Editor’s note: We typically publish original content on Yield Positive. However, this post is thought-provoking and relevant so we are reposting it with permission. The original post can be found here.
Want to work for racial justice? Organize, protest, vote, and spend with intention. And stop giving your investment dollars to companies that exacerbate racial inequities. When publicly traded companies employ these practices, the repercussions extend throughout the financial system.

Robasciotti & Philipson, a Black-owned investment firm, has created a bold and comprehensive racial justice screen for publicly traded companies. We put it to work for our clients in our RISE portfolios. Today, we are publicizing the list of companies we exclude from our portfolios based on our racial justice screen, so others can freely access this data. We continue to conduct research with our partners to ensure this list reflects the insights of social justice movements.
The table below includes the list of companies, the reason each was excluded, and a data source. Below the table, you can find more details about each criteria for exclusion (Note 1), as well as links to the data sources (Note 2).
Racial Justice Exclusion List
Ticker Symbol | Company Name | Data Source | Reason for Exclusion (1) | Reason for Exclusion (2) |
---|---|---|---|---|
ARMK | Aramark | AFSC | Prison Involvement | |
FER | Ferrovial | AFSC | Prison Involvement | |
SW and SDXAY | Sodexo | AFSC | Prison Involvement | |
GEO | The GEO Group | AFSC | Prison Involvement | |
CITY | Avalon Correctional | AFSC | Prison Involvement | |
SPCB | SuperCom | AFSC | Prison Involvement | |
MTO | Mitie | AFSC | Prison Involvement | |
GVA | Granite | AFSC | Immigrant Detention | |
KBR | KBR Inc | AFSC | Immigrant Detention | |
TH and EAGLU | Target Hospitality | AFSC | Immigrant Detention | |
FFH | Fairfax Financial Holdings Limited | AFSC | Money Bail Involvement | |
RLI | RLI Corp | AFSC | Money Bail Involvement | |
ACHC | Acadia Healthcare Co | AFSC | Prison Involvement | Immigrant Detention |
CXW | CoreCivic | AFSC | Prison Involvement | Immigrant Detention |
GFS | G4S | AFSC | Prison Involvement | Immigrant Detention |
BLK | Blackrock | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
STT | State Street | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
BK | Bank of New York | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
PRU | Prudential | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
NTRS | Northern Trust Corp | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
IVZ | Invesco | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
SCHW | Charles Schwab | Quarterly Filings & enlace | Prison Involvement | Immigrant Detention |
SRP | Serco | AFSC | Prison Involvement | Immigrant Detention |
2415 | Hikvision Digital Tech | Market Watch | Surveillance | |
2236 | Dahua Technology | IPVM | Surveillance | |
AMZN | Amazon | New York Times | Surveillance | |
ACN | Accenture | AFSC | Surveillance | Immigrant Detention |
BA | Boeing | AFSC | Surveillance | Immigrant Detention |
GD | General Dynamics | AFSC | Surveillance | Immigrant Detention |
LHX | L3 Technologies | AFSC | Surveillance | Immigrant Detention |
NOC | Northrop Grumman | AFSC | Surveillance | Immigrant Detention |
RTX | Raytheon | AFSC | Surveillance | Immigrant Detention |
TRI | Thomson Reuters Corp | AFSC | Surveillance | Immigrant Detention |
ATGE | Adtalem Global Education | Original Research | For-Profit Colleges | |
APO | Apollo Education Group | Original Research | For-Profit Colleges | |
APEI | American Public Education | Original Research | For-Profit Colleges | |
PRDO | Career Education Corporation | Original Research | For-Profit Colleges | |
GHC | Graham Holdings | Original Research | For-Profit Colleges | |
LAUR | Laureate Education | Original Research | For-Profit Colleges | |
LINC | Lincoln Group of Schools | Original Research | For-Profit Colleges | |
STRA | Strategic Education | Original Research | For-Profit Colleges | |
ZVO | Zovio | Original Research | For-Profit Colleges | |
MMM | 3M Co | AFSC | Occupied Territories | |
AFIL | Africa Israel Investments Ltd | AFSC | Occupied Territories | |
ALHE | Alony-Hetz Properties & Investments | AFSC | Occupied Territories | |
ALO | Alstom | AFSC | Occupied Territories | |
ATC | Altice | AFSC | Occupied Territories | |
ASHG | Ashtrom Group Ltd | AFSC | Occupied Territories | |
BYAR.B5 | B Yair Building Corp 1988 Ltd | AFSC | Occupied Territories | |
BAESY | BAE Systems PLC | AFSC | Occupied Territories | |
POLI | Bank Hapoalim BM | AFSC | Occupied Territories | |
LUMI | Bank Leumi Le-Israel BM | AFSC | Occupied Territories | |
JBNK | Bank of Jerusalem Ltd | AFSC | Occupied Territories | |
BEZQ | Bezeq The Israeli Telecommunication Corp Ltd | AFSC | Occupied Territories | |
BA | Boeing Co | AFSC | Occupied Territories | |
BRND | Brand Industries Ltd | AFSC | Occupied Territories | |
CAT | Caterpillar Inc | AFSC | Occupied Territories | |
CEL | Cellcom Israel Ltd | AFSC | Occupied Territories | |
CX | Cemex SAB de CV | AFSC | Occupied Territories | |
BCB | Cott Corp | AFSC | Occupied Territories | |
DLEKG | Delek Group Ltd | AFSC | Occupied Territories | |
DRAL | Dor Alon Energy In Israel | AFSC | Occupied Territories | |
DXC | DXC Technology Co | AFSC | Occupied Territories | |
ESLT | Elbit Systems Ltd | AFSC | Occupied Territories | |
ELTR | Electra Ltd | AFSC | Occupied Territories | |
