Bill > HB1617

This bill enacts the Oklahoma Public Finance Protection Act, which defines key terms such as "fiduciary" and "non-pecuniary factors." It requires fiduciaries to discharge their duties solely in the pecuniary interest of plan participants, prohibiting the consideration of non-pecuniary factors. The bill also outlines requirements for proxy voting, including that all proxy votes be tabulated and reported annually. The Attorney General is authorized to enforce the act and examine relevant records. The bill provides immunity and indemnification for the State of Oklahoma, pension benefit plans, and their officers, board members, and employees. The act will become effective on July 1, 2024, and an emergency clause is included.