Racial Justice Impact Data Set
What is an impact data set? Adasina works with social justice partners to create and release data about the behavior of publicly-traded companies. We partner with social justice organizations to identify the metrics investors can use to advance social justice movement goals. Where relevant data does not already exist, we work closely with Social Justice Partners to create a new data set. We then publicize the data set, integrate it into our own portfolios, and organize investors to influence companies and governments to change harmful practices that contribute to systemic injustice. See all of our current Impact Data Sets here.
A COMPREHENSIVE DATA SET FOR RACIAL JUSTICE
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.
Our Racial Justice Impact Data Set is a list of companies excluded from Adasina portfolios for failing to meet our racial justice investment criteria. These companies are believed to contribute to systemic racism through practices identified by social justice movements, such as prison involvement, money bail, surveillance, and other practices. We continue to conduct research with our partners to ensure this list reflects the ongoing insights of racial 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 criterion for exclusion, links to the data sources, and frequently asked questions.
|Ticker Symbol||Company Name||Data Source¹||Reason for Exclusion²|
|SW and SDXAY||Sodexo||AFSC||Prison Involvement|
|GEO||The GEO Group||AFSC||Prison Involvement|
|CITY||Avalon Correctional||AFSC||Prison Involvement|
|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||Adasina Original Research||Prison Involvement & Immigrant Detention|
|STT||State Street||Adasina Original Research||Prison Involvement & Immigrant Detention|
|BK||Bank of New York||Adasina Original Research||Prison Involvement & Immigrant Detention|
|PRU||Prudential||Adasina Original Research||Prison Involvement & Immigrant Detention|
|NTRS||Northern Trust Corp||Adasina Original Research||Prison Involvement & Immigrant Detention|
|IVZ||Invesco||Adasina Original Research||Prison Involvement & Immigrant Detention|
|SCHW||Charles Schwab||Adasina Original Research||Prison Involvement & Immigrant Detention|
|SRP||Serco||AFSC||Prison Involvement & Immigrant Detention|
|2415||Hikvision Digital Tech||Adasina Original Research||Surveillance|
|2236||Dahua Technology||Adasina Original Research||Surveillance|
|AMZN||Amazon||Adasina Original Research||Surveillance|
|ACN||Accenture||AFSC||Surveillance and Immigrant Detention|
|BA||Boeing||AFSC||Surveillance and Immigrant Detention|
|GD||General Dynamics||AFSC||Surveillance and Immigrant Detention|
|LHX||L3 Technologies||AFSC||Surveillance and Immigrant Detention|
|NOC||Northrop Grumman||AFSC||Surveillance and Immigrant Detention|
|RTX||Raytheon||AFSC||Surveillance and Immigrant Detention|
|TRI||Thomson Reuters Corp||AFSC||Surveillance and Immigrant Detention|
|ATGE||Adtalem Global Education||Adasina Original Research||For-Profit Colleges|
|APO||Apollo Education Group||Adasina Original Research||For-Profit Colleges|
|APEI||American Public Education||Adasina Original Research||For-Profit Colleges|
|PRDO||Career Education Corporation||Adasina Original Research||For-Profit Colleges|
|GHC||Graham Holdings||Adasina Original Research||For-Profit Colleges|
|LAUR||Laureate Education||Adasina Original Research||For-Profit Colleges|
|LINC||Lincoln Group of Schools||Adasina Original Research||For-Profit Colleges|
|STRA||Strategic Education||Adasina Original Research||For-Profit Colleges|
|ZVO||Zovio||Adasina Original Research||For-Profit Colleges|
|MMM||3M Co||AFSC||Occupied Territories|
|AFIL||Africa Israel Investments Ltd||AFSC||Occupied Territories|
|ALHE||Alony-Hetz Properties & Investments Ltd||AFSC||Occupied Territories|
|ALO||Alstom SA||AFSC||Occupied Territories|
|ATC||Altice Europe NV||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 Ltd||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|
A NOTE ABOUT INDEX FUNDS
An index is a list of investments. Many mutual funds and exchange traded funds (ETFs) track these lists. Many everyday investors own stock of private prison companies because they are invested in funds that track indexes that include them. A sample of these indexes and the major index providers that publish them is below. If you have index funds that track any of these indexes, you are probably invested in private prisons:
- Dow Jones Equity All REIT Capped Index
- Dow Jones US Broad Stock Market
- Dow Jones US Total Stock Market Small-Cap
- Morningstar US Market Factor Tilt Index
- Morningstar US Small Cap Target Market Exposure Extended Index
- Morningstar US Small Value Index
- Morningstar US Small-Cap Extended Index - Benchmark TR Gross
Standard & Poor's (S&P)
This list is not comprehensive. Check whether a fund you own holds private prison stock with Prison Free Funds, from As You Sow.
HOW TO USE OUR IMPACT DATA SETS
- Invest with Adasina!
All of our Impact Data Sets are automatically applied to your portfolio.
- Talk to your financial advisor about how you’re invested.
Consider excluding these companies from your portfolio or conducting shareholder engagement to urge them to end this practice.
- Advisors can use YourStake.org to investigate and report on these social justice issues in your portfolios.
FREQUENTLY ASKED QUESTIONS
Can you explain more about the choice for excluding Occupied Territories?
Our commitment to ending racism doesn’t stop at US borders; we work in solidarity with global movements. However, we are aware that this criterion can be controversial and it is important to note that Adasina does not divest from Israel using a boycott, divest, sanction (BDS) framework.
However, based on the Adasina Social Justice Investment Criteria, we exclude companies based on their participation in systems that enable racism globally, and particularly those within occupied territories. This includes companies whose business policies or practices discriminate either between Jewish and Palestinian citizens of Israel or between Israeli citizens and Palestinians living under Israel’s military occupation. This discrimination may take the form of:
- Discrimination in public accommodations, such as when a company provides its services to one population but not the other, or when the quality of its services are determined by race or national origin.
- Workplace discrimination, for example in unequal salary or discriminatory hiring practices, unequal safety conditions, or when a company benefits from Israeli unequal labor protection laws.
This criterion was chosen in deep relationship with our social justice partners, unflinching solidarity with the Movement for Black Lives, and with extensive research and analysis provided by the American Friends Service Committee (the Quakers) and the United Nations. You can find more information about the data we use at the American Friends Service Committee website, which is our primary data source for this criterion.
DATA SET CITATIONS
- AFSC (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
- Adasina Original Research: Original research performed by Adasina Social Capital, including SEC Form 10-Q filings, stock exchange market activity, and media reviews.
2Reason for Exclusion Details:
- 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)