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Long before ESG criteria and ratings became mainstream, many institutional investors maintained exclusions lists. And in some jurisdictions this was written into law. As an example, investments in companies associate with the manufacture of cluster weapons were forbidden in The Netherlands. But what will exclusion lists look like going forward?
In a world where national and regional security has been elevated up to the highest levels on the political agenda, the ESG properties of Aerospace and Defence companies has become a controversial debate. Ideology may be changing along with the new world order. But it is a debate that is surrounded by subjectivity. And finding common ground may be impossible, unacceptable, or even unethical.
