ENGR. S. B. NO. 568 Page 1 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
ENGROSSED SENATE
BILL NO. 568 By: Rader of the Senate
and
Kannady of the House
An Act relating to public finance; imposing
requirements with respect to certain shares;
prohibiting actions with respect to advice provided
by proxy advisers witho ut certain commitment;
prohibiting grant of proxy voting rights; providing
exceptions; requiring tabulation of certain proxy
votes; requiring report to the State Treasurer;
defining term; providing for codification; providing
an effective date; and declari ng an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 7010 of Title 62, unless there
is created a duplication in number ing, reads as follows:
A. All shares of stock or ownership interest held directly or
indirectly by or on behalf of a governmental entity and the
participants and their beneficiaries , for all issues voted upon by
shareholders and those with ownership inter est, shall be voted upon
solely in the pecuniary interest of plan participants and their
beneficiaries. Unless no economically practicable alternative is
available, an investment manager, fiduciary, or governmental entity
ENGR. S. B. NO. 568 Page 2 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
shall not adopt a practice of fol lowing the recommendations of a
proxy adviser or other service provider, unless the adviser or
service provider has a practice of, and in writing commits to,
following proxy voting guidelines that match the obligation of the
governmental entity to act sole ly upon pecuniary factors.
B. Unless no economically practicable alternative is available,
a governmental entity shall not grant proxy voting authority to any
person who is not a part of the governmental entity, unless that
person has a practice of, and i n writing commits to, following
guidelines that match the obligation of the governmental entity to
act solely upon pecuniary factors.
C. Unless no economically practicable alternative is available,
an investment manager, fiduciary, or governmental entity shall not
adopt a practice of following the recommendations of a proxy adviser
or other service provider, unless such adviser or service provider
has a practice of, and in writing commits to, follow proxy voting
guidelines that match the obligation of the governmental entity to
act solely upon pecuniary factors.
D. All proxy votes shall be tabulated and reported annually to
the State Treasurer. For each vote, the report shall contain a vote
caption, the vote of the plan, the recommendation of company
management, and, if applicable, the recommendation of the proxy
advisor. These reports shall be posted on a publicly available
webpage on the website of the State Treasurer.
ENGR. S. B. NO. 568 Page 3 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
E. As used in this section, “government entity” means any state
agency, board, burea u, commission, or other entity organized within
the executive department of state government including any office of
this state or appointee acting as a fiduciary of the funds of this
state.
SECTION 2. This act shall become effective July 1, 2025.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its p assage and approval.
Passed the Senate the 24th day of March, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2025.
Presiding Officer of the House
of Representatives