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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 a state investment |
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fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 322.014(a) and (b), Government Code, |
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are amended to read as follows: |
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(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) "State [state] investment fund" means any |
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investment fund administered by or under a contract with any state |
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governmental entity, including a fund: |
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(A) [(1)] established by statute or by the Texas |
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Constitution; or |
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(B) [(2)] administered by or under a contract |
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with: |
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(i) [(A)] a public retirement system as |
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defined by Section 802.001 that provides service retirement, |
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disability retirement, or death benefits for officers or employees |
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of the state; |
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(ii) [(B)] an institution of higher |
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education as defined by Section 61.003, Education Code; or |
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(iii) [(C)] any other entity that is part |
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of state government. |
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(4) "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) The board shall evaluate and publish an annual report on |
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the risk-adjusted performance of and the participation by |
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minority-owned and women-owned businesses in each state investment |
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fund that in the opinion of the board contains a relatively large |
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amount of assets belonging to or administered by the state. The |
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board in its report shall: |
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(1) compare the risk-adjusted performance of the |
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funds; [and] |
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(2) examine the risk-adjusted performance, within and |
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among the funds, of similar asset classes and comparable portfolios |
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within asset classes; and |
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(3) detail participation by minority-owned and |
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women-owned businesses, including the participation of |
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minority-owned and women-owned financial services firms, expressed |
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as a percentage of the total assets under management by outside |
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financial services firms. |
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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. |