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: Thomas J. O’Donnell, Compliance Officer
RE: Tobacco Company List
DATE: October 10, 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 October 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
COMPANY |
COUNTRY |
|
|
Alliance One International, Inc. |
United States |
Altria Group, Inc. |
United States |
AMCON Distributing Company |
United States |
Core-Mark Holding Company, Inc. |
United States |
Lorillard Inc. |
United States |
Philip Morris International, Inc. |
United States |
Reynolds American, Inc. |
United States |
Schweitzer Mauduit International, Inc. |
United States |
Smokefree Innotec Inc |
United States |
Star Scientific, Inc. |
United States |
Universal Corporation |
United States |
Vapor Corp |
United States |
Vector Group, Ltd. |
United States |
British American Tobacco Bangladesh Co. Ltd. |
Bangladesh |
|
|
Fabrika Duhana Sarajevo dd Sarajevo |
Bosnia & Herzegovina |
|
|
Souza Cruz S.A. |
Brazil |
|
|
Blagoevgrad BT AD Blagoevgrad |
Bulgaria |
Bulgartabak Holding 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 AD Pleven |
Bulgaria |
Shumen Tabac AD Shumen |
Bulgaria |
Sila Holding AD |
Bulgaria |
Slantse Stara Zagora-Tabak AD Stara Zagora |
Bulgaria |
Sofia Bulgartaback AD Sofia |
Bulgaria |
Stara Planina Hold AD Sofia |
Bulgaria |
Yuri 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 |
Shiner International Inc |
China |
COMPANY |
COUNTRY |
|
|
Adris Grupa dd |
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 |
|
|
Dragonite International Limited |
Hong Kong |
Huabao International Holdings Ltd. |
Hong Kong |
Shanghai Industrial Holdings Limited |
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 |
|
|
PT Bentoel Internasional Investama Tbk |
Indonesia |
PT Gudang Garam Tbk |
Indonesia |
PT Hanjaya Mandala Sampoerna Tbk |
Indonesia |
|
|
Jerusalem Cigarette Company Ltd |
Israel |
|
|
Societe Ivoirienne des Tabacs SA |
Ivory Coast |
|
|
Carreras Limited |
Jamaica |
|
|
FamilyMart Co. Ltd. |
Japan |
ITOCHU Corporation |
Japan |
Japan Tobacco Inc. |
Japan |
Lawson, Inc. |
Japan |
Mitsubishi Corporation |
Japan |
|
|
Aleqbal Investment Co PLC |
Jordan |
Union Advanced Industries Co. PLC |
Jordan |
Union Tobacco & Cigarette Industries Co |
Jordan |
|
|
British American Tobacco Kenya |
Kenya |
|
|
Tutunski Kombinat AD Prilep |
Macedonia |
|
|
COMPANY |
COUNTRY |
|
|
Press Corporation Ltd. |
Malawi |
|
|
British American Tobacco (Malaysia) Berhad |
Malaysia |
JT International Berhad |
Malaysia |
|
|
Grupo Carso, S.A.B. de C.V. |
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 Holding SAA |
Peru |
|
|
Duvanska ad Coka |
Serbia |
Duvanska industrija ad Bujanovac |
Serbia |
Philip Morris Operations AD Nis |
Serbia |
|
|
New Toyo International Holdings Limited |
Singapore |
|
|
KT&G Corporation |
South Korea |
Nongshim Holdings Co., Ltd. |
South Korea |
SK Chemicals Company, Ltd. |
South Korea |
|
|
Miquel y Costas & Miquel S.A. |
Spain |
|
|
Ceylon Tobacco Company PLC |
Sri Lanka |
|
|
Swedish Match AB |
Sweden |
|
|
Taisun Enterprise Co. Ltd. |
Taiwan |
Taiwan FamilyMart Co., Ltd. |
Taiwan |
|
|
Tanzania Cigarette Co Ltd |
Tanzania |
|
|
West Indian Tobacco Company Ltd. |
Trinidad and Tobago |
|
|
Haci Omer Sabanci Holding A.S. |
Turkey |
|
|
British American Tobacco Uganda |
Uganda |
|
|
Booker Group Plc |
United Kingdom |
British American Tobacco, Plc |
United Kingdom |
Imperial Tobacco Group Plc |
United Kingdom |
|
|
COMPANY |
COUNTRY |
|
|
Cat Loi Joint Stock Co. |
Vietnam |
Cong Ty Co Phan Ngan Son |
Vietnam |
|
|
British American Tobacco Zambia Plc |
Zambia |
|
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