Commonwealth of Massachusetts | Public Employee Retirement Administration Commission
Five Middlesex Avenue, Suite 304, Somerville, MA 02145
Ph 617 666 4446 | Fax 617 628 4002 | TTY 617 591 8917 | www.mass.gov/perac
Domenic J. F. Russo, Chairman | A. Joseph DeNucci, Vice Chairman
Paul V. Doane | James M. Machado | Donald R. Marquis | Robert B. McCarthy | Gregory R. Mennis
Joseph E. Connarton, Executive Director
M E M O R A N D U M
TO: All Retirement Boards
FROM: Robert A. Dennis, Investment Director
RE: Tobacco Company List
DATE: January 19, 2011
On October 22, 1997 PERAC Memo #37/1997 informed you of the adoption of Chapter 119 of the Acts of 1997. That statute prohibits retirement systems from making any new investments in stocks, securities, or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products. On December 18, 1997 PERAC sent Memo #48 regarding the implementation of Chapter 119 and the first Tobacco Company List.
Enclosed please find a Tobacco Company List dated January 2011. This list replaces any other Tobacco Company List previously sent to your board and is effective upon receipt by the retirement boards. Most of these companies appeared on previous lists and such investments were prohibited from the time the companies first appeared on the list. Please forward a copy to your investment advisors or inform them that this list is available on the PERAC Home Page under the Investment Unit’s 2011 Memo Index. In communicating with your investment advisors, please inform them that the Tobacco Company List is only for their Massachusetts public fund clients and that any other use of the list is strictly prohibited.
As part of its audit process, PERAC will assess the portfolio of each board to determine compliance. That review will determine if the board, after January 13, 1998, has purchased stock, securities, or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products. In the event a portfolio is not in compliance, the board must bring the portfolio into compliance by divesting in a prudent manner. Prior to taking any action, the board shall consult with PERAC.
In applying the statute to pooled funds, PERAC will assess the 15% rule against the entire pool as the board is purchasing shares in the pool not the individual holdings of the pool. Thus a pooled fund, if in violation of this standard, will be included on the list.
If you have any questions, please call Robert Dennis at 617-666-4446 ext. 922.
Enclosure
TOBACCO COMPANY LIST
JANUARY 2011
COMPANY |
COUNTRY |
|
|
Alliance One International, Inc. |
United States |
Altria Group, Inc. |
United States |
AMCON Distributing Company |
United States |
Core-Mark Holding Co., Inc. |
United States |
Lorillard, Inc. |
United States |
Philip Morris International, Inc. |
United States |
Reynolds American, Inc. |
United States |
Schweitzer-Mauduit International, Inc. |
United States |
Star Scientific, Inc. |
United States |
Universal Corporation |
United States |
Vector Group, Ltd. |
United States |
Wellstone Filters, Inc. |
United States |
Alpha Tobacco Manufacturing Co. Ltd. |
Bangladesh |
BLTC |
Bangladesh |
British American Tobacco Bangladesh Co. Ltd. |
Bangladesh |
|
|
Bosanac dd Orasje |
Bosnia & Herzegovina |
FDS dd Sarajevo |
Bosnia & Herzegovina |
|
|
Souza Cruz SA |
Brazil |
|
|
Asenovgrad BT |
Bulgaria |
Blagoevgrad BT |
Bulgaria |
