Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB974

Introduced
2/6/23  

Caption

Environmental, social, and governance; prohibiting use of certain investment criteria by governmental entities, political subdivisions, businesses, or persons. Emergency.

Impact

If enacted, SB974 would significantly alter how state entities and businesses approach investment and employment practices. The prohibition against ESG or ETI considerations in hiring and contracting processes means that companies will no longer be held accountable for such ethical or socially responsible criteria. This could potentially streamline decision-making but may also raise concerns about the loss of accountability mechanisms that promote environmental and social considerations in business operations.

Summary

Senate Bill 974 aims to prohibit the use of environmental, social, and governance (ESG) criteria and economically targeted investment (ETI) requirements by governmental entities, political subdivisions, and businesses within Oklahoma. The bill defines ESG and ETI as a set of standards that screen investments based on their perceived impacts on the environment and social dynamics. By implementing this prohibition, the legislation seeks to prevent these criteria from influencing hiring, firing, and employee evaluations, thus reshaping the regulatory landscape for state and local government operations as well as business practices in Oklahoma.

Contention

Noteworthy points of contention surrounding SB974 involve the debate over the implications of restricting ESG criteria in business practices. Advocates of the bill argue that this move is necessary to eliminate overreach and ensure that businesses are not compelled to adopt what they view as arbitrary social policies. However, critics argue that such a ban could undermine efforts to promote sustainable and socially responsible business practices, and that it limits the ability of companies to operate in a more socially conscious manner. The emergency clause included in the bill indicates a sense of urgency among proponents, underscoring the contentious nature of this legislation.

Companion Bills

No companion bills found.

Previously Filed As

OK SB974

Environmental, social, and governance; prohibiting use of certain investment criteria by governmental entities, political subdivisions, businesses, or persons. Emergency.

OK HB1267

Relative to prohibiting environmental, social, and governance standards in the selection of government investments.

OK HR246

Creates the Environmental, Social, Governance Study Group to study the regulation of ESG criteria in lending and investment practices

OK HR203

Creates the Environmental, Social, and Governance Criteria Task Force to study and make recommendations regarding regulation of ESG criteria in lending and investment practices

OK HB1307

Concerning The Regulation Of Environmental, Social Justice, Or Governance Scores; And To Authorize The Treasurer Of State To Divest Certain Investments Or Obligations Due To Certain Factors.

OK HB982

Relating to a prohibition on contracts with certain companies that use certain environmental, social, and governance criteria.

OK HB1845

To Amend The Law Concerning Environmental, Social Justice, Or Governance Scores; And To Clarify The Sources Of Information Used In Regulating Environmental, Social Justice, Or Governance Scores.

OK SB875

State government; prohibiting state entities or political subdivisions from preventing certain persons from receiving certain services or entering government buildings. Emergency.

OK HB1507

To Amend The Law Concerning Environmental, Social Justice, Or Governance Scores; And To Clarify The Exemptions From Divestment For Certain Investments.

OK SB1171

Creates new provisions prohibiting discrimination against businesses based on environmental, social, and governance scores

Similar Bills

No similar bills found.