(a)
Commencing August 1, 2012, the board shall provide a five-year strategic plan for emerging investment manager participation across all asset classes.
(b)
The board shall submit a report to the Legislature, commencing March 1, 2014, and each March 1 thereafter, regarding the progress of the strategic plan. The report shall be submitted in compliance with Section 9795 of the Government Code.
(c)
The board shall define the term “emerging investment manager” for purposes of this section.
(d)
Nothing in this section shall require the board to take action that is not consistent with the fiduciary responsibilities of the board as described in Section 17 of Article XVI of the California Constitution.
(e)
This section shall remain in effect only until January 1, 2018, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2018, deletes or extends that date.