{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-12002","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-12002","heading":"Definitions","body":"A. As used in the Energy Discrimination Elimination Act of\n\n2022:\n\n1. \"Boycott energy company\" means, without an ordinary business\n\npurpose, refusing to deal with, terminating business activities\n\nwith, or otherwise taking any action that is intended to penalize,\n\ninflict economic harm on, or limit commercial relations with a\n\ncompany because the company:\n\na. engages in the exploration, production, utilization,\n\ntransportation, sale, or manufacturing of fossil-fuel-\n\nbased energy and does not commit or pledge to meet\n\nenvironmental standards beyond applicable federal and\n\nstate law, or\n\nb. does business with a company described by subparagraph\n\na of this paragraph;\n\n2. \"Company\" means a for-profit sole proprietorship,\n\norganization, association, corporation, partnership, joint venture,\n\nlimited partnership, limited liability partnership, or limited\n\nliability company, including a wholly owned subsidiary, majority-\n\nowned subsidiary, parent company, or affiliate of those entities or\n\nbusiness associations, that exists to make a profit;\n\n3. \"Treasurer\" means the State Treasurer or their designee;\n\n4. \"Direct holdings\" means, with respect to a financial\n\ncompany, all securities of that financial company held directly by a\n\nstate governmental entity in an account or fund in which a state\n\ngovernmental entity owns all shares or interests;\n\n5. \"Financial company\" means a publicly traded financial\n\nservices, banking, or investment company;\n\n6. \"Indirect holdings\" means, with respect to a financial\n\ncompany, all securities of that financial company held in an account\n\nor fund, such as a mutual fund, managed by one or more persons not\n\nemployed by a state governmental entity, in which the state\n\ngovernmental entity owns shares or interests together with other\n\ninvestors not subject to the provisions of this act. The term does\n\nnot include money invested under a plan described by Section 401(k)\n\nor 457 of the Internal Revenue Code of 1986;\n\n7. \"Listed financial company\" means a financial company listed\n\nby the Treasurer; and\n\n8. \"State governmental entity\" means all state retirement\n\nsystems.\n\nB. With respect to actions taken in compliance with the Energy\n\nDiscrimination Elimination Act of 2022, including all good-faith\n\ndeterminations regarding financial companies as required by this\n\nact, a state governmental entity and the Treasurer are exempt from\n\nany conflicting statutory or common law obligations including any\n\nobligations with respect to making investments, divesting from any\n\ninvestment, preparing or maintaining any list of financial\n\ncompanies, or choosing asset managers, investment funds, or\n\ninvestments for the state governmental entity's securities\n\nportfolios.\n\nC. In a cause of action based on an action, inaction, decision,\n\ndivestment, investment, financial company communication, report, or\n\nother determination made or taken in connection with the Energy\n\nDiscrimination Elimination Act of 2022, the state shall indemnify\n\nand hold harmless for actual damages, court costs, and attorney fees\n\nadjudged against, and defend:\n\n1. An employee, a member of the governing body, or any other\n\nofficer of a state governmental entity;\n\n2. A contractor of a state governmental entity;\n\n3. A former employee, a former member of the governing body, or\n\nany other former officer of a state governmental entity who was an\n\nemployee, member of the governing body, or other officer when the\n\nact or omission on which the damages are based occurred;\n\n4. A former contractor of a state governmental entity who was a\n\ncontractor when the act or omission on which the damages are based\n\noccurred; and\n\n5. A state governmental entity.\n\nD. 1. A person, including a member, retiree, or beneficiary of\n\na retirement system to which the Energy Discrimination Elimination\n\nAct of 2022 applies, an association, a research firm, a financial\n\ncompany, or any other person shall not sue or pursue a private cause\nntity who was a\n\ncontractor when the act or omission on which the damages are based\n\noccurred; and\n\n5. A state governmental entity.\n\nD. 1. A person, including a member, retiree, or beneficiary of\n\na retirement system to which the Energy Discrimination Elimination\n\nAct of 2022 applies, an association, a research firm, a financial\n\ncompany, or any other person shall not sue or pursue a private cause\n\nof action against the state, a state governmental entity, a current\n\nor former employee, a member of the governing body, or any other\n\nofficer of a state governmental entity, or a contractor of a state\n\ngovernmental entity, for any claim or cause of action, including\n\nbreach of fiduciary duty, or for violation of any constitutional,\n\nstatutory, or regulatory requirement in connection with any action,\n\ninaction, decision, divestment, investment, financial company\n\ncommunication, report, or other determination made or taken in\n\nconnection with this act.\n\n2. A person who files suit against the state, a state\n\ngovernmental entity, an employee, a member of the governing body, or\n\nany other officer of a state governmental entity, or a contractor of\n\na state governmental entity, is liable for paying the costs and\n\nattorney fees of a person sued in violation of this section.\n\n3. A state governmental entity shall not be subject to any\n\nrequirement of this act if the state governmental entity determines\n\nthat such requirement would be inconsistent with its fiduciary\n\nresponsibility with respect to the investment of entity assets or\n\nother duties imposed by law relating to the investment of entity\n\nassets.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8239e8ee347aa6960537eb23372a5b6871df8c75700e661d0318c2a2e03d3bb9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-12001","next":"us-ok/okla.-stat.-tit.-74-74-12003"},"notice":"GroundRules: Original legal text. Not legal advice."}