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OK HB1170
Bill
Status
2/3/2025
Primary Sponsor
Mark Lepak
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AI Summary
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Enacts the Oklahoma Public Finance Protection Act requiring fiduciaries of state pension benefit plans to make investment decisions based solely on pecuniary (financial) factors, prohibiting consideration of environmental, social, political, or ideological goals
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Prohibits proxy voting to further nonpecuniary objectives and requires fiduciaries to only use proxy advisory firms that commit in writing to following pecuniary-only voting guidelines
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Vests proxy voting authority with pension plan Boards of Trustees, with annual public reporting of all proxy votes including the vote caption, plan's vote, and management/advisor recommendations
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Authorizes the State Treasurer to refer suspected violations to the Attorney General, who may require sworn statements, examine witnesses and records, and impound documents pursuant to Supreme Court order
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Provides civil liability immunity and indemnification for state officers, board members, and employees related to actions under this act; effective July 1, 2025
Legislative Description
Public finance; Public Finance Protection Act; terms; standard of care; nonpecuniary factors; vote; authority; proxy votes; Attorney General; immunity; indemnification; severability; codification; effective date; emergency.
Last Action
Authored by Senator Daniels (principal Senate author)
3/5/2025