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