CA AB1919

Requires the California Public Employees' Retirement System (CalPERS) Board of Administration and the California State Teachers' Retirement System (CalSTRS) Teachers' Retirement Board to submit annual reports to the Legislature on the ethnicity and gender of external investment managers and brokerage firms managing their portfolios.

Mandates that annual reports identify investment firm ownership composition, fees paid, asset class managed, and investment officer demographics of contracted portfolio management firms.

Requires the boards to develop and include detailed plans and strategies in annual reports to increase participation of emerging investment managers and emerging brokerage firms, defined as those at least 51 percent minority or women owned with specified asset management limits.

Specifies that boards must highlight minority-owned and women-owned brokerage firms in reports and testify before the Legislature annually regarding investment diversity efforts.

Clarifies that reporting thresholds are not bases for contracting decisions and that all actions must comply with the boards' fiduciary responsibilities under the California Constitution.