{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-12003","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-12003","heading":"List of financial companies that boycott energy","body":"companies.\n\nA. 1. The Treasurer shall prepare and maintain and provide to\n\neach state governmental entity a list of financial companies that\n\nboycott energy companies. In maintaining the list, the Treasurer\n\nmay:\n\na. review and rely, as appropriate in the Treasurer's\n\njudgment, on publicly available information regarding\n\nfinancial companies including information provided by\n\nthe state, nonprofit organizations, research firms,\n\ninternational organizations, and governmental\n\nentities, and\n\nb. request written verification from a financial company\n\nthat it does not boycott energy companies and rely, as\n\nappropriate in the Treasurer's judgment and without\n\nconducting further investigation, research, or\n\ninquiry, on a financial company's written response to\n\nthe request.\n\n2. A financial company that fails to provide to the Treasurer a\n\nwritten verification under subparagraph b of paragraph 1 of this\n\nsubsection before the sixty-first day after receiving the request\n\nfrom the Treasurer is presumed to be boycotting energy companies.\n\n3. The Treasurer shall update the list annually or more often\n\nas the Treasurer considers necessary, but not more often than\n\nquarterly, based on information from, among other sources, those\n\nlisted in subparagraph a of paragraph 1 of this subsection.\n\n4. Not later than the thirtieth day after the date the list of\n\nfinancial companies that boycott energy companies is first provided\n\nor updated, the Treasurer shall file the list with the presiding\n\nofficer of each house of the Legislature and the Attorney General\n\nand post the list on a publicly available Internet website.\n\n5. The Treasurer may retain third-party consultants to assist\n\nin the implementation of the provisions of this act.\n\nB. Not later than the thirtieth day after the date a state\n\ngovernmental entity receives the list provided under paragraph 1 of\n\nsubsection A of this section, the state governmental entity shall\n\nnotify the Treasurer of the listed financial companies in which the\n\nstate governmental entity owns direct holdings or indirect holdings.\n\nC. 1. For each listed financial company identified under\n\nparagraph 1 of subsection A of this section, the state governmental\n\nentity shall send a written notice:\n\na. informing the financial company of its status as a\n\nlisted financial company,\n\nb. warning the financial company that it may become\n\nsubject to divestment by state governmental entities\n\nafter the expiration of the period described by\n\nparagraph 2 of this subsection, and\n\nc. offering the financial company the opportunity to\n\nclarify its activities related to companies described\n\nby paragraph 1 of subsection A of this section.\n\n2. Not later than the ninetieth day after the date the\n\nfinancial company receives notice under paragraph 1 of this\n\nsubsection, the financial company shall cease boycotting energy\n\ncompanies to avoid qualifying for divestment by state governmental\n\nentities.\n\n3. If, during the time provided by paragraph 2 of this\n\nsubsection, the financial company ceases boycotting energy\n\ncompanies, the Treasurer shall remove the financial company from the\n\nlist maintained under paragraph 1 of subsection A of this section,\n\nand this subsection will no longer apply to the financial company\n\nunless it resumes boycotting energy companies.\n\n4. If, after the time provided by paragraph 2 of this\n\nsubsection expires, the financial company continues to boycott\n\nenergy companies, the state governmental entity shall sell, redeem,\n\ndivest, or withdraw all publicly traded securities of the financial\n\ncompany, except securities described by subsection E of this\n\nsection, according to the schedule provided under subsection D of\n\nthis section.\n\nD. 1. A state governmental entity required to sell, redeem,\n\ndivest, or withdraw all publicly traded securities of a listed\n\nfinancial company shall comply with the following schedule:\n,\n\ndivest, or withdraw all publicly traded securities of the financial\n\ncompany, except securities described by subsection E of this\n\nsection, according to the schedule provided under subsection D of\n\nthis section.\n\nD. 1. A state governmental entity required to sell, redeem,\n\ndivest, or withdraw all publicly traded securities of a listed\n\nfinancial company shall comply with the following schedule:\n\na. at least fifty percent (50%) of those assets shall be\n\nremoved from the state governmental entity's assets\n\nunder management not later than the one-hundred-\n\neightieth day after the date the financial company\n\nreceives notice pursuant to paragraph 1 of subsection\n\nC of this section unless the state governmental entity\n\ndetermines, based on a good-faith exercise of its\n\nfiduciary discretion and subject to subparagraph b of\n\nthis subsection, that a later date is more prudent,\n\nand\n\nb. one hundred percent (100%) of those assets shall be\n\nremoved from the state governmental entity's assets\n\nunder management not later than the three-hundred-\n\nsixtieth day after the date the financial company\n\nreceives notice pursuant to paragraph 1 of subsection\n\nC of this section.