Public finance; terms; Board of Trustees; votes; proxy proposal; pecuniary factors; exception; report; publish; effective date.
HB 4428 requires Oklahoma's pension benefit plans (like state retirement funds) to vote on shareholder proposals solely based on financial impact, banning consideration of environmental, social, or political goals. It mandates that pension boards base all voting decisions on "pecuniary factors" (financial risk/return) to maximize shareholder value, and prohibits proxy advisors from providing recommendations that include non-financial considerations. Boards must annually report all votes, including their decision, management's stance, and any proxy advisor's recommendation, publishing the report online by March 1 each year. The law applies to all state pension systems and takes effect November 1, 2026.
Bill status
signed
all 5 stages cleared
Introduction
Feb 2026
Committee Review
May 2026
House Passage
May 2026
Senate Passage
Apr 2026
Signed into Law
May 2026
Introduced Feb 2, 2026
Signed May 12, 2026
Maddy AI version diff · 5 comparisons
What changed between versions
Floor (House)
→
Floor (Senate)
·
1 edit
MINOR
The bill text was reformatted from the House version to the Senate version, which includes a new page header and a specific page number in the header. The substantive legal text, including definitions and operational requirements, remains unchanged.
TECHNICAL
Added a page header reading 'SENATE FLOOR VERSION - HB4428 SFLR' and a page number to the document header.
Floor votes · Senate Apr 28, 2026 · House Mar 25, 2026
How they voted
36–8
Passed · 6 other
Total votes 50
Apr 28, 2026
D
Democratic9
88% Nay
R
Republican41
85% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
28
Key actions
10
Committee
7
May 12, 2026
Signed into law
Approved by Governor 05/12/2026
lower
May 6, 2026
Committee
Referred for enrollment
lower
May 6, 2026
Lower · Passed
Fourth Reading, Measure passed: Ayes: 72 Nays: 16
lower
May 6, 2026
Lower · Passed
SA's read, adopted
lower
Apr 28, 2026
Upper · Passed
Engrossed to House
upper
Apr 28, 2026
Committee
Referred for engrossment
upper
Apr 28, 2026
Upper · Passed
Measure passed: Ayes: 35 Nays: 8
upper
Apr 14, 2026
Upper · Passed
Reported Do Pass as amended Retirement and Government Resources committee; CR filed
upper
Mar 26, 2026
Introduced
First Reading
upper
Mar 26, 2026
Lower · Passed
Engrossed, signed, to Senate
lower
Mar 25, 2026
Committee
Referred for engrossment
lower
Mar 25, 2026
Lower · Passed
Third Reading, Measure passed: Ayes: 70 Nays: 15
lower
Mar 5, 2026
Lower · Passed
CR; Do Pass Government Oversight Committee
lower
Feb 11, 2026
Lower · Passed
Policy recommendation to the Government Oversight committee; Do Pass Banking, Financial Services and Pensions
lower
Feb 3, 2026
Committee
Referred to Banking, Financial Services and Pensions
lower
Feb 2, 2026
Introduced
First Reading
lower
2 primary · 0 co-sponsors
Sponsors
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