| Date: | 03/20/2017 |
|---|---|
| Referenced Sources: | PERAC Website |
PERAC Memo #16, 2017
- This page, #16: Tobacco Company List, is offered by
- Public Employee Retirement Administration Commission
Memorandum
Memorandum #16: Tobacco Company List
Table of Contents
To All Retirement Boards:
TO: All Retirement Boards
FROM: Thomas J. O’Donnell, Compliance Officer
RE: Tobacco Company List
DATE: March 20, 2017
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 2017. 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 2017 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 as of April 2017
| COMPANY | COUNTRY |
| 22nd Century Group, Inc. | United States |
| Alliance One International, Inc. | United States |
| Altria Group, Inc. | United States |
| AMCON Distributing Company | United States |
| American Heritage International Inc. | United States |
| Caesars Acquisition Company | United States |
| Core-Mark Holding Company, Inc. | United States |
| Electronic Cigarettes International Group, Ltd | United States |
| Gilla Inc. | United States |
| Icon Vapor Inc. | United States |
| Medigreen Holdings Corporation | United States |
| Newgen Concepts 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 |
| Turning Point Brands, Inc. | United States |
| Universal Corporation | United States |
| Vapor Corp. | United States |
| Vapor Hub International Inc. | United States |
| Vector Group Ltd. | United States |
| VPR Brands LP | United States |
| Wee-Cig International Corp | United States |
| Bangladesh Leaf Tobacco Co. Ltd. | Bangladesh |
| British American Tobacco Bangladesh Co. Ltd. | Bangladesh |
| Fabrika Duhana Sarajevo dd Sarajevo | Bosnia & Herzegovina |
| Bulgartabac Holding AD | Bulgaria |
| Gotse Delchev Tabac AD Gotse Delchev | Bulgaria |
| Nicotiana BT Holding AD Sofia | Bulgaria |
| Pazardzhik BTM AD-Pazardzhik | Bulgaria |
| Shumen Tabac AD Shumen | Bulgaria |
| Sila Holding Plc | Bulgaria |
| Slantse Stara Zagora Tabak AD Stara Zagora | Bulgaria |
| Stara Planina Hold AD Sofia | Bulgaria |
| Yuri Gagarin AD Plovdiv | Bulgaria |
| George Weston Limited | Canada |
| Kimree Inc. | China |
| Mudanjiang Hengfeng Paper Co., Ltd. | China |
| Shenzhen Jinjia Color Printing Group Co., Ltd. | China |
| Shiner International Inc | China |
| Xinjiang Bai Hua Cun Co., Ltd. | China |
| Hrvatski Duhani dd | Croatia |
| CTO PCL | Cyprus |
| Philip Morris CR as | Czech Republic |
| Scandinavian Tobacco Group A/S | Denmark |
| Eastern Co SAE | Egypt |
| Christian Dior S.E. | France |
| Karelia Tobacco Company Inc SA | Greece |
| Century City International Holdings Limited | Hong Kong |
| China Flavors and Fragrances Co Ltd. | Hong Kong |
| Huabao International Holdings Ltd. | Hong Kong |
| Shanghai Industrial Holdings Limited | Hong Kong |
| Sheen Tai Holdings Group Co. Ltd. | Hong Kong |
| Godfrey Phillips India Limited | India |
| Golden Tobacco Ltd. | India |
| ITC Limited | India |
| NTC Industries Ltd. | India |
| Sinnar Bidi Udyog Ltd | India |
| Virat Crane Industries Ltd | India |
| VST Industries Limited | India |
| 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 |
| ITOCHU Corporation | Japan |
| Japan Tobacco Inc. | Japan |
| Mitsubishi Corporation | Japan |
| Al-Eqbal Investment Company PSC | Jordan |
| Jordanian Duty Free Shops PSC | Jordan |
| Union Tobacco & Cigarette Industries Co PSC | Jordan |
| British American Tobacco Kenya Ltd | Kenya |
| Tutunski Kombinat AD Prilep | Macedonia |
| Press Corporation Ltd. | Malawi |
| 7 Eleven Malaysia Holdings Bhd | Malaysia |
| Bright Packaging Industry Bhd | Malaysia |
| British American Tobacco (Malaysia) Berhad | Malaysia |
| Duvanski Kombinat ad Podgorica u stecaju | Montenegro |
| Khyber Tobacco Company Ltd. | Pakistan |
| Pakistan Tobacco Company Ltd. | Pakistan |
| Philip Morris (Pakistan) Limited | Pakistan |
| Jerusalem Cigarette Co Ltd | Palestinian Territory |
| LT Group, Inc. | Philippines |
| Kingdom Holding Company | Saudi Arabia |
| British American Tobacco Vranje ad Vranje | Serbia |
| 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 |
| 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 Company Ltd | Tanzania |
| The West Indian Tobacco Company Ltd. | Trinidad and Tobago |
| British American Tobacco Uganda | Uganda |
| Bizim Toptan Satis Magazalari AS | Turkey |
| Haci Omer Sabanci Holding AS | Turkey |
| Booker Group Plc | United Kingdom |
| British American Tobacco Plc | United Kingdom |
| Imperial Brand Plc | United Kingdom |
| Cat Loi JSC | Vietnam |
| Cong ty Co phan Ngan Son | Vietnam |
| Kido Group Corp | 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 #16: Tobacco Company List
Open PDF file, 123.57 KB,
PERAC Memorandum #16, 2017
(English, PDF 123.57 KB)