\n\n2. If a financial company that ceased boycotting energy\n\ncompanies after receiving notice pursuant to paragraph 1 of\n\nsubsection C of this section resumes its boycott, the state\n\ngovernmental entity shall send a written notice to the financial\n\ncompany informing it that the state governmental entity will sell,\n\nredeem, divest, or withdraw all publicly traded securities of the\n\nfinancial company according to the schedule in paragraph 1 of\n\nsubsection D of this section.\n\n3. Except as provided by paragraph 1 of subsection D of this\n\nsection, a state governmental entity may delay the schedule for\n\ndivestment under that subsection only to the extent that the state\n\ngovernmental entity determines, in the state governmental entity's\n\ngood-faith judgment, and consistent with the entity's fiduciary\n\nduty, that divestment from listed financial companies will likely\n\nresult in a loss in value or a benchmark deviation described by\n\nparagraph 1 of subsection F of this section.\n\n4. If a state governmental entity delays the schedule for\n\ndivestment, the state governmental entity shall submit a report to\n\nthe Treasurer, the presiding officer of each house of the\n\nLegislature, and the Attorney General stating the reasons and\n\njustification for the delay in divestment by the state governmental\n\nentity from listed financial companies. The report shall include\n\ndocumentation supporting its determination that the divestment would\n\nresult in a loss in value or a benchmark deviation described by\n\nparagraph 1 of subsection F of this section including objective\n\nnumerical estimates. The state governmental entity shall update the\n\nreport every six (6) months.\n\nE. A state governmental entity is not required to divest from\n\nany indirect holdings in actively or passively managed investment\n\nfunds or private equity funds. The state governmental entity shall\n\nsubmit letters to the managers of each investment fund containing\n\nlisted financial companies requesting that they remove those\n\nfinancial companies from the fund or create a similar actively or\n\npassively managed fund with indirect holdings devoid of listed\n\nfinancial companies. If a manager creates a similar fund with\n\nsubstantially the same management fees and same level of investment\n\nrisk and anticipated return, the state governmental entity may\n\nreplace all applicable investments with investments in the similar\n\nfund in a time frame consistent with prudent fiduciary standards but\n\nnot later than the four-hundred-fiftieth day after the date the fund\n\nis created.\n\nF. 1. A state governmental entity may cease divesting from one\n\nor more listed financial companies only if clear and convincing\n\nevidence shows that:\n\na. the state governmental entity has suffered or will\nvestments with investments in the similar\n\nfund in a time frame consistent with prudent fiduciary standards but\n\nnot later than the four-hundred-fiftieth day after the date the fund\n\nis created.\n\nF. 1. A state governmental entity may cease divesting from one\n\nor more listed financial companies only if clear and convincing\n\nevidence shows that:\n\na. the state governmental entity has suffered or will\n\nsuffer a loss in the value of assets under management\n\nby the state governmental entity as a result of having\n\nto divest from listed financial companies under this\n\nsubsection, or\n\nb. an individual portfolio that uses a benchmark-aware\n\nstrategy would be subject to an aggregate expected\n\ndeviation from its benchmark as a result of having to\n\ndivest from listed financial companies under this\n\nsubsection.\n\n2. A state governmental entity may cease divesting from a\n\nlisted financial company as provided by this section only to the\n\nextent necessary to ensure that the state governmental entity does\n\nnot suffer a loss in value or deviate from its benchmark as\n\ndescribed by paragraph 1 of this subsection.\n\n3. Before a state governmental entity may cease divesting from\n\na listed financial company under this section, the state\n\ngovernmental entity shall provide a written report to the Treasurer,\n\nthe presiding officer of each house of the Legislature, and the\n\nAttorney General setting forth the reason and justification,\n\nsupported by clear and convincing evidence, for deciding to cease\n\ndivestment or to remain invested in a listed financial company. The\n\nstate governmental entity shall update the report required by this\n\nsubsection semiannually, as applicable.\n\n4. This section does not apply to reinvestment in a financial\n\ncompany that is no longer a listed financial company.\n\nG. Except as provided in subsection F of this section, a state\n\ngovernmental entity shall not acquire securities of a listed\n\nfinancial company.","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":"fa740a12a3c5fa902c0c47eb48f53bf410e0b584419aa5166d99c63cc20ecbf4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-12002","next":"us-ok/okla.-stat.-tit.-74-74-12004"},"notice":"GroundRules: Original legal text. Not legal advice."}