Memorandum

Memorandum  PERAC Memo #24: Tobacco Company List

Date: 09/19/2024
Referenced Sources: PERAC Website

PERAC Memo #24 2024

Table of Contents

To All Retirement Boards:

M E M O R A N D U M

TO:                  All Retirement Boards

FROM:            John P. Galvin, Compliance Manager

RE:                  Tobacco Company List

DATE:            September 13, 2024

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 2024.  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

OCTOBER 2024

COMPANYCOUNTRY
  
22nd Century Group, Inc.United States
Altria Group, Inc.United States
AMCON Distributing CompanyUnited States
B.A.T. Capital CorporationUnited States
Charlie’s Holdings, Inc.United States
Fyolo Technology CorpUnited States
Healthier Choices Management Corp.United States
Performance Food Group CompanyUnited States
Philip Morris International Inc.United States
Pyxus International, Inc.United States
Reynolds American Inc.United States
Starfleet Innotec IncUnited States
Turning Point Brands, Inc.United States
Universal CorporationUnited States
Vapor Group IncUnited States
Vapor Hub International Inc.United States
Vector Group Ltd.United States
VPR Brands LPUnited States
  
British American Tobacco Bangladesh Co. Ltd.Bangladesh
  
Badeco Adria d.d. SarajevoBosnia & Herzegovina
  
Bulgartabac Holding ADBulgaria
Gotse Delchev Tabac ADBulgaria
Nicotiana BT Holding ADBulgaria
Sila Holding PlcBulgaria
Yuri Gagarin ADBulgaria
  
Anhui Genuine New Materials Co LtdChina
Chengdu Hongqi Chain Co LtdChina
Huabao Flavours & Fragrances Co LtdChina
Mudanjiang Hengfeng Paper Co., Ltd.China
RLX Technology IncChina
Shenzhen Jinjia Group Co., Ltd.China
Smoore International Holdings LtdChina
WEIli Holdings LtdChina
Cyprus Trading Corporation PlcCyprus
  
Philip Morris CR asCzech Republic
  
Scandinavian Tobacco Group A/SDenmark
STG Global Finance B.V.Denmark
  
Eastern Company SAEEgypt
  
Kumulus Vape SAFrance
  
Karelia Tobacco Company IncGreece
  
China Boton Group Company LimitedHong Kong
China Tobacco International HK Co LtdHong Kong
Ecogreen International Group LimitedHong Kong
Huabao International Holdings Ltd.Hong Kong
Litu Holdings LimitedHong Kong
  
Godfrey Phillips India LimitedIndia
ITC LimitedIndia
NTC Industries Ltd.India
Sinnar Bidi Udyog Ltd.India
VST Industries LimitedIndia
  
Indonesian Tobacco Tbk PTIndonesia
PT Bentoel International Investama TbkIndonesia
PT Gudang Garam TbkIndonesia
PT Hanjaya Mandala Sampoerna TbkIndonesia
PT Wicaksana Overseas International TbkIndonesia
Wismilak Inti Makmur Tbk PTIndonesia
  
Globrands Group Ltd.Israel
  
Societe Ivoirienne des Tabacs SAIvory Coast
  
Carreras Ltd.Jamaica
  
Japan Tobacco Inc.Japan
  
Al-Eqbal Investment Company PLCJordan
Jordanian Duty Free Shops PSCJordan
Union Investment Corporation P.L.C.Jordan
Union Tobacco & Cigarette Industries Co PSCJordan
  
British American Tobacco Kenya PLCKenya
  
KT&G CorporationKorea
Kuk-Il Paper Mfg Co., Ltd.Korea
  
Tutunski Kombinat AD PrilepMacedonia
  
7-Eleven Malaysia Holdings BerhadMalaysia
Bright Packaging Industry BhdMalaysia
British American Tobacco (Malaysia) BerhadMalaysia
  
B.A.T. Netherlands Finance B.V. Imperial Brands Finance Netherlands B.VNetherlands Netherlands
  
Khyber Tobacco Company Ltd.Pakistan
Pakistan Tobacco Company Ltd.Pakistan
Philip Morris (Pakistan) LimitedPakistan
Tri Pack Films Ltd.Pakistan
  
Jerusalem Cigarette Co Ltd.Palestinian Territory
  
Eurocash Spolka AkcyjnaPoland
  
Coka Duvanska Industrija ad CokaSerbia
Philip Morris Operations a.d. NisSerbia
  
New Toyo International Holdings Ltd.Singapore
  
Logista Integral S.A.Spain
Miquel y Costas & Miquel, S.A.Spain
  
Ceylon Tobacco Company PlcSri Lanka
  
Nolato AktiebolagSweden
Swedish Match ABSweden
  
Taiwan FamilyMart Co., Ltd.Taiwan
  
Tanzania Cigarette Company Ltd.Tanzania
  
The West Indian Tobacco Company Ltd.Trinidad and Tobago
  
Bizim Toptan Satis Magazalari ASTurkey
  
British American Tobacco UgandaUganda
  
B.A.T. International Finance P.L.C.United Kingdom
British American Tobacco PlcUnited Kingdom
Imperial Brands Finance PlcUnited Kingdom
Imperial Brands PlcUnited Kingdom
McColl’s Retail Group PlcUnited Kingdom
  
Cat Loi JSCVietnam
Cong ty Co phan Ngan SonVietnam
  
British American Tobacco (Zambia) PlcZambia
  
British American Tobacco Zimbabwe (Holdings) Ltd.Zimbabwe

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