Oklahoma § 62-71.1 - Invest in Oklahoma Board — Members — Duties

§ 62-71.1. Invest in Oklahoma Board — Members — Duties

A. There is hereby created the Invest in Oklahoma Board. The

Board shall consist of five (5) members as follows:

1. The Governor, or designee;

2. The Lieutenant Governor, or designee;

3. The State Treasurer, or designee;

4. An appointee of the Speaker of the House of Representatives

who shall serve at the Speaker's pleasure; and

5. An appointee of the President Pro Tempore of the Oklahoma

State Senate who shall serve at the President Pro Tempore's

pleasure.

B. The appointed and designated members shall have no direct or

indirect business relationship with the State Treasurer or the State

Treasurer's Office.

C. The Governor or Governor's designee shall serve as

chairperson.

D. The Board shall hold regular meetings not less than one per

quarter, and at such other times as it deems necessary for the

performance of its duties. The date, time and place of the meetings

shall be set by the chairperson. The State Treasurer shall provide

the administrative support required by the Board. The Board shall

be staffed by efforts under the control of the State Treasurer who

shall prepare all materials and information needed by the Board to

perform its duties and responsibilities. Meetings of the Board

shall be subject to the Oklahoma Open Meeting Act, and their records

shall be public records pursuant to the Oklahoma Open Records Act.

E. The Board shall develop a standardized and uniform reporting

system which the State Treasurer shall use to make the reports

required by Section 89.7 of this title. The Board shall prescribe

such forms in order to obtain an objective and accurate analysis of

the investment of state funds by the State Treasurer and to obtain

Oklahoma Statutes - Title 62. Public Finance

an accurate analysis of investment performance according to an

objective standard established by the Board. The Board shall not be

subject to the provisions of the Administrative Procedures Act for

purposes of developing the reporting system required by this

subsection. The Board shall review the reports prepared by the

State Treasurer pursuant to Section 89.7 of this title. The Board

shall review with the State Treasurer investment strategies and

practices and the development of internal auditing procedures and

practices. The Board shall review the reports submitted by the

State Treasurer and shall identify any event, transaction or trend

which the Board determines to represent a violation or potential

violation of law or public policy regarding the investment of state

funds. The Board shall specifically identify its concerns or

objections and shall communicate such concerns or objections in

writing to the State Treasurer.

F. The State Treasurer shall maintain a report available to

each member of the Board which specifically identifies entities with

whom or with which the State Treasurer has transacted business

related to investment of any state funds. Any person or entity to

whom or to which any form of compensation has been or will be paid

for services rendered to the State Treasurer's Office related to the

investment of state funds shall be identified in such report. Such

report shall also be available to the Director of the Office of

Management and Enterprise Services, the State Auditor and Inspector,

the Speaker of the House of Representatives, the President Pro

Tempore of the Senate and the Governor.

G. Members of the Board shall serve without compensation,

except for travel, pursuant to the State Travel Reimbursement Act,

to be paid by the appointing authority.

H. The Board shall establish and adopt investment parameters

related to investments in Oklahoma-based private equity funds,

venture capital funds, growth funds, and direct investments in

Oklahoma companies authorized under the Invest in Oklahoma program;

provided that by a unanimous vote of the Board such parameters may

be exceeded with regard to investments to the extent allowable under

the Oklahoma Constitution.

I. The Board shall exercise confirmation and approval authority

over the appointment and contractual relationships of qualified

investment advisors and fiduciary managers engaged by the State

Treasurer to assist in the selection of the investments authorized

under the Invest in Oklahoma program.

Added by Laws 1991, c. 207, § 2, eff. July 1, 1991. Amended by Laws

1994, c. 227, § 1, emerg. eff. May 24, 1994; Laws 1996, c. 68, § 1,

eff. July 1, 1996; Laws 2001, c. 133, § 11, emerg. eff. April 24,

2001; Laws 2012, c. 304, § 437; Laws 2014, c. 218, § 1; Laws 2025,

c. 308, § 4, eff. Nov. 1, 2025.

Oklahoma Statutes - Title 62. Public Finance