State Treasurer Todd Russ is pushing the board of the Tobacco Settlement Endowment Trust (TSET) in Oklahoma to step into the world of corporate activism with a strategy aimed at influencing the companies they invest in according to Oklahoma Watch. The fund, swollen with $2 billion, could be wielded to pressure corporations on a series of ideological fronts, from anti-trafficking to DEI and ESG risks, in a shift that places ideology in the dealing rooms where profit is traditionally king.
During an August 20 TSET Board meeting, a 3-1 vote has set the course for shareholder proposals come 2026 targeting ten major companies including heavyweights like Boeing, Amazon, and Visa, aiming to nudge them away from progressive positions that the board claims might infringe on their basic duty: the maximization of shareholder profits something that Jerry Bowyer from the family-run Bowyer Research, who recommended the move, is known for envisioning, he also holds positions at several organizations including ones like Salem Media Group that espouse Christian and conservative values, and the State Financial Officers Foundation which champions fiscally conservative policy in a free market.
The raft of suggested shareholder proposals placed in front of the companies circles around issues such as DEI and ESG programs, where the board sees potential reputational and legal risks, a position notably influenced by Bowyer's advisory role to the Treasurer and his well-documented conservative economic philosophy, as described by Oklahoma Watch.
Last year's proposals, a precursor to this recent push, were swept aside, garnering less than 1 percent of votes at the annual shareholder meetings of the targeted companies, a whisper in the halls of corporate power that these ideologies might not be shared widely among shareholders however their recurrence suggests a determination on the part of the board to see these concerns aired, reflecting a broader tussle over the role social and moral considerations should play in corporate governance, a topic splayed across American economic discourse over the last few years.