ENRG | Energix-Renewable Energies Ltd | AFSC | Occupied Territories | |
FIBI | First International Bank of Israel Ltd | AFSC | Occupied Territories | |
FORT | Formula Systems (1985) Ltd | AFSC | Occupied Territories | |
656 | Fosun International Ltd | AFSC | Occupied Territories | |
GOSS | G1 Secure Solutions Ltd | AFSC | Occupied Territories | |
GFS | G4S plc | AFSC | Occupied Territories | |
GD | General Dynamics Corp | AFSC | Occupied Territories | |
GE | General Electric Co | AFSC | Occupied Territories | |
GNE | Genie Energy Ltd | AFSC | Occupied Territories | |
HEI | HeidelbergCement AG | AFSC | Occupied Territories | |
DSCT | Israel Discount Bank Ltd | AFSC | Occupied Territories | |
KARD | Kardan NV | AFSC | Occupied Territories | |
LHX | L3Harris Technologies Inc | AFSC | Occupied Territories | |
LSCO | Lesico Ltd | AFSC | Occupied Territories | |
LMT | Lockheed Martin Corp | AFSC | Occupied Territories | |
LRAD | LRAD Corp | AFSC | Occupied Territories | |
MAGS | Magal Security Systems Ltd | AFSC | Occupied Territories | |
MEDN | Mehadrin Ltd | AFSC | Occupied Territories | |
MNRV | Minrav Holdings Ltd | AFSC | Occupied Territories | |
MZTF | Mizrahi Tefahot Bank Ltd | AFSC | Occupied Territories | |
AVIV | Mordechai Aviv Taasiot Beniyah (1973) Ltd | AFSC | Occupied Territories | |
MSI | Motorola Solutions Inc | AFSC | Occupied Territories | |
MCPL | Municipal Bank Ltd | AFSC | Occupied Territories | |
NOC | Northrop Grumman Corp | AFSC | Occupied Territories | |
OAK | Oaktree Capital Group LLC | AFSC | Occupied Territories | |
PTRR | Partner Communications Co Ltd | AFSC | Occupied Territories | |
PZOL | Paz Oil Co Ltd | AFSC | Occupied Territories | |
RMLI | Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | AFSC | Occupied Territories | |
RTX | Raytheon Co | AFSC | Occupied Territories | |
ROTS | Rotshtein Realestate Ltd | AFSC | Occupied Territories | |
SKBN | Shikun & Binui Ltd | AFSC | Occupied Territories | |
1165 | Shunfeng International Clean Energy | AFSC | Occupied Territories | |
TGBR | Tigbur- Temporary Professional Personnel Ltd | AFSC | Occupied Territories | |
UTX | United Technologies Corp | AFSC | Occupied Territories | |
DIMRI | Y.H.Dimri Building & Development Ltd | AFSC | Occupied Territories | |
ZMH | Z M H Hammerman Ltd | AFSC | Occupied Territories |
You can learn more about RISE and our other social justice investment criteria here.
Note 1: Reason for Exclusion
- Private Prison Involvement is an exclusion factor because, “Racial and ethnic disparities are still a substantial feature of our prison system,” contributing to “blacks and Latinos comprising 56% of the incarcerated population, yet only 30% of the U.S. population.” (The Sentencing Project), while “Native Americans are incarcerated 38% higher than the national average.” (Poor People’s Campaign).
- Money Bail Involvement is an exclusion factor because, “If people cannot pay the amount set for their bail, which is often put intentionally out of reach for people of color, they remain stuck in jail and lose the ability to work, raise their children and be free as people who are legally presumed innocent.” Color of Change
- Surveillance is an exclusion factor because, “As long as publicly funded properties are allowed to install these invasive surveillance tools, Black residents and marginalized communities will continue to be disproportionately exposed to the dangers of unchecked policing, surveillance, and discrimination.” Color of Change
- Immigrant Detention is an exclusion factor because this practice is “…rooted in white supremacy built on the systemic criminalization, commodification, and dehumanization of Black, brown, and indigenous bodies.” Race Forward
- For-Profit Colleges is an exclusion factor because, “The industry specifically targets low-income students, people of color, single parents, and veterans” and “students are left with mountains of debt and without the means to pay for it. For-profit colleges account for 13% of the student population, but 33% of federal loan defaults.” Project on Predatory Student Lending
- Occupied Territories is an exclusion factor because, “In the occupied West Bank, Palestinians are subject to Israeli military law, while Israelis who reside in Jewish-only illegal settlements are subject to Israeli civilian law. Human Rights Watch called this two-tiered system ‘separate and unequal,’ invoking the US legal doctrine that allowed racial segregation under Jim Crow laws in the US, and added that Israel gives ‘preferential services, development, and benefits for Jewish settlers while imposing harsh conditions on Palestinians.’” American Friends Service Committee
Note 2: Data Source Citations
- American Friends Service Committee: Border Construction and Maintenance, Transportation and Deportation, Borders, Target Hospitality Corp, Community Corrections, How to Divest, Prisons, Private Facilities Internationally, Border Surveillance and Monitoring, High-Tech Surveillance of Immigrants, Bail Bonds, Occupations
- NASDAQ Market Activity
- enlace: Million Shares Club
- Market Watch: Hybrid Video Surveillance Market is Thriving Globally: By Top Leading Players: Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd, Axis Communications AB
- IPVM: Hikvision And Dahua Sanctioned For Human Rights Abuses
- Amazon Faces Investor Pressure Over Facial Recognition
- Original research performed by Robasciotti & Philipson.