Oklahoma § 74-12002 - Definitions

§ 74-12002. Definitions

A. As used in the Energy Discrimination Elimination Act of

2022:

1. "Boycott energy company" means, without an ordinary business

purpose, refusing to deal with, terminating business activities

with, or otherwise taking any action that is intended to penalize,

inflict economic harm on, or limit commercial relations with a

company because the company:

a.

engages in the exploration, production, utilization,

transportation, sale, or manufacturing of fossil-fuelbased energy and does not commit or pledge to meet

environmental standards beyond applicable federal and

state law, or

b.

does business with a company described by subparagraph

a of this paragraph;

2. "Company" means a for-profit sole proprietorship,

organization, association, corporation, partnership, joint venture,

limited partnership, limited liability partnership, or limited

liability company, including a wholly owned subsidiary, majorityowned subsidiary, parent company, or affiliate of those entities or

business associations, that exists to make a profit;

3. "Treasurer" means the State Treasurer or their designee;

4. "Direct holdings" means, with respect to a financial

company, all securities of that financial company held directly by a

state governmental entity in an account or fund in which a state

governmental entity owns all shares or interests;

5. "Financial company" means a publicly traded financial

services, banking, or investment company;

6. "Indirect holdings" means, with respect to a financial

company, all securities of that financial company held in an account

or fund, such as a mutual fund, managed by one or more persons not

employed by a state governmental entity, in which the state

governmental entity owns shares or interests together with other

investors not subject to the provisions of this act. The term does

not include money invested under a plan described by Section 401(k)

or 457 of the Internal Revenue Code of 1986;

7. "Listed financial company" means a financial company listed

by the Treasurer; and

8. "State governmental entity" means all state retirement

systems.

B. With respect to actions taken in compliance with the Energy

Discrimination Elimination Act of 2022, including all good-faith

determinations regarding financial companies as required by this

Oklahoma Statutes - Title 74. State Government

act, a state governmental entity and the Treasurer are exempt from

any conflicting statutory or common law obligations including any

obligations with respect to making investments, divesting from any

investment, preparing or maintaining any list of financial

companies, or choosing asset managers, investment funds, or

investments for the state governmental entity's securities

portfolios.

C. In a cause of action based on an action, inaction, decision,

divestment, investment, financial company communication, report, or

other determination made or taken in connection with the Energy

Discrimination Elimination Act of 2022, the state shall indemnify

and hold harmless for actual damages, court costs, and attorney fees

adjudged against, and defend:

1. An employee, a member of the governing body, or any other

officer of a state governmental entity;

2. A contractor of a state governmental entity;

3. A former employee, a former member of the governing body, or

any other former officer of a state governmental entity who was an

employee, member of the governing body, or other officer when the

act or omission on which the damages are based occurred;

4. A former contractor of a state governmental entity who was a

contractor when the act or omission on which the damages are based

occurred; and

5. A state governmental entity.

D. 1. A person, including a member, retiree, or beneficiary of

a retirement system to which the Energy Discrimination Elimination

Act of 2022 applies, an association, a research firm, a financial

company, or any other person shall not sue or pursue a private cause

of action against the state, a state governmental entity, a current

or former employee, a member of the governing body, or any other

officer of a state governmental entity, or a contractor of a state

governmental entity, for any claim or cause of action, including

breach of fiduciary duty, or for violation of any constitutional,

statutory, or regulatory requirement in connection with any action,

inaction, decision, divestment, investment, financial company

communication, report, or other determination made or taken in

connection with this act.

2. A person who files suit against the state, a state

governmental entity, an employee, a member of the governing body, or

any other officer of a state governmental entity, or a contractor of

a state governmental entity, is liable for paying the costs and

attorney fees of a person sued in violation of this section.

3. A state governmental entity shall not be subject to any

requirement of this act if the state governmental entity determines

that such requirement would be inconsistent with its fiduciary

responsibility with respect to the investment of entity assets or

Oklahoma Statutes - Title 74. State Government

other duties imposed by law relating to the investment of entity

assets.

Added by Laws 2022, c. 231, § 2, eff. Nov. 1, 2022.