The bill establishes new regulations regarding the voting of shares held by governmental entities in Oklahoma, mandating that all votes must be cast solely in the financial interest of plan participants and their beneficiaries. It prohibits investment managers, fiduciaries, or governmental entities from following the recommendations of proxy advisers unless those advisers commit in writing to adhere to guidelines that align with the governmental entity's obligation to prioritize pecuniary factors. Additionally, the bill restricts the granting of proxy voting authority to individuals outside the governmental entity unless they also commit to similar guidelines.

Furthermore, the bill requires that all proxy votes be tabulated and reported annually to the State Treasurer, including details such as the vote caption, the plan's vote, and any recommendations from company management or proxy advisers. This information must be made publicly available on the State Treasurer's website. The bill is set to take effect on July 1, 2025, and includes a declaration of emergency to ensure its immediate implementation upon passage and approval.