Bill > SB568

This bill requires all governmental entities in Oklahoma to vote their shares of stock or ownership interests solely based on the pecuniary (financial) interests of plan participants and beneficiaries. The bill places significant restrictions on how proxy votes can be cast, mandating that investment managers, fiduciaries, and governmental entities cannot automatically follow proxy adviser recommendations unless those advisers commit in writing to voting guidelines that prioritize financial factors. Additionally, governmental entities are prohibited from granting proxy voting authority to external parties who do not adhere to these pecuniary-focused guidelines. The bill further requires that all proxy votes be carefully documented and reported annually to the State Treasurer, with detailed reports to be posted publicly on the Treasurer's website. These reports must include the vote caption, the plan's vote, company management's recommendation, and any proxy advisor recommendations. The bill defines a "government entity" broadly to include any state agency, board, commission, or executive department entity acting as a fiduciary. The provisions will become effective on July 1, 2025, and the bill includes an emergency clause suggesting its immediate importance to public policy.

Budget and Finance, Business and Industry, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb568&Session=2500