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Exclusion through «negative» screening


PUBLICA does not invest in companies that, through their conduct or their products, engage in systematic and serious breaches of the normative basis. To ensure that this is the case, it conducts a semi-annual screening to identify companies with undesired products or conduct. PUBLICA attaches importance to the most precise possible interpretation of these negative criteria and is guided by the practice of comparable institutional investors in Switzerland and abroad. PUBLICA excludes from its portfolios:

  • manufacturers of controversial weapons (anti-personnel mines, cluster munitions and nuclear weapons),
  • companies, on the grounds of conduct-based criteria, if efforts to engage in dialogue are unsuccessful, and
  • coal-producing companies.

PUBLICA has so far refrained from excluding other fossil fuel companies, preferring instead to maintain a dialogue aimed at helping those companies move into more responsible areas of business. Companies with higher risks arising out of climate change are also significantly underweighted (climate-efficient equity index).

Exclusion list:
The Swiss Association for Responsible Investments SVVK-ASIR has published the names of the manufacturers that are in breach of Swiss laws and international conventions ratified by Switzerland. The Association reviews and updates its exclusion recommendations every six months and publishes them on its website at

At its meeting on 25 April 2017, the Investment Committee of PUBLICA decided to implement in full for the first time SVVK-ASIR’s recommendations regarding exclusion of the (at the time) 14 arms manufacturers. Decisions on changes to the exclusion list are made by PUBLICA’s Investment Committee.

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