The Pension Fund excludes companies for which it cannot achieve the desired effect through engagement and companies that systematically violate conventions or agreements ratified by Switzerland from its investment universe. This includes companies that are involved in the production of controversial weapons for example. The ESG Committee periodically reviews its exclusion list and may modify it at any time.
The Pension Fund currently excludes the following companies from its investment universe:
| Reason for exclusion | |||||
| Company | Country | Antipersonnel mines | Cluster munitions | Nuclear weapons | Conduct based |
| Anhui GreatWall Military Industry Co. Ltd. | China | x | |||
| Aryt Industries Ltd. | Israel | x | x | ||
| Bharat Dynamics Ltd. | India | x | x | ||
| China North Industries Group | China | x | |||
| China Aerospace Science & Technology Corp | China | x | |||
| China Aerospace Science & Industry Corp Ltd | China | x | |||
| Elbit Systems Ltd. | Israel | x | |||
| Hanwah Corp. | South Korea | x | x | ||
| Larsen & Tourbo Ltd. | India | x | |||
| LIG Nex1 Co., Ltd | China | x | |||
| Lockheed Martin Corp. | USA | x | x | ||
| Northrop Grumman Corp. | USA | x | x | ||
| Petroleos de Venezuela, S.A. | Venezuela | x | |||
| Poongsan Corp. | South Korea | x | |||
| Poongsan Holding Corp. | South Korea | x | |||
| Premier Explosives Ltd. | India | x | |||
| S&T Dynamics Co. Ltd. | South Korea | x | |||
| S&T Holdings Co. Ltd. | South Korea | x | |||
| Tata Power Co. Ltd. | India | x | |||
| Textron Inc. | USA | x | |||
| Walchandnagar Industries Ltd. | India | x | |||
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