| Date: | 09/24/2025 |
|---|---|
| Referenced Sources: | PERAC Website |
PERAC Memo #25, 2025
- This page, PERAC Memo #25: Tobacco Company List, is offered by
- Public Employee Retirement Administration Commission
Memorandum
Memorandum PERAC Memo #25: Tobacco Company List
Table of Contents
To All Retirement Boards:
TO: All Retirement Boards
FROM: John P. Galvin, Compliance Manager
RE: Tobacco Company List
DATE: September 24, 2025
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 2025. 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 2025
| 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 |
| Charlie’s Holdings, Inc. | United States |
| Fyolo Technology Corp | 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 |
| 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 |
| Eastern Company SAE | Egypt |
| Kumulus Vape SA | France |
| Karelia Tobacco Company Inc | Greece |
| China Boton Group Company Limited | Hong Kong |
| China Tobacco International HK Co Ltd | Hong Kong |
| Huabao International Holdings Ltd. | Hong Kong |
| Litu Holdings Limited | 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 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 IndusA51:A64tries Co PSC | Jordan |
| British American Tobacco Kenya PLC | Kenya |
| BGF Retail Co Ltd | Korea |
| 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. | 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 |
| Duvanska Industrija Coka ad Coka | Serbia |
| Philip Morris Operations a.d. Nis | Serbia |
| New Toyo International Holdings Ltd. | Singapore |
| Logista Integral 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 |
| 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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PERAC Memo #25, 2025
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