Stop Funding Systemic Racism. This List Can Help.

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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 SymbolCompany NameData SourceReason for Exclusion (1)Reason for Exclusion (2)
ARMKAramarkAFSCPrison Involvement
FERFerrovialAFSCPrison Involvement
SW and SDXAYSodexoAFSCPrison Involvement
GEOThe GEO GroupAFSCPrison Involvement
CITYAvalon CorrectionalAFSCPrison Involvement
SPCBSuperComAFSCPrison Involvement
MTOMitieAFSCPrison Involvement
GVAGraniteAFSCImmigrant Detention
KBRKBR IncAFSCImmigrant Detention
TH and EAGLUTarget HospitalityAFSCImmigrant Detention
FFHFairfax Financial Holdings LimitedAFSCMoney Bail Involvement
RLIRLI CorpAFSCMoney Bail Involvement
ACHCAcadia Healthcare CoAFSCPrison InvolvementImmigrant Detention
CXWCoreCivicAFSCPrison InvolvementImmigrant Detention
GFSG4SAFSCPrison InvolvementImmigrant Detention
BLKBlackrockQuarterly Filings & enlacePrison InvolvementImmigrant Detention
STTState StreetQuarterly Filings & enlacePrison InvolvementImmigrant Detention
BKBank of New YorkQuarterly Filings & enlacePrison InvolvementImmigrant Detention
PRUPrudentialQuarterly Filings & enlacePrison InvolvementImmigrant Detention
NTRSNorthern Trust CorpQuarterly Filings & enlacePrison InvolvementImmigrant Detention
IVZInvescoQuarterly Filings & enlacePrison InvolvementImmigrant Detention
SCHWCharles SchwabQuarterly Filings & enlacePrison InvolvementImmigrant Detention
SRPSercoAFSCPrison InvolvementImmigrant Detention
2415Hikvision Digital TechMarket WatchSurveillance
2236Dahua TechnologyIPVMSurveillance
AMZNAmazonNew York TimesSurveillance
ACNAccentureAFSCSurveillanceImmigrant Detention
BABoeingAFSCSurveillanceImmigrant Detention
GDGeneral DynamicsAFSCSurveillanceImmigrant Detention
LHXL3 TechnologiesAFSCSurveillanceImmigrant Detention
NOCNorthrop GrummanAFSCSurveillanceImmigrant Detention
RTXRaytheonAFSCSurveillanceImmigrant Detention
TRIThomson Reuters CorpAFSCSurveillanceImmigrant Detention
ATGEAdtalem Global EducationOriginal ResearchFor-Profit Colleges
APOApollo Education GroupOriginal ResearchFor-Profit Colleges
APEIAmerican Public EducationOriginal ResearchFor-Profit Colleges
PRDOCareer Education CorporationOriginal ResearchFor-Profit Colleges
GHCGraham HoldingsOriginal ResearchFor-Profit Colleges
LAURLaureate EducationOriginal ResearchFor-Profit Colleges
LINCLincoln Group of SchoolsOriginal ResearchFor-Profit Colleges
STRAStrategic EducationOriginal ResearchFor-Profit Colleges
ZVOZovioOriginal ResearchFor-Profit Colleges
MMM3M CoAFSCOccupied Territories
AFILAfrica Israel Investments LtdAFSCOccupied Territories
ALHEAlony-Hetz Properties & InvestmentsAFSCOccupied Territories
ALOAlstomAFSCOccupied Territories
ATCAlticeAFSCOccupied Territories
ASHGAshtrom Group LtdAFSCOccupied Territories
BYAR.B5B Yair Building Corp 1988 LtdAFSCOccupied Territories
BAESYBAE Systems PLCAFSCOccupied Territories
POLIBank Hapoalim BMAFSCOccupied Territories
LUMIBank Leumi Le-Israel BMAFSCOccupied Territories
JBNKBank of Jerusalem LtdAFSCOccupied Territories
BEZQBezeq The Israeli Telecommunication Corp LtdAFSCOccupied Territories
BABoeing CoAFSCOccupied Territories
BRNDBrand Industries LtdAFSCOccupied Territories
CATCaterpillar IncAFSCOccupied Territories
CELCellcom Israel LtdAFSCOccupied Territories
CXCemex SAB de CVAFSCOccupied Territories
BCBCott CorpAFSCOccupied Territories
DLEKGDelek Group LtdAFSCOccupied Territories
DRALDor Alon Energy In IsraelAFSCOccupied Territories
DXCDXC Technology CoAFSCOccupied Territories
ESLTElbit Systems LtdAFSCOccupied Territories
ELTRElectra LtdAFSCOccupied Territories
ENRGEnergix-Renewable Energies LtdAFSCOccupied Territories
FIBIFirst International Bank of Israel LtdAFSCOccupied Territories
FORTFormula Systems (1985) LtdAFSCOccupied Territories
656Fosun International LtdAFSCOccupied Territories
GOSSG1 Secure Solutions LtdAFSCOccupied Territories
GFSG4S plcAFSCOccupied Territories
GDGeneral Dynamics CorpAFSCOccupied Territories
GEGeneral Electric CoAFSCOccupied Territories
GNEGenie Energy LtdAFSCOccupied Territories
HEIHeidelbergCement AGAFSCOccupied Territories
DSCTIsrael Discount Bank LtdAFSCOccupied Territories
KARDKardan NVAFSCOccupied Territories
LHXL3Harris Technologies IncAFSCOccupied Territories
LSCOLesico LtdAFSCOccupied Territories
LMTLockheed Martin CorpAFSCOccupied Territories
LRADLRAD CorpAFSCOccupied Territories
MAGSMagal Security Systems LtdAFSCOccupied Territories
MEDNMehadrin LtdAFSCOccupied Territories
MNRVMinrav Holdings LtdAFSCOccupied Territories
MZTFMizrahi Tefahot Bank LtdAFSCOccupied Territories
AVIVMordechai Aviv Taasiot Beniyah (1973) LtdAFSCOccupied Territories
MSIMotorola Solutions IncAFSCOccupied Territories
MCPLMunicipal Bank LtdAFSCOccupied Territories
NOCNorthrop Grumman CorpAFSCOccupied Territories
OAKOaktree Capital Group LLCAFSCOccupied Territories
PTRRPartner Communications Co LtdAFSCOccupied Territories
PZOLPaz Oil Co LtdAFSCOccupied Territories
RMLIRami Levi Chain Stores Hashikma Marketing 2006 LtdAFSCOccupied Territories
RTXRaytheon CoAFSCOccupied Territories
ROTSRotshtein Realestate LtdAFSCOccupied Territories
SKBNShikun & Binui LtdAFSCOccupied Territories
1165Shunfeng International Clean EnergyAFSCOccupied Territories
TGBRTigbur- Temporary Professional Personnel LtdAFSCOccupied Territories
UTXUnited Technologies CorpAFSCOccupied Territories
DIMRIY.H.Dimri Building & Development LtdAFSCOccupied Territories
ZMHZ M H Hammerman LtdAFSCOccupied 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

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