By Shapleigh S.B. No. 971 77R5884 DAK-F 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 2-1 information specified by Subsection (c) for the previous calendar 2-2 quarter on a generally accessible Internet site maintained by or 2-3 for the fund. 2-4 (c) The report must state: 2-5 (1) all purchases and sales by or for the fund of 2-6 domestic equity securities and bonds in the following summary form: 2-7 (A) company name; 2-8 (B) total amount of shares traded; 2-9 (C) total commissions paid; and 2-10 (D) the ratio of the amount of the commissions 2-11 to the number of shares; 2-12 (2) the fund's investment managers, investment 2-13 custodians, investment performance measurement consultants, 2-14 securities lending agents, and any other ancillary consultants in 2-15 the following summary form: 2-16 (A) company name; 2-17 (B) average fund assets under management; 2-18 (C) fees paid by the fund; and 2-19 (D) average basis points that fees paid by the 2-20 fund represent in relation to the average assets of the fund under 2-21 management; and 2-22 (3) the dollar amounts of fees, commissions, and other 2-23 amounts paid in connection with the administration of the fund, as 2-24 described under Subdivisions (1) and (2), to businesses, 2-25 categorized according to: 2-26 (A) the race, ethnicity, and gender of the 2-27 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 SECTION 2. This Act takes effect July 1, 2001, if it 3-6 receives a vote of two-thirds of all the members elected to each 3-7 house, as provided by Section 39, Article III, Texas Constitution. 3-8 If this Act does not receive the vote necessary for effect on that 3-9 date, this Act takes effect October 1, 2001.