(

a) Commencing March 1, 2023, and annually thereafter, the board shall submit a report to the Legislature on the status of achieving appropriate objectives and initiatives, as defined by the board, regarding participation of emerging or diverse managers responsible for asset management within its portfolio of investments. The report shall be based on contracts that the system enters into on and after January 1, 2022. (

b) The report shall also identify and include both of the following:

(1) The name of each emerging or diverse manager providing investment portfolio or asset management services at the end of the prior fiscal year, including, but not limited to, fund of funds contracts, for all asset classes, as applicable. The board shall also report the year the emerging or diverse manager was first engaged or contracted to provide investment portfolio or asset management services.

(2) The amount managed by each emerging or diverse manager by asset class at the end of the prior fiscal year, as well as the total amount allocated by the system in the applicable asset class during the year and the total amount of the asset class in the system’s investment portfolio. (

c) The board shall define the term “emerging manager” and “diverse manager” for purposes of this section. (

d) The report required by this

section shall be submitted in compliance with

Section of the Government Code. (

e) Nothing in this

section shall require the board to take action unless the board determines in good faith that the action described in this

section is consistent with the fiduciary responsibilities of the board as described in

Section of

Article XVI of the California Constitution. (

f) This

section shall not require the board to disclose information that is excepted from disclosure under

Section 7928.710 of the Government Code. (

g) This

section shall remain in effect only until January 1, 2028, and as of that date is repealed, unless a later enacted statute that is enacted before January 1, 2028, deletes or extends that date.