MEMORANDUM #19, 2011

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
Auditor Suzanne M. Bump | 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:      
April 12, 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 April 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
April 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

   

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

 

 

British American Tobacco Chile

Chile

 

 

Mudanjiang Hengfeng Paper Co., Ltd.

China

Shenzhen Jinjia Color Printing Group Co Ltd

China

 

 

   

COMPANY

COUNTRY

 

 

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

 

 

British American Tobacco Kenya, Ltd.

Kenya

 

 

Tutunski Kombinat AD Prilep

Macedonia

 

 

COMPANY

COUNTRY

 

 

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

 

 

British American Tobacco (Zambia) Plc

Zambia

 

 

British American Tobacco Zimbabwe Holdings Limited

Zimbabwe

TSL Ltd

Zimbabwe

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