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.



Tobacco Company List

April 2011
Alliance One International, Inc.United States
Altria Group, Inc.United States
AMCON Distributing CompanyUnited 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 CorporationUnited States
Vector Group, Ltd.United States
Wellstone Fileters, Inc.United States
British American Tobacco Banglades Co. Ltd.Bangladesh
Bosanac dd OrasjeBosnia & Herzegovina
FDS dd SarajevoBosnia & Herzegovina
Souza Cruz SABrazil
Asenovgrad BTBulgaria
Blagoevgrad BTBulgaria
Bulgartabac HoldingBulgaria
Dupnitsa-tabak AD DupnitsaBulgaria
Gotse Delchev-Tabek AD Gotse DelchevBulgaria
Isperih-BT AD IsperihBulgaria
Nikotiana BT Holding AD SofiaBulgaria
Pazardzhik BT AD PazardzhikBulgaria
Pleven-BT ADBulgaria
Plovdiv Yuriy Gagarin BT AD PlovdivBulgaria
Shoumen BTBulgaria
Sila Holding ADBulgaria
Slantse Stara Zagora BT ADBulgaria
Sofia BTBulgaria
Stara Planina Hold PlcBulgaria
British American Tobacco ChileChile
Mudanjian Hengfeng Paper Co., Ltd.China
Shenzhen Jinjia Color Printing Group Co LtdChina
Adris Grupa d.d.Croatia
Hrvatski Duhani DDCroatia
Tvornica Duhana ZagrebCroatia
Philip Morris CR ASCzech Republic
Eastern Tobacco CompanyEgypt
Kareila Tobacco Co. SAGreece
Huabao International Holdings Ltd.Hong Kong
Shanghai Industrial HoldingsHong Kong
Godfrey Phillips India Ltd.India
Golden Tobacco Ltd.India
I.T.C Ltd.India
Kothari Products LimitedIndia
Raghaunath International Ltd.India
RDB Industries LimitedIndia
RTCL Ltd.India
Sinnar Bidi Udyog LtdIndia
Virat Crane Industries Ltd.India
VST Industries Ltd.India
PT Bentoel International Investama TbkIndonesia
PT Gudang Garam TbkIndonesia
Jerusalem CigaretteIsrael
Societe Ivoirienne des TabacsIvory Coast
Carreras LimitedJamaica
Lascelles deMercado & Company Ltd.Jamaica
Familymart Co. Ltd.Japan
ITOCHU CorporationJapan
LAWSON, Inc.Japan
Al-Eqbal Company For Investment PLCJordan
Union Advanced Industries Co. PLCJordan
Union Tobacco & Cigarette Industries CompanyJordan
British American Tobacco Kenya, Ltd.Kenya
Tutunski Kombinat AD PrilepMacedonia
British American Tobacco BhdMalaysia
JT International BhdMalaysia
Grupo Carso SAB de CVMexico
Duvanski kombinat AD PodgoricaMontenegro
Khyber Tobacco Company Ltd.Pakistan
Lakson Tobacco Co.Pakistan
Pakistan Tobacco Co. Ltd.Pakistan
British American Tobacco del Peru Holdings SAAPeru
Coka Ducanska Industrija ad CokaSerbia
Dunavska Industrija ad BujanovacSerbia
Dubanska industrija Nis Fabrija duvana ad Nis u sastavu Philip MorrisSerbia
New Toyo International Holdings LimitedSingapore
KT&G CorporationSouth Korea
SK Chemicals Company, Ltd.South Korea
Miquel y Costas & Miquel S.ASpain
Ceylon Tobacco Co. Ltd.Sri Lanka
Swedish Match ABSweden
Taisun Enterprise Co. Ltd.Taiwan
Taiwan FamilyMart Co.,Ltd.Taiwan
Tanzania Cigarette CompanyTanzania
West Indian Tobacco Company Ltd.Trinidad and Tobago
Haci Omer Sabaci Holdings A.STurkey
British American Tobacco Uganda LtdUganda
British American Tobacco, PlcUnited Kingdom
Imperial Tobacco Group PlcUnited Kingdom
Cat Loi Joint Stock CO.Vietnam
Ngan Son Joint Stock Co.Vietnam
British American Tobacco (Zambia) PlcZambia
British American Tobacco Zimbabwe Holdings LimitedZimbabwe
TSL Ltd.Zimbabwe