Bill No. 568 aims to regulate the voting of shares held by governmental entities in Oklahoma, ensuring that such votes are cast solely in the financial interest of plan participants and their beneficiaries. The bill 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 obligation to act based on pecuniary factors. Additionally, it restricts the granting of proxy voting authority to individuals outside the governmental entity unless they also commit to similar guidelines.

The bill mandates 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 act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.