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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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