HB1170 Summary: Oklahoma Public Finance Protection Act

• Establishes the Oklahoma Public Finance Protection Act requiring fiduciaries of state pension benefit plans to discharge duties solely based on pecuniary (financial) factors, excluding consideration of environmental, social, political, or ideological goals.

• Prohibits fiduciaries from promoting nonpecuniary benefits or goals, though environmental, social, political, or corporate governance considerations may be incidentally advanced only if they present material economic risks or opportunities.

• Requires all proxy votes to be voted solely in the pecuniary interest of plan participants; proxy advisory firms and service providers must commit in writing to following pecuniary-based voting guidelines.

• Mandates annual tabulation and public reporting of all proxy votes to the respective Board of Trustees, including vote caption, plan vote, company management recommendation, and proxy advisor recommendation if applicable.

• Provides immunity from civil liability to the State of Oklahoma, pension plans, and their officers, board members, and employees for acts or omissions related to this act; authorizes the Attorney General to enforce the act and examine persons and records.

• Effective July 1, 2025, with emergency declaration for immediate effect upon passage and approval.