Recommendations for exclusion

Important note

The recommendations are intended for SVVK-ASIR members, who are free to decide for themselves whether they implement them. SVVK-ASIR does not issue collective guidelines on investment or voting rights decisions; its members act as independent trustees.

Issuer

Issuer Type
Country
Asset classes concerned
Conduct­-based exclusions
APM
Cluster munitions
Nuclear Weapons (outside of NPT)
Swiss arms embargo
Anhui GreatWall Military Industry Co., Ltd.
Corporate
CN
all securities
Aryt Industries Ltd.
Corporate
IL
all securities
AviChina Industry & Technology Company Limited
Corporate
CN
all securities
Bharat Dynamics Ltd.
Corporate
IN
all securities
Bolloré SE
Corporate
FR
all securities
Chevron Corp.
Corporate
US
debt additions* post 05/2026
China Aerospace Science & Industry Group Corp.
Corporate
CN
all securities
China Aerospace Science & Technology Group Co., Ltd.
Corporate
CN
all securities
China CITIC Financial Asset Management Co., Ltd. (formerly China Huarong Asset Management Co Ltd)
Corporate
CN
all securities
China Energy Engineering Corp. Ltd.
Corporate
CN
all securities
China North Industries Corp.
Corporate
CN
all securities
China North Industries Group Corp. Ltd.
Corporate
CN
all securities
China Northern Rare Earth
Corporate
CN
all securities
China Poly Group Corp. Ltd.
Corporate
CN
all securities
China Railway Construction Corp. Ltd.
Corporate
CN
all securities
CK Power Public Co. Ltd.
Corporate
TH
all securities
Coal India Ltd.
Corporate
IN
all securities
Export-Import Bank of India
Corporate
IN
all securities
ExxonMobil Corp.
Corporate
US
debt additions* post 05/2026
Grupa Niewiadow - PGM SA
Corporate
PL
all securities
HDC Hyundai Development Co.
Corporate
KR
all securities
Inner Mongolia Baotou Steel Union Co. Ltd.
Corporate
CN
all securities
KSB Ltd.
Corporate
IN
all securities
KSB SE & Co. KGaA
Corporate
DE
all securities
Larsen & Toubro Ltd.
Corporate
IN
all securities
LIG Corp.
Corporate
KR
all securities
LIG Nex1 Co., Ltd.
Corporate
KR
all securities
Lockheed Martin Corp.
Corporate
US
all securities
Marathon Petroleum Corp.
Corporate
US
debt additions* post 05/2026
MTAR Technologies Ltd.
Corporate
IN
all securities
OFILM Group Co., Ltd.
Corporate
CN
all securities
PBF Energy Inc.
Corporate
US
debt additions* post 05/2026
Petróleos de Venezuela S.A.
Corporate
VE
all securities
Phillips 66
Corporate
US
debt additions* post 05/2026
Poongsan Corp.
Corporate
KR
all securities
Poongsan Holdings Corp.
Corporate
KR
all securities
Premier Explosives Ltd.
Corporate
IN
all securities
Sandhar Technologies Ltd.
Corporate
IN
all securities
Saudi Arabian Oil Co.
Corporate
SA
debt additions* post 05/2026
SDIC Power Holdings Co., Ltd.
Corporate
CN
all securities
SNT Dynamics Co., Ltd.
Corporate
KR
all securities
SNT Holdings Co., Ltd.
Corporate
KR
all securities
Solar Industries India Ltd.
Corporate
IN
all securities
The Chemours Co.
Corporate
US
all securities
Tongling Nonferrous Metals Group Co., Ltd.
Corporate
CN
all securities
Valero Energy Corp.
Corporate
US
debt additions* post 05/2026
Walchandnagar Industries Ltd.
Corporate
IN
all securities
Xinjiang Zhongtai Chemical Co., Ltd.
Corporate
CN
all securities
Zen Technologies Ltd.
Corporate
IN
all securities
Afghanistan
Sovereign
AF
all securities
Belarus
Sovereign
BY
all securities
Iran
Sovereign
IR
all securities
Libya
Sovereign
LY
all securities
Myanmar
Sovereign
MM
all securities
North Korea
Sovereign
KP
all securities
Russia
Sovereign
RU
all securities
South Sudan
Sovereign
SS
all securities
Sudan
Sovereign
SD
all securities
Syria
Sovereign
SY
all securities
Venezuela
Sovereign
VE
all securities
Zimbabwe
Sovereign
ZW
all securities
* Exclusion recommendations in the climate context (Deny Debt) relate exclusively to debt securities (primary and secondary markets) and come into effect upon their publication.

Companies

Issuer Type: Corporate

Companies can violate the normative basis both with their products and with how they operate. In the first case, SVVK-ASIR excludes several producers of controversial weapons and their affiliates (Controversial Weapons Policy ). In the event of conduct-based violations, SVVK-ASIR seeks to enter into a targeted dialogue with the concerned company to bring about a change in conduct. Should the dialogue prove unsuccessful, this may lead to a recommendation to exclude the company concerned (Engagement and Exclusion Policy ).

Countries

Issuer Type: Sovereign

SVVK-ASIR recommends its members to exclude sovereign debt of countries against which Switzerland has issued a comprehensive military or repression goods embargo due to a violation of international law, namely human rights. For more information, please consult our guideline «Sanctions against countries ».