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

Oklahoma § 62-71.1

• Jurisdiction: Oklahoma
• Title 62: Public Finance

Text

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 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.

Legislative History

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.