Oklahoma State Treasurer Todd Russ said today that the newly issued Executive Order on Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors reflects concerns Oklahoma has raised and acted on for years regarding the growing influence of proxy advisory firms that operate outside traditional fiduciary standards.
“For Oklahoma, this is not a new conversation,” Treasurer Russ said. “We have been clear and consistent: investment decisions must be driven by financial returns and fiduciary duty, not political ideology, foreign influence, or outsourced voting decisions that do not serve retirees or taxpayers.”
The Executive Order directs federal agencies to examine how proxy advisory firms influence shareholder voting, retirement plans, and corporate governance, particularly when recommendations are shaped by political or non-financial objectives. Those concerns closely mirror the actions already taken by the Oklahoma State Treasurer to push back against the automatic delegation of fiduciary judgment to third-party advisors.
Over the past several years, Treasurer Russ has led efforts to:
- Challenge the role of proxy advisory firms that exert significant influence without accountability to investors;
- Reassert the duty of asset managers and fiduciaries to independently evaluate proxy votes;
- Engage directly with companies on governance risks that materially affect shareholder value;
- Protect Oklahoma’s public pension and trust assets from politicized investment practices that conflict with fiduciary duty.
Jerry Bowyer, president of Bowyer Research and a national authority on fiduciary responsibility, said Oklahoma’s approach demonstrates how states can use shareholder rights to enact real change.
“Treasurer Todd Russ has led the way in ensuring that Oklahoma’s funds are not weaponized against its people, its industries, or its interests,” Bowyer said. “He has consistently asked hard questions about proxy voting, not only of pension boards, but of the asset managers and proxy advisory firms that often exercise those votes for the benefit of the people of the state.”
“As chairman of the TSET Board, Treasurer Russ has gone further as the first conservative state leader in our nation to use the rights that come with share ownership to engage directly with companies on material risks, from exposure to deep-fake child exploitation payments, to legally risky DEI commitments by federal contractors, to excessive dependence on China and discrimination against people of faith,” Bowyer added. “In two cases already, even before the shareholder season, Treasurer Russ’s approach has resulted in negotiated withdrawals of proposals by Boeing and NVIDIA, the world’s largest company, after the companies made credible commitments to political neutrality and business focus.”
Treasurer Russ emphasized that Oklahoma’s efforts are focused on stewardship, not symbolism.
“Our responsibility is straightforward,” Treasurer Russ said. “We safeguard retirement security, preserve long-term value, and ensure investment decisions are made in the best interest of beneficiaries not outside activists. When proxy advice becomes political, opaque, or detached from financial outcomes, it undermines that responsibility.”
The Oklahoma State Treasurer’s Office will continue advancing policies that strengthen fiduciary accountability, promote transparency in shareholder voting, and ensure public funds are managed with discipline, independence, and integrity.
