Tobacco Documents Online

PHILIP MORRIS COMPANIES INC. INTER-OFFICE CORRESPONDENCE 120 PARK AVENUE, NEW YORK, N.Y. 10017•5592 TO: D i s t r i b u i n ,.~Et l. J~eC,e~b,~,rtb 1990 ~ '~(rt ~~ CpMA. Don Frie UtC 1 7 1990 SUBJECT: SOCIAL INVESTING; TOBACCO DIVESTMENT PROJECT CHANLES R. WALL PM COMPANIES INC. On December 6 and 7 I attended a conference sponsored by the Investment Management Institute on "Social Investing". A list of attendees is attached as is the program for the conference. Brad S. Krevor, Executive Director of the Tobacco Divestment Project, was the last speaker on the first day of the conference. He made the following points: 1. One thousand people per day die from cigarette smoking. 2. Fifty-five million Americans smoke. 3. Fifty million are addicted. 4. Three thousand children become addicted each day. He referred to a tobacco control movement of which his organization was a part. He also referred to the enormous profits realized from tobacco and indicated that it was because the industry was so profitable that prohibition was not possible. He characterized as a big lie the industry's claim that smoking was mature adult behavior, freely chosen. He said that Marlboro was the preferred entry brand and'that smokers were subject to physical and mental compulsion. He described Wall Street as the heart of the tobacco industry and he emphasized the effort being made by the anti-tobacco lobby to minimize the attractiveness of Philip Morris as an investment. He also said that the anti-tobacco lobby would encourage increases in excise taxes so as to capture for the states the profits that otherwise go to the companies as the result of semi-annual price increases. N ~ N N N CA W GO Q1

To: Distribution Re: Social Investing; Tobacco Divestment Project Page 2. Tim Smith, the Executive Director of the Interfaith Center for Corporate Responsibility, also spoke at the conference. He indicated that continuing pressure would be brought via shareholder proposals on companies doing business with the tobacco:industry. DF ssf enclosures Distribution: M. H. Bring, W. I. Campbell M. Firestone M. Kenny D. M. Kirby H. Maxwell H. Millingtom J. A. Murphy W. Murray J. Nelson S. Parrish G. L. Smith IV H. G. Storr C. Wall G. Weissman N 0 N ~ N N ~ W ~ Q~