The State Lands Commission shall report quarterly to the Teachers’ Retirement Board and annually to the Legislature and the Governor on the following:
(a) The management of school and lieu lands.
(b) Waivers, suspensions, reductions, alterations, or amendments made by the commission pursuant to Section 6916, together with the reasons therefor.
(c) The commission shall file a report with the Legislature annually on all waivers, suspensions, reductions, alterations, or amendments made by the commission pursuant to this section, together with the reasons therefor.