| Date: | 03/29/2019 |
|---|---|
| Referenced Sources: | PERAC Website |
PERAC Memo #12, 2019
- This page, #12: Tobacco Company List, is offered by
- Public Employee Retirement Administration Commission
Memorandum
Memorandum #12: Tobacco Company List
Table of Contents
To All Retirement Boards:
FROM: Thomas J. O’Donnell, Compliance Officer
RE: Tobacco Company List
DATE: March 27, 2019
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 2019. 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 website. 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
APRIL 2019
| COMPANY | COUNTRY |
| 22nd Century Group, Inc. | United States |
| Altria Group, Inc. | United States |
| AMCON Distributing Company | United States |
| Apollo Global Management, LLC | United States |
| B.A.T. Capital Corporation | United States |
| Core-Mark Holding Company, Inc. | United States |
| Electronic Cigarettes International Group, Ltd | United States |
| Energy Transfer Operating, L.P. | United States |
| Fyolo Technology Corp | United States |
| Gilla Inc. | United States |
| Healthier Choices Management Corp. | United States |
| Icon Vapor Inc. | United States |
| Medigreen Holdings Corporation | United States |
| Philip Morris International Inc. | United States |
| Pyxus International, Inc. | United States |
| Reynolds American Inc. | United States |
| Schweitzer Mauduit International, Inc. | United States |
| Smokefree Innotec Inc | United States |
| Standard Diversified Inc. | United States |
| Turning Point Brands, Inc. | United States |
| Universal Corporation | United States |
| Vapor Group Inc | United States |
| Vapor Hub International Inc. | United States |
| Vector Group Ltd. | United States |
| VPR Brands LP | United States |
| Wee-Cig International Corp | United States |
| British American Tobacco Bangladesh Co. Ltd. | Bangladesh |
| Fabrika Duhana Sarajevo dd Sarajevo | Bosnia & Herzegovina |
| Bulgartabac Holding AD | Bulgaria |
| Gotse Delchev Tabac AD | Bulgaria |
| Nicotiana BT Holding AD | Bulgaria |
| Shumen Tabac AD | Bulgaria |
| Slantse Stara Zagora Tabak AD | Bulgaria |
| Stara Planina Hold AD | Bulgaria |
| Yuri Gagarin AD | Bulgaria |
| Costa Verde Aeronautica SA | Chile |
| China Conch Venture Holdings Limited | China |
| Mudanjiang Hengfeng Paper Co., Ltd. | China |
| Shenzhen Jinjia Group Co., Ltd. | China |
| Shiner International Inc | China |
| Xinjiang Bai Hua Cun Co., Ltd. | China |
| CTO Public Company Ltd | Cyprus |
| Philip Morris CR as | Czech Republic |
| Scandinavian Tobacco Group A/S | Denmark |
| Eastern Company SAE | Egypt |
| Christian Dior S.E. | France |
| Karelia Tobacco Company Inc SA | Greece |
| Century City International Holdings Limited | Hong Kong |
| China Flavors and Fragrances Company Ltd. | Hong Kong |
| China Fortune Investments (Holding) Limited | Hong Kong |
| Huabao International Holdings Ltd. | Hong Kong |
| Keck Seng Investments (Hong Kong) Limited | Hong Kong |
| Sheen Tai Holdings Group Company Ltd. | Hong Kong |
| Godfrey Phillips India Limited | India |
| Golden Tobacco Ltd. | India |
| ITC Limited | India |
| NTC Industries Ltd. | India |
| Sinnar Bidi Udyog Ltd | India |
| VST Industries Limited | India |
| Globrands Group Ltd | Israel |
| Knafaim Holdings Ltd. | Israel |
| PT Bentoel Internasional Investama Tbk | Indonesia |
| PT Gudang Garam Tbk | Indonesia |
| PT Hanjaya Mandala Sampoerna Tbk | Indonesia |
| Wismilak Inti Makmur Tbk PT | Indonesia |
| Societe Ivoirienne des Tabacs SA | Ivory Coast |
| Carreras Ltd | Jamaica |
| Japan Tobacco Inc. | Japan |
| Mitsui & Co., Ltd. | Japan |
| Yahoo Japan Corporation | Japan |
| Al-Eqbal Investment Company PSC | Jordan |
| Jordanian Duty Free Shops PSC | Jordan |
| Union Investment Corporation PSC | Jordan |
| Union Tobacco & Cigarette Industries Co PSC | Jordan |
| British American Tobacco Kenya Ltd | Kenya |
| BGF Co., Ltd. | Korea |
| KT&G Corporation | Korea |
| Lotte Corporation | Korea |
| Nongshim Holdings | Korea |
| SK Chemicals Co., Ltd. | Korea |
| SK Discovery Co., Ltd. | Korea |
| Tutunski Kombinat AD Prilep | Macedonia |
| Veles Tabak AD Veles | Macedonia |
| Press Corporation Ltd. | Malawi |
| 7 Eleven Malaysia Holdings Berhad | Malaysia |
| Bright Packaging Industry Bhd | Malaysia |
| British American Tobacco (Malaysia) Berhad | Malaysia |
| Sime Darby Berhad | Malaysia |
| Brait SE | Malta |
| Duvanski Kombinat ad u stecaju Podgorica | Montenegro |
| Schiphol Nederland B.V. | Netherlands |
| Khyber Tobacco Company Ltd. | Pakistan |
| Pakistan Tobacco Company Ltd. | Pakistan |
| Philip Morris (Pakistan) Limited | Pakistan |
| Jerusalem Cigarette Co Ltd | Palestinian Territory |
| Ayala Land Inc. | Philippines |
| LT Group, Inc. | Philippines |
| Kingdom Holding Company | Saudi Arabia |
| Coka Duvanska Industrija ad Coka | Serbia |
| Duvanska industrija ad Bujanovac | Serbia |
| Philip Morris Operations a.d. Nis | Serbia |
| New Toyo International Holdings Ltd | Singapore |
| Hosken Consolidated Investments Limited | South Africa |
| Compania de Distribucion Integral Logista Holdings, S.A. | Spain |
| Miquel y Costas & Miquel, S.A. | Spain |
| Ceylon Tobacco Company PLC | Sri Lanka |
| Melstacorp Limited | Sri Lanka |
| Swedish Match AB | Sweden |
| Taisun Enterprise Co. Ltd. | Taiwan |
| Taiwan FamilyMart Co., Ltd. | Taiwan |
| Uni-President Enterprises Corp. | Taiwan |
| Tanzania Cigarette Company Ltd | Tanzania |
| The West Indian Tobacco Company Ltd. | Trinidad and Tobago |
| Bizim Toptan Satis Magazalari AS | Turkey |
| Koc Holding Anonim Sirketi | Turkey |
| British American Tobacco Uganda | Uganda |
| B.A.T. International Finance P.L.C. | United Kingdom |
| British American Tobacco Plc | United Kingdom |
| Imperial Brands Finance Plc | United Kingdom |
| Imperial Brands Plc | United Kingdom |
| Cat Loi JSC | Vietnam |
| Cong ty Co phan Ngan Son | Vietnam |
| British American Tobacco Zambia Plc | Zambia |
| British American Tobacco Zimbabwe (Holdings) Ltd | Zimbabwe |
Commission Members
Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan
Downloads for #12: Tobacco Company List
Open PDF file, 120.28 KB,
PERAC Memorandum #15, 2020
(English, PDF 120.28 KB)