Bill Text: TX HB2088 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to requiring the Employees Retirement System of Texas and the Teacher Retirement System of Texas to vote in favor of certain shareholder resolutions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-05 - Referred to Pensions [HB2088 Detail]
Download: Texas-2013-HB2088-Introduced.html
| 83R4102 KFF-D | ||
| By: Strama | H.B. No. 2088 | |
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| relating to requiring the Employees Retirement System of Texas and | ||
| the Teacher Retirement System of Texas to vote in favor of certain | ||
| shareholder resolutions. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter F, Chapter 815, Government Code, is | ||
| amended by adding Section 815.516 to read as follows: | ||
| Sec. 815.516. SHAREHOLDER RESOLUTIONS RELATING TO | ||
| DISCLOSING CERTAIN POLITICAL ACTIVITY. If the shareholders of a | ||
| company in which the retirement system holds a security interest | ||
| consider a shareholder resolution regarding whether the company | ||
| should disclose to shareholders the use of company resources for | ||
| political activities, including company spending on political | ||
| contributions, the retirement system, including any person with | ||
| authority to vote on behalf of the system, shall vote the system's | ||
| interest in favor of the disclosure. | ||
| SECTION 2. Subchapter F, Chapter 825, Government Code, is | ||
| amended by adding Section 825.521 to read as follows: | ||
| Sec. 825.521. SHAREHOLDER RESOLUTIONS RELATING TO | ||
| DISCLOSING CERTAIN POLITICAL ACTIVITY. If the shareholders of a | ||
| company in which the retirement system holds a security interest | ||
| consider a shareholder resolution regarding whether the company | ||
| should disclose to shareholders the use of company resources for | ||
| political activities, including company spending on political | ||
| contributions, the retirement system, including any person with | ||
| authority to vote on behalf of the system, shall vote the system's | ||
| interest in favor of the disclosure. | ||
| SECTION 3. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2013. | ||
