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.



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.

You can learn more about all of Adasina’s social justice investment criteria here.

Ticker SymbolCompany NameData Source¹Reason for Exclusion²
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 Involvement & Immigrant Detention
CXWCoreCivicAFSCPrison Involvement & Immigrant Detention
GFSG4SAFSCPrison Involvement & Immigrant Detention
BLKBlackrockAdasina Original ResearchPrison Involvement & Immigrant Detention
STTState StreetAdasina Original ResearchPrison Involvement & Immigrant Detention
BKBank of New YorkAdasina Original ResearchPrison Involvement & Immigrant Detention
PRUPrudentialAdasina Original ResearchPrison Involvement & Immigrant Detention
NTRSNorthern Trust CorpAdasina Original ResearchPrison Involvement & Immigrant Detention
IVZInvescoAdasina Original ResearchPrison Involvement & Immigrant Detention
SCHWCharles SchwabAdasina Original ResearchPrison Involvement & Immigrant Detention
SRPSercoAFSCPrison Involvement & Immigrant Detention
2415Hikvision Digital TechAdasina Original ResearchSurveillance
2236Dahua TechnologyAdasina Original ResearchSurveillance
AMZNAmazonAdasina Original ResearchSurveillance
ACNAccentureAFSCSurveillance and Immigrant Detention
BABoeingAFSCSurveillance and Immigrant Detention
GDGeneral DynamicsAFSCSurveillance and Immigrant Detention
LHXL3 TechnologiesAFSCSurveillance and Immigrant Detention
NOCNorthrop GrummanAFSCSurveillance and Immigrant Detention
RTXRaytheonAFSCSurveillance and Immigrant Detention
TRIThomson Reuters CorpAFSCSurveillance and Immigrant Detention
ATGEAdtalem Global EducationAdasina Original ResearchFor-Profit Colleges
APOApollo Education GroupAdasina Original ResearchFor-Profit Colleges
APEIAmerican Public EducationAdasina Original ResearchFor-Profit Colleges
PRDOCareer Education CorporationAdasina Original ResearchFor-Profit Colleges
GHCGraham HoldingsAdasina Original ResearchFor-Profit Colleges
LAURLaureate EducationAdasina Original ResearchFor-Profit Colleges
LINCLincoln Group of SchoolsAdasina Original ResearchFor-Profit Colleges
STRAStrategic EducationAdasina Original ResearchFor-Profit Colleges
ZVOZovioAdasina Original ResearchFor-Profit Colleges
MMM3M CoAFSCOccupied Territories
AFILAfrica Israel Investments LtdAFSCOccupied Territories
ALHEAlony-Hetz Properties & Investments LtdAFSCOccupied Territories
ALOAlstom SAAFSCOccupied Territories
ATCAltice Europe NVAFSCOccupied 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 Energy LtdAFSCOccupied Territories
TGBRTigbur- Temporary Professional Personnel LtdAFSCOccupied Territories
UTXUnited Technologies CorpAFSCOccupied Territories
DIMRIY.H.Dimri Building & Development LtdAFSCOccupied Territories
ZMHZ M H Hammerman LtdAFSCOccupied Territories
(List Updated as of September 2020)
Financial analysis performed by Adasina Social Capital, in partnership with YourStake and EQM Indexes.


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




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.


  • 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.


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.


1Data Sources

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)