IL SB1714

Requires consultants retained by retirement system boards, pension fund boards, or investment boards to disclose annually (beginning January 1, 2018) the total number of investment service searches conducted and how many included minority-owned, female-owned, or disability-owned businesses.

Mandates consultants disclose the number of searches where they recommended or resulted in selection of minority-owned, female-owned, or disability-owned businesses, and the total dollar amount invested with such businesses.

Prohibits awarding consulting contracts without first requiring consultants to make these diversity-related disclosures, which must be considered within financial and fiduciary prudence standards.

Requires consultants to disclose all compensation and economic benefits received in the prior 24 months from investment advisors retained by the board, and any such benefits from advisors the consultant recommends for selection.

Defines key terms including "minority owned business," "female owned business," and "business owned by a person with a disability" by reference to the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.