Fossil policy |
| POONGSAN CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| POONGSAN HOLDINGS CORPORATION | Producer of weapons in breach with Oslo and Ottawa Conventions |
| PORTLAND GENERAL ELECTRIC COMPANY | Fossil policy |
| Power Assets Holdings Limited | Fossil policy |
| PRAIRIESKY ROYALTY LTD. | Fossil policy |
| PREMIER EXPLOSIVES LTD | Producer of weapons in breach with Non-Proliferation Treaty |
| PT ABM Investama Tbk | Fossil policy |
| PT Adaro Energy Tbk | Fossil policy |
| PT Astra International Tbk | Fossil policy |
| PT Bentoel International Investama Tbk | Producer of tobacco |
| PT Cikarang Listrindo Tbk | Fossil policy |
| PT Delta Dunia Makmur Tbk | Fossil policy |
| PT Gudang Garam Tbk | Producer of tobacco |
| PT Hanjaya Mandala Sampoerna Tbk | Producer of tobacco |
| PT Indika Energy Tbk | Fossil policy |
| PT Indonesia Asahan Aluminium (Persero) | Fossil policy |
| PT Perusahaan Listrik Negara (Persero) | Fossil policy |
| PT United Tractors Tbk | Fossil policy |
| PUBLIC POWER CORPORATION S.A. | Fossil policy |
| PUBLIC SERVICE COMPANY OF COLORADO | Fossil policy |
| PUGET ENERGY, INC. | Fossil policy |
| PUGET SOUND ENERGY, INC. | Fossil policy |
| Pyxus International, Inc. | Producer of tobacco |
| RANGE RESOURCES CORPORATION | Fossil policy |
| RATCH GROUP PUBLIC COMPANY LIMITED | Fossil policy |
| Reynolds American Inc. | Producer of tobacco |
| RLX Technology Inc | Producer of tobacco |
| Roketsan Roket Sanayi ve Ticaret Anonim Sirketi | Producer of weapons in breach with Oslo and Ottawa Conventions |
| Rosneft | EU-sanctions |
| Rosselkhozbank | EU-sanctions |
| Russian National Commercial Bank (RNCB) | EU-sanctions |
| S&T DYNAMICS CO LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| S&T HOLDINGS CO LTD | Producer of weapons in breach with Oslo and Ottawa Conventions |
| SAN MIGUEL CORPORATION | Fossil policy |
| SARAS S.P.A. | Fossil policy |
| Sberbank | EU-sanctions |
| SCANDINAVIAN TOBACCO GROUP A/S | Producer of tobacco |
| SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | Producer of tobacco |
| SDIC Power Holdings Co., Ltd. | Fossil policy |
| Semirara Mining and Power Corporation | Fossil policy |
| SGC Energy Co.,Ltd | Fossil policy |
| SHANDONG ENERGY GROUP CO., LTD | Fossil policy |
| Shanghai Industrial Holdings Limited | Producer of tobacco |
| Shanxi Coking Coal Energy Group Co., Ltd. | Fossil policy |
| Shanxi Lu'an Environmental Energy Dev. Co., Ltd | Fossil policy |
| Shanxi Xishan Coal and Electricity Power Co., Ltd. | Fossil policy |
| Shenergy Company Limited | Fossil policy |
| Shenzhen Energy Group Co., Ltd. | Fossil policy |
| Shikoku Electric Power Company, Incorporated | Fossil policy |
| Shumen Tabac AD | Producer of tobacco |
| Shaanxi Coal Industry Company Limited | Fossil policy |
| SIERRA PACIFIC POWER COMPANY | Fossil policy |
| Sila Holdings PLC | Producer of tobacco |
| Sinnar Bidi Udyog Ltd | Producer of tobacco |
| Slantse Stara Zagora Tabak AD | Producer of tobacco |
| SM ENERGY COMPANY | Fossil policy |
| SMC GLOBAL POWER HOLDINGS CORP. | Fossil policy |
| Smokefree Innotec Inc | Producer of tobacco |
| Smoore International Holdings Ltd | Producer of tobacco |
| Societe Ivoirienne des Tabacs SA | Producer of tobacco |
| Solar Industries India Limited | Producer of weapons in breach with Oslo and Ottawa Conventions |
| SOUTHWESTERN ELECTRIC POWER COMPANY | Fossil policy |
| SOUTHWESTERN ENERGY COMPANY | Fossil policy |
| SOUTHWESTERN PUBLIC SERVICE COMPANY | Fossil policy |
| Starfleet Innotech Inc | Producer of tobacco |
