MEMORANDUM #03, 2012

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 | Alan Macdonald | 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:     Joseph I. Martin, Deputy Executive Director

RE:           Tobacco Company List

DATE:      
January 6, 2012

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 2012.  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 2012 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 contact this office.

Enclosure

TOBACCO COMPANY LIST
JANUARY 2012

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

   

British American Tobacco Bangladesh Co. Ltd.

Bangladesh

 

 

FDS dd Sarajevo

Bosnia & Herzegovina

 

 

Souza Cruz S.A.

Brazil

 

 

Asenovgrad-Tabak AD Asenovgrad

Bulgaria

Blagoevgrad BT AD Blagoevgrad

Bulgaria

Bulgartabak Holding AD

Bulgaria

Dupnitsa-Tabak AD

Bulgaria

Gotse Delchev Tabak AD Gotse Delchev

Bulgaria

Isperih BT AD Isperih

Bulgaria

Nicotiana BT Holding AD Sofia

Bulgaria

Pazardzhik BT AD Pazardzhik

Bulgaria

Pleven Bulgartabak

Bulgaria

Shumen Tabak AD Shumen

Bulgaria

Sila Holding AD

Bulgaria

Slantse Stara Zagora-Tabak AD

Bulgaria

Sofia Bulgartabac AD

Bulgaria

Stara Planina Hold AD

Bulgaria

Yuriy Gagarin AD Plovdiv

Bulgaria

 

 

British American Tobacco Chile Operaciones SA

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 dd

Croatia

 

 

Philip Morris CR AS

Czech Republic

 

 

Eastern Company SAE

Egypt

 

 

Karelia Tobacco Company Inc 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

NTC Industries Ltd.

India

Sinnar Bidi Udyog Ltd

India

Virat Crane Industries Ltd

India

VST Industries Ltd.

India

 

 

Gudang Garam Tbk PT

Indonesia

PT Bentoel Internasional Investama Tbk

Indonesia

PT Hanjaya Mandala Sampoerna Tbk

Indonesia

 

 

Jerusalem Cigarette Company Ltd

Israel

 

 

Societe Ivoirienne des Tabacs

Ivory Coast

 

 

Carreras Limited

Jamaica

 

 

FamilyMart Co. Ltd.

Japan

ITOCHU Corporation

Japan

Japan Tobacco Inc.

Japan

Lawson, Inc.

Japan

Mitsubishi Corporation

Japan

Seven & I Holdings Co., Ltd.

Japan

 

 

Al-Eqbal Company For Investment Co PLC

Jordan

Union Advanced Industries Co. PLC

Jordan

Union Tobacco & Cigarette Industries

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

Pakistan Tobacco Co. Ltd.

Pakistan

Philip Morris (Pakistan) Ltd.

Pakistan

 

 

British American Tobacco del Peru Holdings SAA

Peru

 

 

Coka Duvanska Industrija ad Coka

Serbia

Dunavska Industrija ad Bujanovac

Serbia

Philip Morris Operations AD

Serbia

 

 

New Toyo International Holdings Limited

Singapore

 

 

KT&G Corporation

South Korea

Nongshim Holdings Co., Ltd.

South Korea

Pobis TNC Co., Ltd.

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

 

 

Booker Group Plc

United Kingdom

British American Tobacco, Plc

United Kingdom

Imperial Tobacco Group Plc

United Kingdom

 

 

Cat Loi Joint Stock Co.

Vietnam

Cong Ty Co Phan Ngan Son

Vietnam


COMPANY

COUNTRY

 

 

British American Tobacco (Zambia) Plc

Zambia

 

 

British American Tobacco Zimbabwe Holdings Limited

Zimbabwe

TSL Ltd

Zimbabwe


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