Video & Transcript Research : 'pecuniary factors'
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OK
Oklahoma 2026 Regular Session
Retirement and Government Resources REVISED Apr 21st, 2026 at 10:30 am
Retirement and Government Resources
Transcript Highlights:
- the previous line of questioning, you said that This bill makes the trustees exclusively look at pecuniary
- So does the pecuniary interest definition include future risk or risk assessments?
- I would have to turn to look at exactly how we define non-pecuniary.
- I don't think we define pecuniary.
- But kind of defining it in the reverse instead of defining pecuniary, defined non-pecuniary, and that
Bills:
HB1170
OK
Oklahoma 2026 Regular Session
Retirement and Government Resources Apr 14th, 2026 at 10:30 am
Retirement and Government Resources
Transcript Highlights:
- The really active language is that definition of non-pecuniary factors on page two.
- We just need to base everything on pecuniary factors and returning, maximizing that investment for all
- factor.
- They must stick to the pecuniary factors.
- This is simply to remind them that they must not wander away from looking only at pecuniary factors.
Keywords:
government reporting, information technology, child welfare, environmental policy, state agency compliance, employment restrictions, state officers, prohibited acts, government contracts, public service, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty
OK
Oklahoma 2026 Regular Session
Banking, Financial Services and Pensions Feb 10th, 2026 at 03:00 pm
Banking, Financial Services and Pensions
Transcript Highlights:
- you can kind of pick up on it, and so At a bare minimum, I would expect generally that would be a factor
Keywords:
credit card transactions, payment methods, service charge, consumer rights, financial regulation, public finance, pension, pension fund, retirement system, board of trustees, proxy voting, proxy proposal, shareholder vote, shareholder activism, fiduciary duty, pecuniary factors, nonpecuniary factors, ESG, environmental social governance, social goals
TX
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
TX
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
TX
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
Summary:
The Senate Committee on State Affairs was called to order and a roll call showed most members present, with one absent. The chair explained that the committee had arranged witnesses for a later meeting but had received responses from some parties declining to testify, prompting Senator Bettencourt to offer a written motion for subpoenas.
The motion authorized the committee chair, under Senate Rule 11.20, to issue subpoenas to BlackRock, State Street, or other financial services companies affecting Texas public pension investments, along with their subsidiaries, affiliates, officers, employees, agents, or representatives. The subpoenas would require testimony and production of records concerning investment practices, the impact on Texas public pension funds, and any investments intended to further political or social causes.
Members discussed the importance of obtaining testimony and the limited but necessary use of subpoena power. The committee then voted, with 10 ayes, no nays, and one absent, to adopt the motion. With no further business, the committee recessed until the call of the chair, planning to return after the local calendar.
TX
Transcript Highlights:
- In short, JPMorgan Chase is factoring in client emissions into decisions and threatening consequences
- The CERA consideration includes risk factors such as management's awareness of climate.
- You know, unfortunately, I wish I could point to one single factor that was prompting school districts
- Recent evidence has shown that these and other proxy firms are basing their advice to clients on factors
- or if they're giving conflicting Whether their advice is based on non-economic factors, or if they're
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
Summary:
The committee heard Senate Bill 945, 946, 2044, 2819, 2403, 2337, and 312, with all bills left pending after testimony. SB 945 would restrict insurance companies from denying or limiting coverage based on oil and gas activity or ESG-related goals, and supporters argued it would protect Texas energy producers from politically motivated shareholder activism and insurance discrimination. SB 946 would bar creditors from using social credit, ESG, DEI, or religious/political affiliation as a basis for denying or limiting credit; witnesses said it would prevent viewpoint-based financial discrimination and protect access to capital for Texas businesses. SB 2337 would require proxy advisory firms to disclose when recommendations are based on non-financial factors or when they give conflicting advice to different clients; supporters said the measure would increase transparency and curb ESG-driven influence over shareholder voting. SB 312 would direct public retirement systems to focus on financial returns rather than social or political objectives, with the author saying the bill responds to activist pressure on pensions and would reinforce fiduciary duty.
The committee also took up election and ethics measures. SB 2044 would strengthen electioneering restrictions for publicly funded education institutions and personnel, prohibiting use of official resources to promote political agendas; testimony focused on alleged school district electioneering in bond and tax elections. SB 2819 would prohibit county elections administrators from holding certain officer positions appointed by elected officials, addressing potential conflicts of interest. SB 2403, the Texas Ethics Commission sunset bill, would restructure complaint handling with a three-tier violation system, risk-based complaint prioritization, longer response times, bipartisan preliminary review panels, and expanded hearing options; members discussed amendments aimed at dismissing minor complaints, clarifying categories, and adjusting lobbying and penalty provisions, but the amendments were withdrawn during committee consideration.
Across the ESG and finance bills, invited witnesses from the American Energy Institute, Heartland Impact, Consumers Research, ADF Action, Texas Civil Justice League, and related groups generally supported the measures, arguing that banks, insurers, proxy advisors, and asset managers have used ESG or reputational-risk standards to discriminate against energy, agriculture, firearms, and religious organizations. No opposition testimony was presented in the excerpt, and the committee closed public testimony on each bill and left them pending.
