Date: | 03/30/2020 |
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Referenced Sources: | PERAC Website |
PERAC Memo #19, 2020
Date: | 03/30/2020 |
---|---|
Referenced Sources: | PERAC Website |
PERAC Memo #19, 2020
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M E M O R A N D U M
TO: All Retirement Boards
FROM: Joseph I. Martin, Deputy Executive Director
RE: Tobacco Company List
DATE: March 30, 2020
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 2020. 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 2020
COMPANY | COUNTRY |
22nd Century Group, Inc. | United States |
Altria Group, Inc. | United States |
AMCON Distributing Company | United States |
B.A.T. Capital Corporation | United States |
Core-Mark Holding Company, Inc. | United States |
Electronic Cigarettes International Group, Ltd. | United States |
Fyolo Technology Corp | United States |
Gilla Inc. | United States |
Healthier Choices Management Corp. | 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 |
Badeco Adria d.d. Sarajevo | Bosnia & Herzegovina |
Bulgartabac Holding AD | Bulgaria |
Gotse Delchev Tabac AD | Bulgaria |
Nicotiana BT Holding AD | Bulgaria |
Shumen Tabac AD | Bulgaria |
Sila Holding Plc | Bulgaria |
Slantse Stara Zagora Tabak AD | Bulgaria |
Yuri Gagarin AD | Bulgaria |
Foshan Huaxin Packaging Co., Ltd. | China |
Mudanjiang Hengfeng Paper Co., Ltd. | China |
Shenzhen Jinjia Group Co., Ltd. | China |
Shiner International Inc | China |
CTO Public Company Ltd. | Cyprus |
Philip Morris CR as | Czech Republic |
Scandinavian Tobacco Group A/S | Denmark |
Eastern Company SAE | Egypt |
Karelia Tobacco Company Inc SA | Greece |
China Flavors and Fragrances Company Ltd. | Hong Kong |
China Fortune Investments (Holding) Limited | Hong Kong |
Ecogreen International Group Limited | Hong Kong |
Huabao International Holdings Ltd. | Hong Kong |
Sheen Tai Holdings Group Company Limited | 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 |
Indonesian Tobacco Tbk PT | Indonesia |
PT Bentoel International Investama Tbk | Indonesia |
PT Gudang Garam Tbk | Indonesia |
PT Hanjaya Mandala Sampoerna Tbk | Indonesia |
Wismilak Inti Makmur Tbk PT | Indonesia |
Globrands Group Ltd. | Israel |
Societe Ivoirienne des Tabacs SA | Ivory Coast |
Carreras Ltd. | Jamaica |
Japan Tobacco Inc. | 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 |
KT&G Corporation | Korea |
Kuk-Il Paper Mfg Co., Ltd. | Korea |
Tong Yang Moolsan Co., Ltd. | Korea |
Tutunski Kombinat AD Prilep | Macedonia |
Veles Tabak AD Veles vo stecaj | Macedonia |
7-Eleven Malaysia Holdings Berhad | Malaysia |
Bright Packaging Industry Bhd | Malaysia |
British American Tobacco (Malaysia) Berhad | Malaysia |
JT International Financial Services B.V. | Netherlands |
Khyber Tobacco Company Ltd. | Pakistan |
Pakistan Tobacco Company Ltd. | Pakistan |
Philip Morris (Pakistan) Limited | Pakistan |
Tri Pack Films Ltd. | Pakistan |
Jerusalem Cigarette Co Ltd. | Palestinian Territory |
Eurocash Spolka Akcyjna | Poland |
Coka Duvanska Industrija ad Coka | Serbia |
Duvanska industrija ad Bujanovac | Serbia |
Philip Morris Operations a.d. Nis | Serbia |
New Toyo International Holdings Ltd. | Singapore |
Compania de Distribucion Integral Logista Holdings, S.A. | Spain |
Miquel y Costas & Miquel, S.A. | Spain |
Ceylon Tobacco Company Plc | Sri Lanka |
Swedish Match AB | Sweden |
Taiwan FamilyMart Co., Ltd. | Taiwan |
Tanzania Cigarette Company Ltd. | Tanzania |
The West Indian Tobacco Company Ltd. | Trinidad and Tobago |
Bizim Toptan Satis Magazalari AS | Turkey |
British American Tobacco Uganda | Uganda |
B.A.T. International Finance P.L.C. | United Kingdom |
British American Tobacco Plc | United Kingdom |
Essentra Plc | United Kingdom |
Imperial Brands Finance Plc | United Kingdom |
Imperial Brands Plc | United Kingdom |
McColl’s Retail Group 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 |
Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan
Hours: 9:00 a.m. to 5:00 p.m., Monday through Friday
For deaf, hard of hearing, or speech impaired
Call to report suspected pension fraud