A company is accused of surveying employees to prevent them from forming a union.

Conduct-related exclusions are applied when a company is excluded from an investment portfolio due to specific behaviors or incidents that violate certain ethical or legal standards. In this case, the exclusion is based on the company's actions rather than the nature of its business.

Conduct-Related Exclusion: This type of exclusion arises from specific behaviors or practices that are deemed unethical or illegal. Examples include violations of labor rights, corruption, environmental damage, or other significant breaches of conduct. The decision to divest from a company accused of preventing union formation fits this category as it directly relates to the company's conduct​​​​.

Universal Exclusion: This refers to broad-based exclusions applied to entire sectors or industries based on certain ethical principles or ESG criteria. It is not specific to the behavior of individual companies but rather to the nature of the industry.

Idiosyncratic Exclusion: These are exclusions that do not have broad consensus and are based on individual or specific institutional criteria. They are not generally applied universally or based on common ethical standards​​​​.

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