PERAC Memo #12 - 2019: Tobacco Company List
Tobacco Company List
View original on MA State Library →Summary
This memo transmits the updated April 2019 Tobacco Company List under Chapter 119 of the Acts of 1997, which prohibits new retirement system investments in companies deriving more than 15% of revenue from tobacco sales; the new list supersedes all prior versions effective immediately. Boards must share the list with their investment advisors (noting it's restricted to Massachusetts public fund use only), ensure portfolios—including pooled funds assessed at the entire-pool level—comply going forward, and, if non-compliant holdings are found, consult with PERAC before prudently divesting.
Full Text
PE RAC PERAC MEMO #12/2019 MEMORANDUM TO: FROM: RE: DATE: All Retirement Boards Thomas J. O'Donnell, Compliance Offic~ Tobacco Company List March 27, 2019 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 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. Enclosure /ram FIVE MIDDLESEX AVENUE, SUITE 304 I SOMERVILLE, MA 02145 ._..,. PH 617 666 4446 I FAX 617 628 4002 I TTY 617 591 8917 I WWW.MASS.GOV/PERAC .. ,, 8 ' ' . . . COMPANY 22nd Century Group, Inc. Altria Group, Inc. TOBACCO COMP ANY LIST APRIL2019 AMCON Distributing Company Apollo Global Management, LLC B.A.T. Capital Corporation Core-Mark Holding Company, Inc. Electronic Cigarettes International Group, Ltd Energy Transfer Operating, L.P. Fyolo Technology Corp Gilla Inc. Healthier Choices Management Corp. Icon Vapor Inc. Medigreen Holdings Corporation Philip Morris International Inc. Pyx.us International, Inc. Reynolds American Inc. Schweitzer Mauduit International, Inc. Smokefree Innotec Inc Standard Diversified Inc. Turning Point Brands, Inc. Universal Corporation Vapor Group Inc Vapor Hub International Inc. Vector Group Ltd. VPR Brands LP Wee-Cig International Corp British American Tobacco Bangladesh Co. Ltd. Fabrika Duhana Sarajevo dd Sarajevo Bulgartabac Holding AD Gotse Delchev Tabac AD Nicotiana BT Holding AD Shumen Tabac AD Slantse Stara Zagara Tabak AD Stara Planina Hold AD Yuri Gagarin AD COUNTRY United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Bangladesh Bosnia & Herzegovina Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria COMPANY Costa Verde Aeronautica SA China Conch Venture Holdings Limited Mudanjiang Hengfeng Paper Co., Ltd. Shenzhen Jinjia Group Co., Ltd. Shiner International Inc Xinjiang Bai Hua Cun Co., Ltd. CTO Public Company Ltd Philip Morris CR as Scandinavian Tobacco Group A/S Eastern Company SAE Christian Dior S.E. Karelia Tobacco Company Inc SA Century City International Holdings Limited China Flavors and Fragrances Company Ltd. China Fortune Investments (Holding) Limited Huabao International Holdings Ltd. Keck Seng Investments (Hong Kong) Limited Sheen Tai Holdings Group Company Ltd. Godfrey Phillips India Limited Golden Tobacco Ltd. ITC Limited NTC Industries Ltd. Sinnar Bidi Udyog Ltd VST Industries Limited Globrands Group Ltd Knafaim Holdings Ltd. PT Bentoel Internasional Investama Tbk PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk Wismilak Inti Makmur Tbk PT Societe Ivoirienne des Tabacs SA Carreras Ltd COUNTRY Chile China China China China China Cyprus Czech Republic Denmark Egypt France Greece Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong India India India India India India Israel Israel Indonesia Indonesia Indonesia Indonesia Ivory Coast Jamaica COMPANY Japan Tobacco Inc. Mitsui & Co., Ltd. Yahoo Japan Corporation Al-Eqbal Investment Company PSC Jordanian Duty Free Shops PSC Union Investment Corporation PSC Union Tobacco & Cigarette Industries Co PSC British American Tobacco Kenya Ltd BGF Co., Ltd. KT&G Corporation Lotte Corporation Nongshim Holdings SK Chemicals Co., Ltd. SK Discovery Co., Ltd. Tutunski Kombinat AD Prilep Veles Tabak AD Veles Press Corporation Ltd. 7 Eleven Malaysia Holdings Berhad Bright Packaging Industry Bhd British American Tobacco (Malaysia) Berhad Sime Darby Berhad Brait SE Duvanski Kombinat ad u stecaju Podgorica Schiphol Nederland B.V. Khyber Tobacco Company Ltd. Pakistan Tobacco Company Ltd. Philip Morris (Pakistan) Limited Jerusalem Cigarette Co Ltd Ayala Land Inc. LT Group, Inc. Kingdom Holding Company Coka Duvanska Industrij a ad Coka Duvanska industrija ad Bujanovac Philip Morris Operations a.d. Nis COUNTRY Japan Japan Japan Jordan Jordan Jordan Jordan Kenya Korea Korea Korea Korea Korea Korea Macedonia Macedonia Malawi Malaysia Malaysia Malaysia Malaysia Malta Montenegro Netherlands Pakistan Pakistan Pakistan Palestinian Territory Philippines Philippines Saudi Arabia Serbia Serbia Serbia COMPANY New Toyo International Holdings Ltd Hosken Consolidated Investments Limited Compania de Distribucion Integral Logista Holdings, S.A. Miquel y Costas & Miquel, S.A. Ceylon Tobacco Company PLC Melstacorp Limited Swedish Match AB Taisun Enterprise Co. Ltd. Taiwan FamilyMart Co., Ltd. Uni-President Enterprises Corp. Tanzania Cigarette Company Ltd The West Indian Tobacco Company Ltd. Bizim Toptan Satis Magazalari AS Koc Holding Anonim Sirketi British American Tobacco Uganda B.A.T. International Finance P.L.C. British American Tobacco Plc Imperial Brands Finance Plc Imperial Brands Plc Cat Loi JSC Cong ty Co phan Ngan Son British American Tobacco Zambia Plc British American Tobacco Zimbabwe (Holdings) Ltd COUNTRY Singapore South Africa Spain Spain Sri Lanka Sri Lanka Sweden Taiwan Taiwan Taiwan Tanzania Trinidad and Tobago Turkey Turkey Uganda United Kingdom United Kingdom United Kingdom United Kingdom Vietnam Vietnam· Zambia Zimbabwe