Oklahoma 2023 Regular Session

Oklahoma House Bill HB2547 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 2547 Page 1 1
	3	+	HB2547 HFLR Page 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2547 By: O'Donnell and McBride of
30		-	the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
31	30
32		-	~~and~~
	31	+	STATE OF OKLAHOMA
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34		-	Woods of the Senate
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR
	37	+	HOUSE BILL NO. 2547 By: O'Donnell and McBride
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	42	+
	43	+	COMMITTEE SUBSTITUTE
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40	45		An Act relating to public finance; imposing
41	46		requirements with respect to certain shares;
42	47		prohibiting governmental entities from relying on
43	48		information provided by certain entities; prohibiting
44	49		grant of proxy voting rights; providing exceptions;
45	50		prohibiting public retirement systems from certain
46	51		action; prohibiting actions with respect to advice
47	52		provided by proxy advisers; requiring tabulation of
48	53		certain proxy votes; requiring report to the State
49	54		Treasurer; providing for codification; providing an
50	55		effective date; and d eclaring an emergency .
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56	61		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
57	62		SECTION 1. NEW LAW A new section of law to be codif ied
58	63		in the Oklahoma Statutes as Section 8001 of Title 62, unless there
59	64		is created a duplication in numbering, reads as follow s:
60	65		A. All shares held directly or indirectly by or on behalf of a
61	66		governmental entity and/or the participants and their beneficiar ies
62	67		shall be voted solely in the pecuniary interest of plan participants
63	68		and their beneficiarie s.
64		-	B. A governmental entity m ay not rely on any voting decision
65		-	guidance from any company listed on the restricted financial
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67		-	ENGR. H. B. NO. 2547 Page 2 1
	70	+	HB2547 HFLR Page 2
	71	+	BOLD FACE denotes Committee Amendments. 1
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	96	+	B. A governmental entity m ay not rely on any voting decision
	97	+	guidance from any company listed on the restricted financial
92	98		institutions and companies generated by the Treasurer pursuant to
93	99		Section 12003 of Title 74 of the Oklahoma Statutes .
94	100		C. Unless no economically practicable alt ernative is available,
95	101		a governmental entity may not grant proxy voting authority to any
96	102		person who is not a part of the governmental entity, unless that
97	103		person has a practice of, and in writing commits to, following
98	104		guidelines that match the governmental entity's obligation to act
99	105		solely upon pecuniary factors.
100	106		D. Unless no economically practicable alternative is available,
101	107		public retirement system assets shall not be e ntrusted to a
102	108		fiduciary, unless that fiduciary has a practice of, and in writing
103	109		commits to, follow guideline s, when engaging with portfolio
104	110		companies and voting shares or proxies, that match the governmental
105	111		entity's obligation to act solely upon pecuniary factors.
106	112		E. Unless no economically practicable alternative is available,
107	113		an investment manager, fiduciary or governmental entity may not
108	114		adopt a practice of following the recommendations of a proxy adviser
109	115		or other service provider, unless such adviser or service provider
110	116		has a practice of, and in writing commits to, follow proxy voting
111	117		guidelines that match th e governmental entity's obligation to act
112	118		solely upon pecuniary factors.
113		-	F. All proxy votes shall be tabulate d and reported annually to
114		-	the State Treasurer. For each vote, the report shall conta in a vote
115		-	caption, the plan's vote, the recommendation of company management,
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117		-	ENGR. H. B. NO. 2547 Page 3 1
	120	+	HB2547 HFLR Page 3
	121	+	BOLD FACE denotes Committee Amendments. 1
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	146	+	F. All proxy votes shall be tabulate d and reported annually to
	147	+	the State Treasurer. For each vote, the report shall conta in a vote
	148	+	caption, the plan's vote, the recommendation of company management,
142	149		and, if applicable, the proxy adviser 's recommendation. These
143	150		reports shall be posted on a publicly available webpage on the State
144	151		Treasurer's website.
145	152		SECTION 2. This act shall become effective July 1, 2023.
146	153		SECTION 3. It being immediately necessary for the preservation
147	154		of the public peace, health or safety, an emergency is hereby
148	155		declared to exist, by reason whereof this act shall take effect and
149	156		be in full force from and after it s passage and approval.
150		-	Passed the House of Representatives the 20th day of March, 2023.
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155		-	Presiding Officer of the House
156		-	of Representatives
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160		-	Passed the Senate the ___ day of __________, 2023.
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165		-	Presiding Officer of the Senate
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	158	+	COMMITTEE REPORT BY: COMMITTEE ON ENERGY AND NATURAL RESOURCES,
	159	+	dated 02/23/2023 - DO PASS, As Amended.