TX
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
TX
Transcript Highlights:
- The CIRA consideration includes risk factors such as management's awareness of climate.
- You know, unfortunately, I wish that I could point to one. ...single factor that was prompting school
- how that is to be determined, whether it's categorized as a serious violation or not, and various factors
- recent evidence has shown that these and other proxy firms are basing their advice to clients on factors
- Investment decisions must be made solely on financial factors, not on social, political, economic factors
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
TX
Keywords:
public school funding, education, budget allocation, financial transparency, state law, local control, fiduciary responsibility, public retirement systems, investment management, proxy voting, financial factors, insurance, political shareholder proposals, fossil fuels, greenhouse gas emissions, environmental regulation, discrimination, credit extension, social credit, value-based standards
LA
OK
Oklahoma 2026 Regular Session
Government Oversight REVISED - HB3852 -Added Mar 5th, 2026 at 10:30 am
Government Oversight
Transcript Highlights:
- cast votes in line with their fiduciary duties, which they're supposed to do today, solely based on pecuniary
- factors for the purpose of maximizing shareholder value.
- long-term stability of the system and a real financial consideration as opposed to using some other factor
- In other words, if it's on some other factor, you have questions.
Bills:
HB1739, HB1784, HB1889, HB2116, HB2206, HB3625, HB2939, HB3028, HB3265, HB3313, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB3588, HB3748, HB3721, HB3852, HB4132, HB4263, HB4303, HB4311, HB4428, HB4429, HB4434
Keywords:
retirement, law enforcement, disability benefits, pension system, Oklahoma, education reform, local control, student outcomes, curriculum changes, school funding, public retirement systems, pension, retirement benefits, cost-of-living adjustment, COLA, inflation adjustment, CPI-U, Consumer Price Index, firefighters pension, police pension
OK
Oklahoma 2026 Regular Session
Senate Legislative Session Apr 28th, 2026 at 01:30 pm
Oklahoma Senate Floor Meeting
Transcript Highlights:
- factors and not non-pecuniary factors.
- factors only and maximize the investments for the pension holders.
- And so they're supposed to be making their decisions based on pecuniary fact factors.
- factors in providing advice to you.
- So, pecuniary just means money-based.
Bills:
HB2894, HB3418, HB3415, HB3413, HB3414, HB3416, HB3417, HB3419, HB3420, HB1739, HB1752, HB1979, HB2941, HB2992, HB3075, HB3086, HB3177, HB3269, HB3278, HB3279, HB3497, HB3644, HB4432, HB3720, HB3849, HB3882, HB3919, HB3941, HB4118, HB4141, HB4268, HB4342, HB4428, HB4429, HB4434
Keywords:
HB2894, Oklahoma Rural Jobs Act, rural jobs, rural investment, tax credit, capital investment tax credit, state tax credits, economic development, rural fund, rural investor, qualified investment, eligible business, Department of Commerce, rural business, investment certification, tax liability, credit cap, workforce development, small business finance, rural development
KY
Kentucky 2026 Regular Session
Senate Standing Committee on Economic Development, Tourism, and Labor (2-5-26)
Economic Development, Tourism, & Labor
Transcript Highlights:
- <00:10:01.760>
factors, <00:10:02.560>and ground in pecuniary factors, and ground in - pecuniary factors, and accountable<00:10:03.519>
when <00:10:03.760>they <00:10:04.000> - <00:10:26.640>
factors <00:10:26.880>and <00:10:27.120>non-puniary pecuniary factors - and non-puniary pecuniary factors and non-puniary interest<00:10:28.880>
as <00:10:29.200> - If a proxy adviser is using non-financial factors, this bill says disclose it clearly and back it up
Keywords:
Meeting start: 00:00
Roll Call: 00:32
HB 136 Discussion: 01:46
HB 136 Vote: 05:53
HB 183 Discussion: 07:03
HB 183 Vote: 14:45, 958, all
Summary:
The Senate Standing Committee on Economic Development, Tourism, and Labor met with a quorum and considered two bills. Senate Bill 136, sponsored by Vice Chair Frommeyer, made a housekeeping change to unemployment insurance fraud reporting by correcting prior language so suspected fraud is reported to the appropriate county or commonwealth attorney and the U.S. Department of Labor, rather than the Justice and Public Safety Cabinet. Members asked about how often local prosecutors pursue these cases and whether the state follows up on clawing back fraudulent payments; the cabinet said it would check on the exact recovery process. Senator Boswell also raised broader concerns about delays and difficulties claimants face in the unemployment insurance system. The committee approved SB 136 unanimously, 11-0, and reported it favorably.
