Exclusions

We are convinced that focus on engagement in the long term will lead to the best results for our clients. However, companies and fund managers where engagement efforts have led to insufficient results can be excluded from any investment portfolio. Companies involved in the production of controversial weapons are directly excluded from the investment universe. Controversial weapons are defined as anti-personnel mines, cluster munitions, chemical and biological weapons, and nuclear weapons. 

 KCM only selects weapon related companies for investment if: 

1. these companies comply with the international weapon related conventions and treaties as mentioned in the Convention Library and 
2. these companies operate in compliance with local laws and regulations with regard to the production, storage, trading and use of weapons and 
3. weapons involved are not controversial weapons and 
4. weapons are not being provided to countries or people on the EU and/or UN sanction list, fragile or failing states, countries in civil war, suspicious and/or corrupt buyers, terrorist organizations and (organized) crime.

Exclusion list per Q1 2017 

Name of the company

Country of Domicile

In Violation With

Aecom US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Aeroteh SA Romenia Convention on Cluster Munitions (Dublin, 2008)
Orbital ATK US Convention on Cluster Munitions (Dublin, 2008)
(previous Alliant Techsystems) Mine Ban Treaty (Ottawa, 1997)
Aryt Industries Israel Convention on Cluster Munitions (Dublin, 2008)
Ashot Ashkelon Israel Convention on Cluster Munitions (Dublin, 2008)
Blueprint Technologies US Convention on Cluster Munitions (Dublin, 2008)
Bechtel US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Babcock & Wilcox US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
China Aerospace Science and Technology Corporation China Convention on Cluster Munitions (Dublin, 2008)
China North Industries Group Corporation China Convention on Cluster Munitions (Dublin, 2008)
China Spacesat Co., Ltd. China Convention on Cluster Munitions (Dublin, 2008)
Fluor Corporation US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
General Dynamics Corp US Convention on Cluster Munitions (Dublin, 2008)
Hanwha Corp Korea Convention on Cluster Munitions (Dublin, 2008)
Mine Ban Treaty (Ottawa, 1997)
Honeywell International US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Huntington Ingalls Industries US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Israel Military Industries Israel Convention on Cluster Munitions (Dublin, 2008)
Inner Mongolia North Heavy Industries China Convention on Cluster Munitions (Dublin, 2008)
Jacobs Engineering Group US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Korea Aerospace Industries Korea Convention on Cluster Munitions (Dublin, 2008)
Larsen and Toubro Ltd India Convention on Cluster Munitions (Dublin, 2008)
Lockheed Martin Corp US Convention on Cluster Munitions (Dublin, 2008)
The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Motovilikha Plants JSC Russia Convention on Cluster Munitions (Dublin, 2008)
Nabha Power Limited India Convention on Cluster Munitions (Dublin, 2008)
Newport News Nuclear US The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
North Huajin Chemical Industries Co., Ltd. China Convention on Cluster Munitions (Dublin, 2008)
North Navigation Control Technology Co., Ltd China Convention on Cluster Munitions (Dublin, 2008)
Poongsan Corp Korea Convention on Cluster Munitions (Dublin, 2008)
Raytheon US Convention on Cluster Munitions (Dublin, 2008)
Roketsan Roket Sanayi ve Ticaret Anonim Sirketi Turkey Convention on Cluster Munitions (Dublin, 2008)
Serco Group UK The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)
Singapore Technologies Engineering US Convention on Cluster Munitions (Dublin, 2008)
Mine Ban Treaty (Ottawa, 1997)
Textron US Convention on Cluster Munitions (Dublin, 2008)
Mine Ban Treaty (Ottawa, 1997)
The Boeing Company US Convention on Cluster Munitions (Dublin, 2008)
The Treaty on the Non-Proliferation of Nuclear Weapons (New York, 1968)

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Our team

Narina Mnatsakanian
Valeria Dinershteyn
Hanna Waltsgott