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:
| Company | Country | Reason for exclusion |
| Anhui GreatWall Military Industry Co. Ltd. | China | Cluster munitions |
| Aryt Industries Ltd. | Israel | Anti personnel mines Cluster munitions |
| Bharat Dynamics Ltd. | India | Cluster munitions Nuclear weapons |
| China North Industries Group | China | Cluster munitions |
| China Aerospace Science & Technology Corp | China | Cluster munitions |
| China Aerospace Science & Industry Corp Ltd | China | Cluster munitions |
| Elbit Systems Ltd. | Israel | Cluster munitions |
| Hanwah Corp. | South Korea | Anti personnel mines Cluster munitions |
| Larsen & Tourbo Ltd. | India | Nuclear weapons |
| LIG Nex1 Co., Ltd | China | Cluster munitions |
| Lockheed Martin Corp. | USA | Anti personnel mines Cluster munitions |
| Northrop Grumman Corp. | USA | Anti personnel mines Cluster munitions |
| Petroleos de Venezuela, S.A. | Venezuela | Conduct based |
| Poongsan Corp. | South Korea | Cluster munitions |
| Poongsan Holding Corp. | South Korea | Cluster munitions |
| Premier Explosives Ltd. | India | Nuclear weapons |
| S&T Dynamics Co. Ltd. | South Korea | Anti personnel mines |
| S&T Holdings Co. Ltd. | South Korea | Anti personnel mines |
| Tata Power Co. Ltd. | India | Nuclear weapons |
| Textron Inc. | USA | Cluster munitions |
| Walchandnagar Industries Ltd. | India | Nuclear weapons |
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