HB 4429 Oklahoma House · 2026 Regular Session

Securities; Proxy Advisor Transparency Act; effective date.

HB 4429, the "Proxy Advisor Transparency Act," requires proxy advisors (firms that advise shareholders on voting) to disclose when they make voting recommendations against company management without conducting a written financial analysis. Specifically, if a recommendation isn't based on an analysis of financial benefits/costs to shareholders, the advisor must provide clear disclosures to shareholders and send copies to the company's board. The law also mandates that advisors publicly state on their website if any recommendations lack this financial analysis. This applies to all proxy advisory services in Oklahoma, including voting advice on proposals related to executive pay, governance, or company policies. The bill aims to increase transparency around voting recommendations, particularly those based on non-financial factors like ESG or DEI.

Bill status signed all 5 stages cleared

Introduction

Feb 2026

Committee Review

Apr 2026

House Passage

Mar 2026

Senate Passage

Apr 2026

Signed into Law

May 2026

Introduced Feb 2, 2026 Signed May 4, 2026

Maddy AI version diff · 4 comparisons

What changed between versions

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill was converted from the House version to the Senate version, resulting in significant structural and definitional changes. The most critical substantive change is the reorganization of the definitions section, which now includes a new exemption for charitable organizations with revenues under $250,000 and reorders the definitions of key terms like 'Company' and 'Proxy Advisor'.

Scope change

The bill's scope was narrowed regarding exemptions; charitable organizations with less than $250,000 in proxy advisory revenue are now explicitly excluded from the act's requirements, whereas this specific exemption was not clearly defined in the House version.

ELIGIBILITY

Added a specific exemption for charitable organizations with gross annual proxy advisory revenue under $250,000.

DEFINITION

Reordered and modified the definitions section, moving the definition of 'Company' to the third item and adding 'Affiliated group' as the first item.

Rearranged the list of services included in the definition of 'Proxy advisory service' to group them differently than the House version.

TECHNICAL

Removed the House-specific header and page numbering, replacing them with Senate Floor Version headers.

Floor votes · Senate Apr 28, 2026 · House Mar 25, 2026

How they voted

39–7

Passed · 4 other

Total votes 50

Apr 28, 2026

D Democratic9

2 Yea 7 Nay

77% Nay

R Republican41

37 Yea 4

90% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 4, 2026

Signed into law

Approved by Governor 05/01/2026

lower

Apr 28, 2026

Committee

Referred for enrollment

lower

Apr 28, 2026

Upper · Passed

Engrossed measure signed, returned to House

upper

Apr 28, 2026

Upper · Passed

Measure passed: Ayes: 37 Nays: 7

upper

Apr 9, 2026

Upper · Passed

Reported Do Pass Business and Insurance committee; CR filed

upper

Mar 26, 2026

Introduced

First Reading

upper

Mar 26, 2026

Lower · Passed

Engrossed, signed, to Senate

lower

Mar 25, 2026

Committee

Referred for engrossment

lower

Mar 25, 2026

Lower · Passed

Third Reading, Measure passed: Ayes: 73 Nays: 17

lower

Mar 25, 2026

Introduced

Amended by floor substitute

lower

Mar 5, 2026

Lower · Passed

CR; Do Pass Government Oversight Committee

lower

Feb 11, 2026

Lower · Passed

Policy recommendation to the Government Oversight committee; Do Pass Banking, Financial Services and Pensions

lower

Feb 3, 2026

Committee

Referred to Banking, Financial Services and Pensions

lower

Feb 2, 2026

Introduced

First Reading

lower

2 primary · 0 co-sponsors