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PERAC Memo #04, 2018
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: January 9, 2018
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 2018. 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 in the 2018 Memos index under Forms & Publications. 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.
TOBACCO COMPANY LIST
22nd Century Group, Inc.
Alliance One International, Inc.
Altria Group, Inc.
AMCON Distributing Company
American Heritage International Inc.
Caesars Acquisition Company
Core-Mark Holding Company, Inc.
Electronic Cigarettes International Group, Ltd
Healthier Choices Management Corp.
Icon Vapor Inc.
Medigreen Holdings Corporation
Newgen Concepts Inc
Philip Morris International Inc.
Reynolds American Inc.
Schweitzer Mauduit International, Inc.
Smokefree Innotec Inc
Turning Point Brands, Inc.
Vapor Hub International Inc.
Vector Group Ltd.
VPR Brands LP
Wee-Cig International Corp
British American Tobacco Bangladesh Co. Ltd.
Fabrika Duhana Sarajevo dd Sarajevo
Bosnia & Herzegovina
Bulgartabac Holding AD
Gotse Delchev Tabac AD
Nicotiana BT Holding AD
Shumen Tabac AD
Slantse Stara Zagora Tabak AD
Stara Planina Hold AD
Yuri Gagarin AD
George Weston Limited
Mudanjiang Hengfeng Paper Co., Ltd.
Shenzhen Jinjia Group Co., Ltd.
Shiner International Inc
Xinjiang Bai Hua Cun Co., Ltd.
Hrvatski Duhani dd
Philip Morris CR as
Scandinavian Tobacco Group A/S
Eastern Co SAE
Christian Dior S.E.
Karelia Tobacco Company Inc SA
Century City International Holdings Limited
China Flavors and Fragrances Co Ltd.
Huabao International Holdings Ltd.
Sheen Tai Holdings Group Co. Ltd.
Godfrey Phillips India Limited
Golden Tobacco Ltd.
NTC Industries Ltd.
Sinnar Bidi Udyog Ltd
Virat Crane Industries Ltd
VST Industries Limited
Knafaim Holdings Ltd.
PT Bentoel Internasional Investama Tbk
PT Gudang Garam Tbk
PT Hanjaya Mandala Sampoerna Tbk
Wismilak Inti Makmur Tbk PT
Societe Ivoirienne des Tabacs SA
Japan Tobacco Inc.
Al-Eqbal Investment Company PSC
Jordanian Duty Free Shops PSC
Union Tobacco & Cigarette Industries Co PSC
British American Tobacco Kenya Ltd
Tutunski Kombinat AD Prilep
Press Corporation Ltd.
7 Eleven Malaysia Holdings Bhd
Bright Packaging Industry Bhd
British American Tobacco (Malaysia) Berhad
Duvanski Kombinat ad Podgorica u stecaju
Schiphol Nederland B.V.
Khyber Tobacco Company Ltd.
Pakistan Tobacco Company Ltd.
Philip Morris (Pakistan) Limited
Jerusalem Cigarette Co Ltd
LT Group, Inc.
Kingdom Holding Company
British American Tobacco Vranje ad Vranje
Coka Duvanska Industrija ad Coka
Duvanska industrija ad Bujanovac
Philip Morris Operations a.d. Nis
New Toyo International Holdings Ltd
Hosken Consolidated Investments Limited
SK Chemicals Company, Ltd.
Compania de Distribucion Integral Logista Holdings, S.A.
Miquel y Costas & Miquel, S.A.
Ceylon Tobacco Company PLC
Swedish Match AB
Taisun Enterprise Co. Ltd.
Taiwan FamilyMart Co., Ltd.
Uni-President Enterprises Corp.
Tanzania Cigarette Company Ltd
The West Indian Tobacco Company Ltd.
Trinidad and Tobago
British American Tobacco Uganda
Bizim Toptan Satis Magazalari AS
Booker Group Plc
British American Tobacco Plc
Imperial Brands Plc
Cat Loi JSC
Cong ty Co phan Ngan Son
British American Tobacco Zambia Plc
British American Tobacco Zimbabwe (Holdings) Ltd
Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan