Bill > HB4429

This bill, known as the Proxy Advisor Transparency Act, aims to increase transparency for proxy advisors, which are entities that provide advice to shareholders on how to vote on company proposals. The act requires proxy advisors to disclose when their recommendations against company management are not based on a written financial analysis that details the expected short-term and long-term financial benefits and costs of a proposal, and how it will positively affect shareholder value. If a financial analysis is conducted, the proxy advisor must disclose that it was performed and make the analysis available upon request. These disclosures must be provided to shareholders and, in certain cases, to the company's board of directors, and also prominently displayed on the proxy advisor's website. Violations of these requirements are considered deceptive trade practices, giving the Attorney General investigatory powers and allowing aggrieved individuals or companies to seek court orders. The act defines key terms like "proxy advisor," "proxy advisory service," and "written financial analysis," and sets an effective date of November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4429&Session=2600