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23 Companies Doing Business with the
Myanmar Military with Current ESG Investment
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Inclusive Development International, Altsean Burma, and Blood Money Campaign have identified 23 companies doing business with the military that are benefitting from ESG investment benchmarked to indices created by MSCI, FTSE Russell and Dow Jones Sustainability Indices.
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This data shows:

• MSCI, FTSE Russell, and S&P Dow Jones Indices have collectively put 23 military-linked companies on their ESG indexes – thus greenlighting them for inclusion in ESG funds.

• Using these ESG indices, BlackRock, Deutsche Bank, Northern Trust, State Street and Vanguard have included these companies in their in ESG-labeled funds.

• In total, ESG indices managed by MSCI, FTSE Russell and S&P Dow Jones Indices have directed $13.7 billion in equity investments in the 23 companies doing business with the military. These investments come via 136 unique funds with "ESG" in their names.
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Methodology:

· The fund data for each company was downloaded from Refinitiv Eikon in September 2023. Each fund's data is accurate as of the filing date seen in column E.
· It should be noted that our research was limited to funds that include the term “ESG” in their
names and only funds that are disclosed on the Refinitiv financial database, which only captures
a portion of global capital markets. There are likely additional funds not captured in our
research.

· The underlying ESG index for each fund comes from a review of fund fact sheets and promotional materials. In cases where companies appear on ESG indexes, but fund ESG fund holdings are not available, we have noted accordingly.

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