By: Shapleigh, Madla S.B. No. 971 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to requiring state investment funds to post certain 1-3 information on the Internet. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter F, Chapter 2054, Government Code, is 1-6 amended by adding Section 2054.111 to read as follows: 1-7 Sec. 2054.111. REQUIRED POSTING OF STATE INVESTMENT FUND 1-8 INFORMATION ON INTERNET. (a) In this section, "state investment 1-9 fund" means any investment fund administered by or under a contract 1-10 with any entity of state government, including a fund: 1-11 (1) established by statute or by the Texas 1-12 Constitution; or 1-13 (2) administered by or under a contract with: 1-14 (A) a public retirement system, as defined by 1-15 Section 802.001, that provides service retirement, disability 1-16 retirement, or death benefits for officers or employees of the 1-17 state; 1-18 (B) an institution of higher education, as 1-19 defined by Section 61.003, Education Code; or 1-20 (C) any other entity that is part of state 1-21 government. 1-22 (b) The entity of state government responsible for 1-23 administering a state investment fund shall, on or before the first 1-24 day of each calendar quarter, post a report containing the 1-25 information specified by Subsection (c) for the previous calendar 2-1 quarter on a generally accessible Internet site maintained by or 2-2 for the fund. 2-3 (c) The report must state: 2-4 (1) all purchases and sales by or for the fund of 2-5 domestic equity securities and bonds in the following summary form: 2-6 (A) company name; 2-7 (B) total amount of shares traded; 2-8 (C) total commissions paid; and 2-9 (D) the ratio of the amount of the commissions 2-10 to the number of shares; 2-11 (2) the fund's investment managers, investment 2-12 custodians, investment performance measurement consultants, 2-13 securities lending agents, and any other ancillary consultants in 2-14 the following summary form: 2-15 (A) company name; 2-16 (B) average fund assets under management; 2-17 (C) fees paid by the fund; and 2-18 (D) average basis points that fees paid by the 2-19 fund represent in relation to the average assets of the fund under 2-20 management; and 2-21 (3) the dollar amounts of fees, commissions, and other 2-22 amounts paid in connection with the administration of the fund, as 2-23 described under Subdivisions (1) and (2), to businesses, 2-24 categorized according to: 2-25 (A) the race, ethnicity, and gender of the 2-26 controlling ownership of each business; 3-1 (B) the principal place of business of each 3-2 business; and 3-3 (C) the status of each business as a 3-4 historically underutilized business. 3-5 (d) This section does not apply to the Texas Workers' 3-6 Compensation Insurance Fund created under Article 5.76-3, Insurance 3-7 Code. 3-8 SECTION 2. This Act takes effect July 1, 2001, if it 3-9 receives a vote of two-thirds of all the members elected to each 3-10 house, as provided by Section 39, Article III, Texas Constitution. 3-11 If this Act does not receive the vote necessary for effect on that 3-12 date, this Act takes effect October 1, 2001.