Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 568 By: Rader
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6 AS INTRODUCED
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7 An Act relating to public finance; imposing
7 requirements with respect to certain shares;
8 prohibiting actions with respect to advice provided
8 by proxy advisers without certain commitment;
9 prohibiting grant of proxy voting rights; providing
9 exceptions; requiring tabulation of certain proxy
10 votes; requiring report to the State Treasurer;
10 defining term; providing for codification; providing
11 an effective date; and declaring an emergency.
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14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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15 SECTION 1. NEW LAW A new section of law to be codified
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16 in the Oklahoma Statutes as Section 7010 of Title 62, unless there
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17 is created a duplication in numbering, reads as follows:
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18 A. All shares of stock or ownership interest held directly or
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19 indirectly by or on behalf of a governmental entity and the
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20 participants and their beneficiaries, for all issues voted upon by
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21 shareholders and those with ownership interest, shall be voted upon
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22 solely in the pecuniary interest of plan participants and their
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23 beneficiaries. Unless no economically practicable alternative is
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24 available, an investment manager, fiduciary, or governmental entity
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Req. No. 882 Page 1
1 shall not adopt a practice of following the recommendations of a
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2 proxy adviser or other service provider, unless the adviser or
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3 service provider has a practice of, and in writing commits to,
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4 following proxy voting guidelines that match the obligation of the
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5 governmental entity to act solely upon pecuniary factors.
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6 B. Unless no economically practicable alternative is available,
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7 a governmental entity shall not grant proxy voting authority to any
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8 person who is not a part of the governmental entity, unless that
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9 person has a practice of, and in writing commits to, following
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10 guidelines that match the obligation of the governmental entity to
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11 act solely upon pecuniary factors.
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12 C. Unless no economically practicable alternative is available,
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13 an investment manager, fiduciary, or governmental entity shall not
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14 adopt a practice of following the recommendations of a proxy adviser
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15 or other service provider, unless such adviser or service provider
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16 has a practice of, and in writing commits to, follow proxy voting
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17 guidelines that match the obligation of the governmental entity to
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18 act solely upon pecuniary factors.
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19 D. All proxy votes shall be tabulated and reported annually to
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20 the State Treasurer. For each vote, the report shall contain a vote
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21 caption, the vote of the plan, the recommendation of company
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22 management, and, if applicable, the recommendation of the proxy
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23 advisor. These reports shall be posted on a publicly available
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24 webpage on the website of the State Treasurer.
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Req. No. 882 Page 2
1 E. As used in this section, "government entity" means any state
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2 agency, board, bureau, commission, or other entity organized within
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3 the executive department of state government including any office of
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4 this state or appointee acting as a fiduciary of the funds of this
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5 state.
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6 SECTION 2. This act shall become effective July 1, 2025.
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7 SECTION 3. It being immediately necessary for the preservation
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8 of the public peace, health or safety, an emergency is hereby
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9 declared to exist, by reason whereof this act shall take effect and
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10 be in full force from and after its passage and approval.
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12 60-1-882 QD 1/19/2025 5:38:53 AM
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Req. No. 882 Page 3Every fact on this page links to its source, starting with the official bill record.