PERAC Memo #24 - 2026: Tobacco Company List
Tobacco Company List
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PERAC Memo #24/2026 transmits the updated Tobacco Company List (October 2026), which replaces all prior versions effective immediately, identifying companies deriving over 15% of revenue from tobacco sales in which new investments are prohibited under Chapter 119 of the Acts of 1997 (including pooled funds that exceed the 15% threshold on an aggregate basis). Boards should forward the list to their investment advisors (or direct them to PERAC's website), noting the list is restricted to use for Massachusetts public fund clients only. Boards must ensure post-January 13, 1998 compliance in their portfolios and, if any non-compliant holdings are found, must consult with PERAC before divesting in a prudent manner.
Full Text
PERAC MEMO #24/2026 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 10, 2026 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 2026. 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. /ram Enclosure PERAC Auditor DIANA DIZOGLIO | KATHLEEN M. FALLON | KATE FITZPATRICK | JAMES J. GUIDO | RICHARD MACKINNON, JR. | JENNIFER F. SULLIVAN, ESQ. WILLIAM T. KEEFE, Executive Director 10 CABOT ROAD, SUITE 300 | MEDFORD, MA 02155 PH 617 666 4446 | FAX 617 628 4002 | WWW.MASS.GOV/PERAC COMMONWEALTH OF MASSACHUSETTS | PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION PHILIP Y. BROWN, ESQ., Chair
TOBACCO COMPANY LIST
OCTOBER 2026
COMPANY COUNTRY
22 nd Century Group, Inc. United States Altria Group, Inc. United States AMCON Distributing Company United States Asberry 22 Holdings Inc 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 Turning Point Brands, Inc. United States Universal Corporation United States Vapor Group 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
COMPANY COUNTRY
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 Industries Co PSC Jordan
COMPANY COUNTRY
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 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
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
Supreme 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