| 1 | 1 | | 81R9153 TJS-D |
|---|
| 2 | 2 | | By: Gallego H.B. No. 2060 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to annual reporting of women and minority participation in |
|---|
| 8 | 8 | | the management and investment of the assets of public retirement |
|---|
| 9 | 9 | | systems. |
|---|
| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Subchapter B, Chapter 802, Government Code, is |
|---|
| 12 | 12 | | amended by adding Section 802.1035 to read as follows: |
|---|
| 13 | 13 | | Sec. 802.1035. ANNUAL WOMEN AND MINORITY PARTICIPATION |
|---|
| 14 | 14 | | REPORT. (a) In this section: |
|---|
| 15 | 15 | | (1) "Minority-owned business" means a business entity |
|---|
| 16 | 16 | | at least 51 percent of which is owned by minority group members or, |
|---|
| 17 | 17 | | in the case of a corporation, at least 51 percent of the shares of |
|---|
| 18 | 18 | | which are owned by minority group members, and that is managed and, |
|---|
| 19 | 19 | | in daily operations, controlled by minority group members. |
|---|
| 20 | 20 | | (2) "Minority group members" includes: |
|---|
| 21 | 21 | | (A) African Americans; |
|---|
| 22 | 22 | | (B) American Indians; |
|---|
| 23 | 23 | | (C) Asian Americans; |
|---|
| 24 | 24 | | (D) Americans of Hispanic origin; and |
|---|
| 25 | 25 | | (E) persons with disabilities. |
|---|
| 26 | 26 | | (3) "Women-owned business" means a business entity at |
|---|
| 27 | 27 | | least 51 percent of which is owned by women or, in the case of a |
|---|
| 28 | 28 | | corporation, at least 51 percent of the shares of which are owned by |
|---|
| 29 | 29 | | women, and that is managed and controlled by women in its daily |
|---|
| 30 | 30 | | operations. |
|---|
| 31 | 31 | | (b) Each public retirement system shall annually, in |
|---|
| 32 | 32 | | accordance with rules adopted by the board, submit to the board a |
|---|
| 33 | 33 | | report regarding the participation by minority- and women-owned |
|---|
| 34 | 34 | | businesses in the management and investment of the assets of the |
|---|
| 35 | 35 | | system. At a minimum, the report must detail participation by |
|---|
| 36 | 36 | | minority- and women-owned businesses, including the participation |
|---|
| 37 | 37 | | of minority- and women-owned financial services firms, expressed as |
|---|
| 38 | 38 | | a percentage of the total assets under management by outside |
|---|
| 39 | 39 | | business entities under contract with the system. |
|---|
| 40 | 40 | | (c) This section does not require a person to disclose the |
|---|
| 41 | 41 | | person's sex, race, ethnicity, or disabled status as a condition of |
|---|
| 42 | 42 | | contracting with the public retirement system. |
|---|
| 43 | 43 | | SECTION 2. This Act takes effect immediately if it receives |
|---|
| 44 | 44 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 45 | 45 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 46 | 46 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 47 | 47 | | Act takes effect September 1, 2009. |
|---|