| STG Global Finance B.V. | Producer of tobacco |
| Stroygazmontazh Corporation (SGM Group) | EU-sanctions |
| Suncor Energy Inc. | Fossil policy |
| Sunoco Logistics Partners L.P. | Breaches of human rights |
| Supreme PLC | Producer of tobacco |
| Surgutneftegas | OFAC-sanctions |
| Swedish Match AB | Producer of tobacco |
| TAMPA ELECTRIC COMPANY | Fossil policy |
| Tanzania Cigarette Company Ltd | Producer of tobacco |
| TAQA MOROCCO SA | Fossil policy |
| TATA POWER CO LTD | Producer of weapons in breach with Non-Proliferation Treaty and fossil policy |
| Tatneft | OFAC-sanctions |
| TAURON POLSKA ENERGIA SPOLKA AKCYJNA | Fossil policy |
| TBEA CO., LTD. | Fossil policy |
| Tecpetrol S.A. | Fossil policy |
| TELLURIAN INC. | Fossil policy |
| TENAGA NASIONAL BERHAD | Fossil policy |
| TENNESSEE VALLEY AUTHORITY | Fossil policy |
| TEXTRON INC | Producer of weapons in breach with Oslo and Ottawa Conventions |
| THE AES CORPORATION | Fossil policy |
| The Chugoku Electric Power Company, Incorporated | Fossil policy |
| THE GEO GROUP, INC. | Breach of human rights |
| THE HUB POWER COMPANY LIMITED | Fossil policy |
| THE ISRAEL ELECTRIC CORP. LTD. | Fossil policy |
| The Kansai Electric Power Company, Incorporated | Fossil policy |
| The Okinawa Electric Power Company, Incorporated | Fossil policy |
| THE WEST INDIAN TOBACCO COMPANY LIMITED | Producer of tobacco |
| Thungela Resources Ltd | Fossil policy |
| Tohoku Electric Power Company, Incorporated | Fossil policy |
| TORRENT POWER LIMITED | Fossil policy |
| TOURMALINE OIL CORP. | Fossil policy |
| TPI Polene Power Public Company Limited | Fossil policy |
| TransAlta Corporation | Fossil policy |
| TRANSDIGM GROUP INC | Producer of depleted uranium munitions |
| Transneft | EU-sanctions |
| TSL Ltd | Producer of tobacco |
| TUCSON ELECTRIC POWER COMPANY | Fossil policy |
| TURNING POINT BRANDS, INC. | Producer of tobacco |
| Tutunski Kombinat AD Prilep | Producer of tobacco |
| UNION ELECTRIC COMPANY | Fossil policy |
| Union Investment Corp. P.L.C. | Producer of tobacco |
| Union Tobacco and Cigarette Industries Company PSC | Producer of tobacco |
| United Aircraft Corporation | EU-sanctions |
| UNIVERSAL CORPORATION | Producer of tobacco |
| Uralvagonzavod | EU-sanctions |
| Vapor Group Inc | Producer of tobacco |
| Vapor Hub International Inc | Producer of tobacco |
| VECTOR GROUP LTD. | Producer of tobacco |
| Virginia Electric and Power Company | Fossil policy |
| Vnesheconombank (VEB) | EU-sanctions |
| VPR Brands LP | Producer of tobacco |
| VST INDUSTRIES LIMITED | Producer of tobacco |
| VTB Bank | EU-sanctions |
| VTORAYA GENERIRUYUSHCHAYA KOMPANIYA OPTOVOGO RYNKA ELEKTROENERGII PAO | Fossil policy |
| WALCHANDNAGAR INDUSTRIES LIMITED | Producer of weapons in breach with Non-Proliferation Treaty |
| WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED | Fossil policy |
| Wee-Cig International Corp | Producer of tobacco |
| WHITEHAVEN COAL LIMITED | Fossil policy |
| WHITING PETROLEUM CORPORATION | Fossil policy |
| WINTIME ENERGY CO.,LTD. | Fossil policy |
| WISCONSIN POWER AND LIGHT COMPANY | Fossil policy |
| WISCONSIN PUBLIC SERVICE CORPORATION | Fossil policy |
| Wismilak Inti Makmur Tbk PT | Producer of tobacco |
| Yandex | OFAC-sanctions |
| Yankuang Energy Group Company Limited | Fossil policy |
| Yanzhou Coal Mining Company Limited | Fossil policy |
| YUNIPRO PAO | Fossil policy |
| ZAO Interavtomatika (IA) | EU-sanctions |
| Zavod shampanskyh vin Novy Svet | EU-sanctions |
| Zhejiang Zheneng Electric Power CO., LTD | Fossil policy |
Updated July 8, 2022.