Purpose & Vision

The purpose of the Xklude database is partly to map investments from an ethical perspective and partly to create more transparency about which ethical and responsible issues is concerning activist shareholders, pensions savers, the new generation of private sustainable investors and others with interest in responsible an ethical investments.


The vision is to create an informed debate about how capital flows in a world with an increased focus on sustainability, such as it is expressed in for example the UN’s 17 Sustainable Development Goals (SDG). Each controversial Issue is therefore also linked to one or more SDGs, the goals of which are difficult to achieve if capital inflow continues to support the controversial issues. All controversial issues lined to SDGs can reasonably be discussed to be resistance to one or more SDGs.


The Xklude database connect controversial issues to global listed companies and screens institutional investor’ portfolio for match. Xklude connects +2000 listed companies to controversial issues and reveals who invested in them.

  • Search Controversial Issues
  • Find companies linked to Controversial Issues
  • Investigate who invested in Controversial Companies
  • View Ranking of most Controversial Companies


Xklude database ranks professional investors by a controversial percentage. The percentage score is simple and expresses how many controversial investments found in a screening equity portfolio. The current Investor Controversial Ranking Percent is based on a screening of investors recently announced equity portfolio.

Controversial Companies

A controversial company is identified by being on a controversial list included in the database. The lists are built from a number of international sources, organizations and institutions that have been found credible and relevant in relation to an ethical investment perceptive. A listed company can therefore appear on several lists and thus be linked to several controversial issues.

Controversial Issues

Controversial issues cover a wide range of themes that can be defined as controversial for various reasons. There is no standard definition of a controversial issue or a controversial business. All issues are therefore not necessarily expressions of specific legal violations but have more character of an ethical dimension to be discussed, where it´s ultimately up to individuals or investor management to assess whether the issue is in line with decided values or norms.

A controversial issue is not a finite phenomenon but expresses an ethical dilemma that can often be viewed from multiple perspectives. The Xklude database does not take into account dialogues with companies through the active ownership. At present, the database does not contain information on the ethical progress of controversial listed companies.