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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 59th Legislature (2023)
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57	57	SENATE BILL 470 By: Paxton
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63	63	AS INTRODUCED
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65	65	An Act relating to the Energy Discrimination
66	66	Elimination Act of 2022; defining term; requiring
67	67	state governmental entities to act in pecuniary
68	68	interest of plan participants when taking certain
69	69	action; prohibiting entities from rel ying upon
70	70	certain guidelines; prohibiting state governmental
71	71	entities from conducting certain pract ices with
72	72	certain exception; requiring certain proxy votes to
73	73	be reported to the State Treasurer and published
74	74	publicly; directing rule promul gation; providing for
75	75	codification; and providing an effective d ate.
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81	81	BE IT ENACTED BY THE PEOPLE OF THE STATE OF O KLAHOMA:
82	82	SECTION 1. NEW LAW A new section of law to be codified
83	83	in the Oklahoma Statutes as Section 12003.1 of Title 74, unless
84	84	there is created a duplication in numb ering, reads as follows:
85	85	A. For the purposes of this section, the term “state
86	86	governmental entity” shall have the same meaning as Section 12002 of
87	87	Title 74 of the Oklahoma Statutes.
88	88	B. All shares held directly or indirectly by or on behalf of a
89	89	state governmental entity , the participants, and their benefi ciaries
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141	141	shall be voted solely in the pecuniary interest of plan p articipants
142	142	and their beneficiaries .
143	143	A state governmental entity shall not rely on any voting
144	144	decision guidance from any company listed by the State Treasurer
145	145	pursuant to subsection A of Section 12003 of T itle 74 of the
146	146	Oklahoma Statutes.
147	147	C. Unless no economically practicable alternative is available :
148	148	1. A state governmental entit y shall not grant proxy voting
149	149	authority to any person who is not a part of the entity unless that
150	150	person has a practice of, an d in writing commits to, following
151	151	guidelines that match the state governmental entity ’s obligation to
152	152	act solely upon pecuniary factors;
153	153	2. State governmental entit y assets shall not be entrusted to a
154	154	fiduciary, unless that fiduciary has a practice of, a nd in writing
155	155	commits to, following guidelines when engaging with portfolio
156	156	companies and voting shares or proxies that match the state
157	157	governmental entity’s obligation to act solely upon pecuniary
158	158	factors; and
159	159	3. An investment manager, fiduciary, or state governmental
160	160	entity shall not adopt a practice of following the recommendations
161	161	of a proxy adviser or other service provider, unless such adviser or
162	162	service provider has a pra ctice of, and in writing commits to,
163	163	following proxy voting guidelines that mat ch the governmental
164	164	entity’s obligation to act sole ly upon pecuniary factors .
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216	216	D. All proxy votes shall be tabulated and report ed annually to
217	217	the State Treasurer. For each vote, the report sh all contain a vote
218	218	caption, the plan’s vote, the recommendation of company management,
219	219	and, if applicable, the prox y adviser’s recommendation. These
220	220	reports shall be posted on a publicly avai lable webpage on the
221	221	Treasurer’s website. The State Treasurer shall promulgate rules to
222	222	implement this provision.
223	223	SECTION 2. This act shall become effective Nove mber 1, 2023.
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225	225	59-1-1494 RD 1/17/2023 1:04:00 PM

Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB470 Compare Versions