British American Tobacco p.l.c.
BTI
Consumer Staples
4
exclusion reasons
2 themes
British American Tobacco p.l.c. is screened out under 4 exclusion reasons spanning 2 issue categories.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
British American Tobacco p.l.c. is a multinational tobacco company whose primary business is the manufacture and sale of combustible cigarettes, vaping products, and other nicotine delivery systems. Its portfolio includes global brands such as Lucky Strike, Pall Mall, and Dunhill. In 2024, the company reported revenue of £27.7 billion, with the vast majority derived from tobacco and nicotine products.
The company has a significant history of regulatory and legal violations. In April 2023, British American Tobacco agreed to pay more than $629 million in penalties to resolve U.S. government charges that it engaged in bank fraud and violated sanctions by conducting business in North Korea through a third-party company. The U.S. Department of Justice and Treasury Department settlement included a $508 million component for apparent sanctions violations. Separately, the U.S. Federal Trade Commission opened an active investigation in 2020 into British American Tobacco Nigeria Limited and affiliated companies concerning alleged anticompetitive practices.
While the company publicly states a commitment to "building a Smokeless World" and aims to become a "predominantly Smokeless business by 2035," its current financial reliance on combustible cigarettes remains foundational. The strategic transition it describes is ongoing within a core product category—tobacco and nicotine—that is excluded due to its health impacts and addictive nature.
British American Tobacco p.l.c. is a global tobacco manufacturer whose core product, cigarettes, is tested on animals. The company conducts or commissions animal testing as part of its product development and regulatory compliance processes for nicotine-containing products. This activity is a direct and integral part of its commercial operations.
Cruelty Free Investors, which maintains exclusion lists based on animal testing policies, flags British American Tobacco for this practice. The company’s involvement in animal testing places it within the broad category of commercial animal exploitation.
British American Tobacco plc manufactures tobacco and nicotine products, including combustible cigarettes, heated tobacco, and vapor products. Regulatory frameworks in many markets, particularly for novel nicotine products, can require toxicological data that has historically been generated through animal testing. The company has funded and participated in the development of non-animal testing methods. In 2019, British American Tobacco, alongside other major tobacco firms, donated equipment to a laboratory focused on animal-free testing through the PETA International Science Consortium.
However, the company's ongoing product development and regulatory compliance activities for nicotine products continue to involve toxicological assessment. A 2024 study evaluating the cytotoxicity and oxidative stress of aerosol from a modern oral nicotine product was conducted on behalf of RAI Services Company, a wholly owned subsidiary of British American Tobacco. This indicates the commissioning of research that utilizes biological testing methods. While the company supports alternative methods, the requirement to demonstrate product safety for regulatory submissions in key markets maintains an operational link to animal testing.
Research Sources
11 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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