University of California: Office of the Chief Investment Officer.

Existing law establishes the University of California, under the administration of the Regents of the University of California, as one of the segments of public postsecondary education in this state. Under existing law, the University of California provides instruction at 10 campuses, which are located in Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, San Francisco, Santa Barbara, and Santa Cruz. The regents have established the Office of the Chief Investment Officer (OCIO) and have assigned to that office the task of responsibly investing various funds of the university, including, but not limited to, endowment and pension funds. This bill would urge the regents to require the OCIO to use reasonable efforts to encourage diversity, to request partner firms to use reasonable efforts to encourage diversity, and to launch an emerging manager program. The bill would also require the OCIO to submit, on or before January 1, 2020, a report to the chairs of the appropriate policy committees of each house of the Legislature that includes specified information relating to any requirements the regents direct the OCIO to perform pursuant to the bill.