As a result of changing societal developments and the availability of new research, the policies of Forum Ethibel have been assessed and updated (December 2017). 

It is important to keep in mind that besides these policies, positive selection criteria are taken into account when evaluating individual companies on their ESG-performance. 


In its policy, Forum Ethibel distinguishes between controversial criteria and exclusionary criteria. 

Controversial criteria

Exclusionary criteria

Controversial activities are activities that give rise to discussion. Companies involved in controversial activities are considered on a case-by-case basis and can be excluded from the Investment Register.

Exclusionary criteria refer to unsustainable and unethical factors. Companies or countries involved in these criteria will be excluded or removed from the Investment Register.

Forum Ethibel considers following topics as controversial: 

  • Alcohol
  • Animal welfare
  • Fossil fuels
  • Genetically Modified Organisms (GMOs)
  • Hazardous chemicals
  • Sex industry

Read the policy on these topics here

The following topics belong to the exclusion criteria:

  • Armaments
  • Gambling
  • Nuclear energy
  • Tobacco

Read the policy on these topics here.

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