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 | Bloomberg Company ID | ISIN | Reason for exclusion |
| Anhui GreatWall Military Industry Co. Ltd. | 40403623 | CNE1000036L1 | Clustermunition |
| Aryt Industries Ltd. | 102203 | IL0005870147 | Antipersonnelmines Clustermunition |
| Bharat Dynamics Ltd. | 17554517 | INE171Z01018 | Clustermunition Nuclearweapons |
| China North Industries Group Corp | 157912 | CND10000KPW0 | Clustermunition |
| China Aerospace Science & Technology Corp | 10660637 | CND100006HP7 | Clustermunition |
| China Aerospace Science & Industry Corp Ltd | 7812460 | CND1000142N4 | Clustermunition |
| Elbit Systems Ltd. | 202402 | IL0010811243 | Clustermunition |
| Hanwah Corp. | 117698 | KR7000880005 | Antipersonnelmines Clustermunition |
| L3 Harris Technologies, Inc. | 100710 | US5024311095 | Antipersonnelmines Clustermunition |
| L3 Technologies, Inc. | 381726 | US5024131071 | Antipersonnelmines Clustermunition |
| Larsen & Tourbo Ltd. | 152324 | INE018A01030 | Nuclearweapon |
| LIG Nex1 Co., Ltd | 18235724 | KR7079550000 | Clustermunition |
| Lockheed Martin Corp. | 156923 | US5398301094 | Antipersonnelmines Clustermunition |
| MTAR Technologies Ltd. | 21671379 | INE864I01014 | Nuclearweapon |
| Northrop Grumman Corp. | 101090 | US6668071029 | Antipersonnelmines Clustermunition |
| Petroleos de Venezuela, S.A. | 143124 | USP7807HAM71 | Conduct based |
| Poongsan Corp. | 14481691 | KR7103140000 | Clustermunition |
| Poongsan Holding Corp. | 129312 | KR7005810007 | Clustermunition |
| Premier Explosives Ltd. | 152507 | INE863B01011 | Nuclearweapon |
| Sandhar Technologies Ltd. | 10851015 | INE278H01035 | Antipersonnelmines Nuclearweapon |
| Solar Industries India Ltd. | 10416954 | INE343H01029 | Clustermunition |
| S&T Dynamics Co. Ltd. | 117912 | KR7003570009 | Antipersonnelmines |
| S&T Holdings Co. Ltd. | 815861 | KR7036530004 | Antipersonnelmines |
| Tata Power Co. Ltd. | 169748 | INE245A01021 | Nuclearweapon |
| Textron Inc. | 101464 | US8832031012 | Clustermunition |
| Textron Financial Corp. | 218707 | US8832031012 | Clustermunition |
| Walchandnagar Industries Ltd. | 198917 | INE711A01022 | Nuclearweapon |
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