Bill No. 568, introduced by Senators Rader and Kannady, aims to regulate the voting of shares held by governmental entities in Oklahoma. The bill mandates that all shares of stock or ownership interests must be voted solely in the pecuniary 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 act based on financial factors. Additionally, the bill restricts the granting of proxy voting authority to individuals outside the governmental entity unless they also commit to similar guidelines.

The legislation further 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. These reports must be made publicly available on the State Treasurer's website. The bill is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.