CA AB2041

Urges the University of California Regents to direct the Office of the Chief Investment Officer (OCIO) to use reasonable efforts to encourage diversity in hiring, including full consideration of candidates from underrepresented groups.

Requires the OCIO to request that partner firms it invests in implement similar diversity hiring strategies for their own positions.

Directs the OCIO to launch an emerging manager program and define the term "emerging manager" for purposes of the program.

Requires the OCIO to submit a report to the Legislature by January 1, 2020, describing its progress on diversity requirements and including internal diversity metrics.

Clarifies that nothing in the bill requires actions inconsistent with the regents' or OCIO's fiduciary duties.