Bulgartabac Holding |
Bulgaria |
Dupnitsa-tabak AD Dupnitsa |
Bulgaria |
Gotse Delchev-Tabak AD Gotse Delchev |
Bulgaria |
Isperih-BT AD Isperih |
Bulgaria |
Nikotiana BT Holding AD Sofia |
Bulgaria |
Pazardzhik BT AD Pazardzhik |
Bulgaria |
Pleven-BT AD |
Bulgaria |
Plovdiv Yuriy Gagarin BT AD Plovdiv |
Bulgaria |
Shoumen BT |
Bulgaria |
Sila Holding AD |
Bulgaria |
Slantse Stara Zagora BT AD |
Bulgaria |
Sofia BT |
Bulgaria |
Stara Planina Hold Plc |
Bulgaria |
COMPANY |
COUNTRY |
|
|
Compania Chilena de Tabacos SA |
Chile |
|
|
Mudanjiang Hengfeng Paper Co., Ltd. |
China |
Shenzhen Jinjia Color Printing Group Co Ltd |
China |
|
|
Adris Grupa d.d. |
Croatia |
Hrvatski Duhani DD |
Croatia |
Tvornica Duhana Zagreb |
Croatia |
|
|
Philip Morris CR AS |
Czech Republic |
|
|
Eastern Tobacco Company |
Egypt |
|
|
Karelia Tobacco Co. SA |
Greece |
|
|
Huabao International Holdings Ltd. |
Hong Kong |
Shanghai Industrial Holdings |
Hong Kong |
|
|
Godfrey Phillips India Ltd. |
India |
Golden Tobacco Ltd. |
India |
I.T.C. Ltd. |
India |
Kothari Products Limited |
India |
Raghunath International Ltd |
India |
RDB Industries Limited |
India |
RTCL Ltd. |
India |
Sinnar Bidi Udyog Ltd |
India |
Virat Crane Industries Ltd |
India |
VST Industries Ltd. |
India |
|
|
PT Bentoel International Investama Tbk |
Indonesia |
PT Gudang Garam Tbk |
Indonesia |
PT Hanjaya Mandala Sampoerna Tbk |
Indonesia |
|
|
Jerusalem Cigarette |
Israel |
|
|
Societe Ivoirienne des Tabacs |
Ivory Coast |
|
|
Carreras Limited |
Jamaica |
Lascelles deMercado & Company Ltd. |
Jamaica |
|
|
Familymart Co. Ltd. |
Japan |
ITOCHU Corporation |
Japan |
Japan Tobacco Inc. |
Japan |
LAWSON, INC. |
Japan |
|
|
Al-Eqbal Company For Investment PLC |
Jordan |
Union Advanced Industries Co. PLC |
Jordan |
Union Tobacco & Cigarette Industries Company |
Jordan |
|
|
COMPANY |
COUNTRY |
|
|
British American Tobacco Kenya, Ltd. |
Kenya |
|
|
Tutunski Kombinat AD Prilep |
Macedonia |
|
|
British American Tobacco Bhd |
Malaysia |
JT International Bhd |
Malaysia |
|
|
Grupo Carso SAB de CV |
Mexico |
|
|
Duvanski kombinat AD Podgorica |
Montenegro |
|
|
Khyber Tobacco Company Ltd. |
Pakistan |
Lakson Tobacco Co. Ltd. |
Pakistan |
Pakistan Tobacco Co. Ltd. |
Pakistan |
|
|
British American Tobacco del Peru Holdings SAA |
Peru |
|
|
Coka Duvanska Industrija ad Coka |
Serbia |
Dunavska Industrija ad Bujanovac |
Serbia |
Duvanska industrija Nis Fabrika duvana ad Nis u sastavu Philip Morris |
Serbia |
|
|
New Toyo International Holdings Limited |
Singapore |
|
|
KT&G Corporation |
South Korea |
SK Chemicals Company, Ltd. |
South Korea |
|
|
Miquel y Costas & Miquel S.A. |
Spain |
|
|
Ceylon Tobacco Co. Ltd. |
Sri Lanka |
|
|
Swedish Match AB |
Sweden |
|
|
Taisun Enterprise Co. Ltd. |
Taiwan |
Taiwan FamilyMart Co., Ltd. |
Taiwan |
|
|
Tanzania Cigarette Company |
Tanzania |
|
|
West Indian Tobacco Company Ltd. |
Trinidad and Tobago |
|
|
Haci Omer Sabanci Holding A.S. |
Turkey |
|
|
British American Tobacco Uganda Ltd |
Uganda |
|
|
British American Tobacco, Plc |
United Kingdom |
Imperial Tobacco Group Plc |
United Kingdom |
|
|
Cat Loi Joint Stock Co. |
Vietnam |
Ngan Son Joint Stock Co. |
Vietnam |
COMPANY |
COUNTRY |
|
|
British American Tobacco (Zambia) Plc |
Zambia |
|
|
British American Tobacco Zimbabwe Holdings Limited |
Zimbabwe |
TSL Ltd |
Zimbabwe |