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. But it is subject to change as our understanding of the facts evolves.
Philip Morris CR a.s. is the Czech subsidiary of Philip Morris International, a leading international tobacco company. The company manufactures and sells a portfolio of tobacco and nicotine-containing products, primarily under the Marlboro, L&M, Philip Morris, Petra Klasik, Sparta, and Chesterfield brands. It reported consolidated sales of CZK 9.8 billion in the first half of 2023 and holds an estimated 40.1% market share in its operating region. Its core business activity is the production and distribution of combustible cigarettes, which places it squarely within the tobacco products exclusion category.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.