PERAC Memo #19 - 2020: Tobacco Company List
Tobacco Company List
View original on mass.gov →Summary
This memo transmits the second quarterly Tobacco Company List for 2020 (dated April 2020), issued pursuant to Chapter 119 of the Acts of 1997, which prohibits Massachusetts retirement systems from making new investments in companies deriving more than 15% of their revenue from tobacco product sales. Boards are directed to forward the list to their investment advisors and are reminded that it supersedes all prior versions, effective upon receipt. PERAC will review board portfolios for compliance during audits, and any non-compliant board must divest holdings in a prudent manner after first consulting with PERAC.
Full Text
PERAC PERAC MEMO #19/2020 COMMONWEAL TH OF MASSACHUSETTS I PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION PHILIP Y. BROWN, ESQ., Chairman JOHN W. PARSONS, ESQ., Executive Director Auditor SUZANNE M. BUMP I KATHLEEN M. FALLON I KATE FITZPATRICK I JAMES M. MACHADO I ROBERT B. McCARTHY I JENNIFER F. SULLIVAN MEMORANDUM TO: All Retirement Boards Joseph I. Martin, Deputy Executive DirectJ:'\ \ Tobacco Company List FROM: RE: DATE: March 30, 2020 On October 22, 1997 PERAC Memo #3711997 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 2020. 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 ifthe 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
COMPANY 22nd Century Group, Inc. Altria Group, Inc. TOBACCO COMPANY LIST APRIL 2020 AMCON Distributing Company B.A.T. Capital Corporation Core-Mark Holding Company, Inc. Electronic Cigarettes International Group, Ltd. Fyolo Technology Corp Gilla Inc. Healthier Choices Management Corp. Medigreen Holdings Corporation Philip Morris International Inc. Pyxus 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. Badeco Adria d.d. Sarajevo Bulgartabac Holding AD Gotse Delchev Tabac AD Nicotiana BT Holding AD Shumen Tabac AD Sila Holding Plc Slantse Stara Zagora Tabak AD Yuri Gagarin AD Foshan Huaxin Packaging Co., Ltd. Mudanjiang Hengfeng Paper Co., Ltd. Shenzhen Jinjia Group Co., Ltd. Shiner International Inc 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 Bangladesh Bosnia & Herzegovina Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria Bulgaria China China China China
COMPANY CTO Public Company Ltd. Philip Morris CR as Scandinavian Tobacco Group A/S Eastern Company SAE Karelia Tobacco Company Inc SA China Flavors and Fragrances Company Ltd. China Fortune Investments (Holding) Limited Ecogreen International Group Limited Huabao International Holdings Ltd. Sheen Tai Holdings Group Company Limited Godfrey Phillips India Limited Golden Tobacco Ltd. ITC Limited NTC Industries Ltd. Sinnar Bidi Udyog Ltd. VST Industries Limited Indonesian Tobacco Tbk PT PT Bentoel International Investama Tbk PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk Wismilak Inti Makmur Tbk PT Globrands Group Ltd. Societe Ivoirienne des Tabacs SA Carreras Ltd. Japan Tobacco Inc. 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. COUNTRY Cyprus Czech Republic Denmark Egypt Greece Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong India India India India India India Indonesia Indonesia Indonesia Indonesia Indonesia Israel Ivory Coast Jamaica Japan Jordan Jordan Jordan Jordan Kenya
COMPANY KT&G Corporation Kuk-11 Paper Mfg Co., Ltd. Tong Yang Moolsan Co., Ltd. Tutunski Kombinat AD Prilep Veles Tabak AD Veles vo stecaj 7-Eleven Malaysia Holdings Berhad Bright Packaging Industry Bhd British American Tobacco (Malaysia) Berhad JT International Financial Services B.V. Khyber Tobacco Company Ltd. Pakistan Tobacco Company Ltd. Philip Morris (Pakistan) Limited Tri Pack Films Ltd. Jerusalem Cigarette Co Ltd. Eurocash Spolka Akcyjna Coka Duvanska Industrija ad Coka Duvanska industrija ad Bujanovac Philip Morris Operations a.d. Nis New Toyo International Holdings Ltd. Compania de Distribucion Integral Logista Holdings, S.A. Miquel y Costas & Miquel, S.A. Ceylon Tobacco Company Plc Swedish Match AB Taiwan FamilyMart Co., Ltd. Tanzania Cigarette Company Ltd. The West Indian Tobacco Company Ltd. Bizim Toptan Satis Magazalari AS British American Tobacco Uganda COUNTRY Korea Korea Korea Macedonia Macedonia Malaysia Malaysia Malaysia Netherlands Pakistan Pakistan Pakistan Pakistan Palestinian Territory Poland Serbia Serbia Serbia Singapore Spain Spain Sri Lanka Sweden Taiwan Tanzania Trinidad and Tobago Turkey Uganda
COMPANY B.A.T. International Finance P.L.C. British American Tobacco Plc Essentra Plc Imperial Brands Finance Plc Imperial Brands Plc McColl' s Retail Group Plc Cat Loi JSC Cong ty Co phan Ngan Son British American Tobacco Zambia Plc British American Tobacco Zimbabwe (Holdings) Ltd. COUNTRY United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Vietnam Vietnam Zambia Zimbabwe