Memorandum  #34: Tobacco Company List

Date: 12/20/2018
Referenced Sources: PERAC Website

PERAC Memo #34, 2018

Table of Contents

All Retirement Board Members


TO:                  All Retirement Boards

FROM:           Thomas J. O’Donnell, Compliance Officer

RE:                  Tobacco Company List

DATE:            December 14, 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 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.


JANUARY 2019               

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
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
Gilla Inc. United States
Healthier Choices Management Corp. 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
Standard Diversified Inc. United States
Turning Point Brands, Inc. United States
Universal Corporation 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
George Weston Limited Canada
Kimree Inc. China
Mudanjiang Hengfeng Paper Co., Ltd. China
Shenzhen Jinjia Group Co., Ltd. China
Shiner International Inc China
Xinjiang Bai Hua Cun Co., Ltd. China
Valorem S.A. Columbia
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
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
Virat Crane Industries 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
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
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
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
Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan

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