Memorandum  PERAC Memo #19: Tobacco Company List

Date: 09/13/2023
Referenced Sources: PERAC Website

PERAC Memo #19, 2023

Table of Contents

To All Retirement Boards:


TO:                  All Retirement Boards

FROM:            John P. Galvin, Compliance Officer

RE:                  Tobacco Company List

DATE:            September 7, 2023

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 October 2023.  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.






22nd Century Group, Inc. United States
Altria Group, Inc. United States
AMCON Distributing Company United States
B.A.T. Capital Corporation United States
Charlie’s Holdings, Inc. United States
Fyolo Technology Corp United States
Healthier Choices Management Corp. United States
Mativ Holdings, Inc. United States
Old Holdco, Inc. United States
Performance Food Group Company United States
Philip Morris International Inc. United States
Pyxus International, Inc. United States
Reynolds American Inc. United States
Starfleet Innotec 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
Sila Holding Plc Bulgaria
Yuri Gagarin AD Bulgaria
Anhui Genuine New Materials Co Ltd China
Chengdu Hongqi Chain Co Ltd China
Huabao Flavours & Fragrances Co Ltd China
Mudanjiang Hengfeng Paper Co., Ltd. China
RLX Technology Inc China
Shenzhen Jinjia Group Co., Ltd. China
Smoore International Holdings Ltd China
WEIli Holdings Ltd   China
Cyprus Trading Corporation Plc Cyprus
Philip Morris CR as Czech Republic
Scandinavian Tobacco Group A/S Denmark
STG Global Finance B.V. Denmark
Eastern Company SAE Egypt
Kumulus Vape SA France
Karelia Tobacco Company Inc SA Greece
China Boton Group Company Limited Hong Kong
China Tobacco International HK Co Ltd Hong Kong
Ecogreen International Group Limited Hong Kong
Huabao International Holdings Ltd. Hong Kong
Godfrey Phillips India Limited 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
PT Wicaksana Overseas International 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 PLC Jordan
Jordanian Duty Free Shops PSC Jordan
Union Investment Corporation P.L.C. Jordan
Union Tobacco & Cigarette Industries Co PSC Jordan
British American Tobacco Kenya PLC Kenya
KT&G Corporation Korea
Kuk-Il Paper Mfg Co., Ltd. Korea
Tutunski Kombinat AD Prilep Macedonia
7-Eleven Malaysia Holdings Berhad Malaysia
Bright Packaging Industry Bhd Malaysia
British American Tobacco (Malaysia) Berhad Malaysia
B.A.T. Netherlands Finance B.V. Imperial Brands Finance Netherlands B.V Netherlands Netherlands
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
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
Nolato Aktiebolag Sweden
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
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

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