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A BILL TO BE ENTITLED
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AN ACT
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relating to annual reporting of women and minority participation in |
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the management and investment of the assets of public retirement |
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systems. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 802, Government Code, is |
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amended by adding Section 802.1035 to read as follows: |
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Sec. 802.1035. ANNUAL WOMEN AND MINORITY PARTICIPATION |
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REPORT. (a) In this section: |
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(1) "Minority-owned business" means a business entity |
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at least 51 percent of which is owned by minority group members or, |
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in the case of a corporation, at least 51 percent of the shares of |
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which are owned by minority group members, and that is managed and, |
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in daily operations, controlled by minority group members. |
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(2) "Minority group members" includes: |
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(A) African Americans; |
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(B) American Indians; |
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(C) Asian Americans; |
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(D) Americans of Hispanic origin; and |
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(E) persons with disabilities. |
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(3) "Women-owned business" means a business entity at |
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least 51 percent of which is owned by women or, in the case of a |
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corporation, at least 51 percent of the shares of which are owned by |
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women, and that is managed and controlled by women in its daily |
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operations. |
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(b) Each public retirement system shall annually, in |
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accordance with rules adopted by the board, submit to the board a |
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report regarding the participation by minority- and women-owned |
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businesses in the management and investment of the assets of the |
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system. At a minimum, the report must detail participation by |
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minority- and women-owned businesses, including the participation |
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of minority- and women-owned financial services firms, expressed as |
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a percentage of the total assets under management by outside |
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business entities under contract with the system. |
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(c) This section does not require a person to disclose the |
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person's sex, race, ethnicity, or disabled status as a condition of |
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contracting with the public retirement system. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |