ICCR Fall Conference 2023 | Controversial (Cyber)Weapons: The Case for Excluding Spyware from Portfolios

On October 5, 2023, Heartland convened a panel discussion titled “Controversial (Cyber)Weapons: The Case for Excluding Spyware from Portfolios” at the Interfaith Center on Corporate Responsibility’s Fall Conference.

Faith-based and socially responsible investors have long used exclusionary screens to avoid companies involved in the development and sale of controversial weapons that violate international law due to their harmful effects on civilian populations. As spyware and other forms of targeted surveillance are increasingly used by state and non-state actors to monitor human rights defenders, journalists, political dissidents, and other vulnerable communities—often during times of conflict—there is growing recognition of the human rights and financial risks these cyberweapons pose. However, investors often lack a clear understanding of the types of surveillance involved, how they manifest in investment portfolios, and their incompatibility with international law. During the session, panelists explored these risks, the legal basis for excluding spyware, and strategies for identifying targeted surveillance within investment portfolios.

Sam Jones from Heartland moderated the panel, which included Carolyn Tackett (Campaigns & Rapid Response Director, Access Now), Carrie DeCell (Senior Staff Attorney, Knight First Amendment Institute), and Rob Fohr (Director of Faith-Based Investing & Corporate Engagement, Presbyterian Church U.S.A.).

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