Tobacco Documents Online

Michael A. Miles Chairman and Chief Executive Officer Philip Morris Companies, Inc. 120 Park Avenue New York, NY 10017 Dear Mr. Miles: March 19,1992 r , a ~ . M-11AR 2 4 1992 ; s ~ t~~ :~=; •~v- PM GC1~1?ANIrS iNC. On behalf of the Stanford Board of Trustees' Special Committee on Investment Responsibility (SCIR), I write to convey the University's concern about the health hazards of smoking tobacco and about specific marketing practices used by -tobacco companies. Stanford seeks to develop a productive dialogue with Philip Morris on this subject. As a socially responsible investor, Stanford strives to work in partnership with its portfolio companies. As concerned.shareholders, we are troubled by advertising practices that target youth and minorities as well as the lack of warning labels on cigarettes marketed abroad. Last year the SCIR, on behalf of the entire Board, strongly supported two Philip Morris shareholder resolutions. The first called for establishment of a . committee to review the promotion of tobacco products to minors; the second sought to establish minimum warning label standards for cigarettes sold abroad. The SCIR plans to vote similarly this proxy season. The SCIR and its advisory group, the Advisory Panel on Investment Responsibility (APIR) have been discussing the issue of tobacco investments for well over a year. As I'm sure you are aware, there has been much pressure on universities to divest stockholdings in tobacco companies. The SCIR and APIR are considering all angles of the issue and are contacting tobacco companies as part of the review process. We are aware of, and encourage, initiatives undertaken by the tobacco industry to curb smoking, especially by minors. We strongly support the Cigarette Advertising Code, and would appreciate recent information regarding Philip Morris' efforts to abide by this voluntary code. We would also appreciate RECEIVED MAR 24 1992 F_-*- MICHAEL A. MILES

Michael A. Miles Page Two information on specific activities underway at Philip Morris about advertising directed at minority groups, and about placing appropriate warning labels on Philip Morris cigarettes sold abroad. We would appreciate your submitting these materials to us by Apri19, prior to the next meeting of the Board. If you have any questions during the interim, please do not hesitate to call me or Robert Freelen, Vice President for Public Affairs, at 415/725-3331. Thank you in advance for your cooperation. Sincerely, cc: James Gaither, President, Board of Trustees Denise O'Leary, Chair, SCIR Diana Diamond, Chair, APIR Laurance Hoagland, CEO, Stanford Management Company