PERAC Memo #14 - 2023: Tobacco Company List
Tobacco Company List
View original on mass.gov →Summary
This memo transmits the July 2023 Tobacco Company List, which supersedes all prior versions and takes effect upon receipt, prohibiting retirement systems from making any new investments in companies deriving more than 15% of their revenue from tobacco products under Chapter 119 of the Acts of 1997. Boards must forward the list to their investment advisors (for Massachusetts public fund use only), and PERAC will assess portfolio compliance during audits; non-compliant portfolios must be divested in a prudent manner after consulting with PERAC. This is the second tobacco list issued in 2023, following the April 2023 list in Memo #9/2023.
Full Text
PERAC MEMO #14/2023 M E M O R A N D U M TO: All Retirement Boards FROM: John P. Galvin, Compliance Officer RE: Tobacco Company List DATE: June 16, 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 July 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. Enclosure /ram PERAC Auditor DIANA DIZOGLIO | KATHLEEN M. FALLON | KATE FITZPATRICK | JAMES J. GUIDO | RICHARD MACKINNON, JR. | JENNIFER F. SULLIVAN, ESQ. JOHN W. PARSONS, ESQ., Executive Director FIVE MIDDLESEX AVENUE, SUITE 304 | SOMERVILLE, MA 02145 PH 617 666 4446 | FAX 617 628 4002 | TTY 617 591 8917 | WWW.MASS.GOV/PERAC COMMONWEALTH OF MASSACHUSETTS | PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION PHILIP Y. BROWN, ESQ., Chair
TOBACCO COMPANY LIST JULY 2023
COMPANY COUNTRY
22 nd 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 Slantse Stara Zagora Tabak AD 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
COMPANY COUNTRY
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
COMPANY COUNTRY
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
Mercury Retail Group Ltd. Russian Federation
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
COMPANY COUNTRY
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