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
CompanyCountryAnti-personnel minesCluster munitionsNuclear weapons
Anhui GreatWall Military Industry Co. Ltd.Chinax
Aryt Industries Ltd.Israelxx
Bharat Dynamics Ltd.Indiaxx
Elbit Systems Ltd.Israelx
Hanwha Corp.South Koreaxx
Larsen & Toubro Ltd.Indiax
Lockheed Martin Corp.USxx
Northrop Grumman Corp.USxx
Poongsan Corp.South Koreax
Poongsan Holding Corp.South Koreax
Premier Explosives Ltd.Indiax
S&T Dynamics Co. Ltd.South Koreax
S&T Holdings Co. Ltd.South Koreax
Tata Power Co. Ltd.Indiax
Textron Inc.USx
Walchandnagar Industries Ltd.Indiax