OK HB4428

Requires Oklahoma pension plan Boards of Trustees to vote on shareholder proposals solely based on pecuniary factors (financial risk/return) and prohibits consideration of environmental, social, or political goals

Mandates that any engagement between pension boards and companies regarding shareholder votes must focus exclusively on maximizing shareholder value, with an exception for opposing non-pecuniary proposals

Requires pension boards to retain authority over shareholder proxy voting rights and limits use of proxy advisors to those who commit in writing to follow pecuniary-only guidelines

Establishes annual reporting requirement for all shareholder votes cast, including vote details, management recommendations, and proxy advisor recommendations, to be published on board websites by March 1 each year

Effective date of November 1, 2026; passed Committee on Government Oversight on March 5, 2026 with amendments