Oklahoma HB4428: Public finance; terms; Board of Trustees; votes; proxy proposal; pecuniary factors; exception; report; publish; effective date.

What the bill says

An Act relating to public finance; defining terms; directing Board of Trustees to vote with consideration of certain factors; requiring that exercise of shareholder votes or introduction of a proxy proposal be based on pecuniary factors; providing exception; requiring the Board to retain the authority to exercise shareholder proxy rights for certain shares; providing exception; directing the Board to produce report; directing Board to publish report on website by certain date; providing for codification; and providing an effective date. SUBJECT: Public finance.

From the enrolled text, May 6, 2026:

An Act relating to public finance; defining terms; directing Board of Trustees to vote with consideration of certain factors; requiring that exercise of shareholder votes or introduction of a proxy proposal be based on pecuniary factors; providing exception; requiring the Board to retain the authority to exercise shareholder proxy rights for certain shares; providing exception; directing the Board to produce report; directing Board to publish report on website by certain date; providing for codification; and providing an effective date. SUBJECT: Public finance SECTION 1. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 9101 of Title 62, unless there is created a duplication in numbering, reads as follows: As used in this act: 1. "Company" means a publicly traded, for-profit corporation, limited liability company, partnership, or other business entity that conducts its operations and is headquartered within the United States; 2. "Company proposal" means any proposal made by a company to its shareholders that is included in the company's proxy statement, including, but not limited to, a proposal relating to director nominations or elections, executive compensation, corporate RBH No. 13967 transactions, corporate structure, auditor selection, or company policy on any subject; 3. "Default recommendation or policy" means a system, set of rules, principles, or guidelines designed to assist with voting decisions on any …

Read the full official text