The committee then heard Senate Bill 183 from Senator Nunn, which would regulate proxy voting advice by requiring transparency, economic analysis, and disclosure when proxy advisers rely on non-financial factors or give advice inconsistent with a company board’s recommendation. Nunn said the bill is intended to protect Kentuckians’ retirement and investment interests, prevent politically or ideologically driven advice, and create enforcement through Kentucky’s deceptive trade practices law. Senator Clemens questioned how the bill would apply to nontraditional groups and whether the affected firms are registered or regulated; a witness, Chris Nolan, said there is little federal oversight and no Kentucky oversight of proxy adviser firms. Senator Maiden supported the bill, while Senator Thomas opposed it, arguing investors should be free to seek advice based on their own interests and that the bill could chill such advice. The committee passed SB 183 by a 9-2 vote and reported it favorably.
US
US Federal 2025-2026 Regular Session
US House Floor Proceedings (Thursday, January 15, 2026)
US Federal House Floor Meeting
Transcript Highlights:
- and non-pecuniary factors and for other purposes.
- and non-pecuniary risk factors that requires investors to ignore financially relevant information that
- they consider ESG factors. they consider ESG factors.
- . ideological factors in retirement plans. ideological factors in retirement plans.
- and non-pecuniary factors and for other purposes. amended.
FL
Florida 2025 Regular Session
January 15, 2025 - 09:00 AM
Transcript Highlights:
- factors and may not subordinate the interests of beneficiaries for any social, political, or ideological
- factors and may not subordinate the interests of beneficiaries for any... only consider pecuniary factors
- Now, in recent quarter, they've tapered back up a little bit, but still, when you factor in over the
- All of those are factored in, and that's part of our thinking into why we are taking this zero-policy
- So that's all going to be factored into our decision-making as we make allocations every year.
Summary:
The Government Operations Subcommittee met with a quorum and began with member introductions and remarks from the chair emphasizing the committee’s focus on government efficiency, accountability, and oversight of executive branch agencies. Members shared their districts and backgrounds, with several noting hurricane recovery in their communities and a shared interest in reducing bureaucracy and improving service to Floridians.
The committee’s only presentation was from Chris Spencer, Executive Director of the State Board of Administration, who gave an overview of the SBA’s governance structure, investment responsibilities, and divestment policies. He explained the SBA’s management of more than $257 billion in assets, including the Florida Retirement System, the Florida Hurricane Catastrophe Fund, and Florida PRIME, and reviewed the Protecting Florida’s Investments Act restrictions covering Northern Ireland, Cuba, Venezuela, Israel, Sudan, Iran, and China. He also described the implementation of HB 7071, including the required divestment from direct holdings in Chinese companies, and said the SBA had reduced its direct Chinese holdings from 33 companies totaling over $172 million to 13 companies totaling about $64 million, with completion expected ahead of the September 1, 2025 deadline.
Members asked detailed questions about the Israel boycott list, Morningstar and MSCI, how the SBA gathers information, whether Cuba’s federal designation changes affect Florida law, how companies are removed from scrutinized lists, and whether divestment timing could affect returns. Spencer said the SBA uses public and paid research sources, gives companies a 90-day cure period in some cases, and brings list changes to the trustees for approval. He also explained that the China benchmark change is intended to reduce passive exposure while still allowing active investment decisions, and said the PFIA restrictions have had a modestly positive overall effect on pension performance. The chair also asked about the Florida Retirement System funded ratio and the CAT Fund’s capacity; Spencer said the pension fund is at 80.7% funded, that actuarial assumptions are reviewed regularly, and that the CAT Fund currently has more than $10.5 billion in liquid claims-paying capacity and is expected to remain well positioned for hurricane losses. No votes were taken, and the meeting adjourned after the presentation and questions.
FL
Florida 2026 Regular Session
Governmental Oversight and Accountability Feb 11th, 2025
Governmental Oversight and Accountability
Transcript Highlights:
- Further, HB 3 from the 2003 session reaffirmed that investment decisions of the SBA may only consider pecuniary
- factors and may not subordinate the interests of beneficiaries for any social, political, or ideological
- HB 3 requires investment decisions to be based solely on pecuniary factors and may not subordinate the
- A pecuniary factor is one that the SBA prudently determines is expected to have a material effect on
- changes to publish commercial financial ratings, risk ratings, and controversy ratings based on non-pecuniary
Summary:
The Committee on Governmental Oversight and Accountability met with a quorum present and took up two bills and one presentation. Senate Bill 108, on administrative procedures, was presented by Senator Burgess on behalf of Senator Grall. The bill would require agencies to systematically review rules over five years old, submit annual regulatory plans and reports, and take action on reviewed rules; it also would speed publication of proposed rules after new rulemaking authority and expand transparency for incorporated materials and rule histories. Americans for Prosperity appeared in support, there was no debate, and the bill was reported favorably on a roll call vote.
The committee then heard a presentation from State Board of Administration Executive Director Chris Spencer on implementation of statutory investment restrictions affecting state funds. He reviewed the SBA’s structure and fiduciary duties, said the agency must maximize financial return using only pecuniary factors, and described the Protecting Florida’s Investments Act restrictions involving Northern Ireland, Cuba, Venezuela, Israel, Sudan, Iran, and China. He noted recent changes, including expanded Iran restrictions after the October 7 attacks, the addition of China-related divestment requirements, and the SBA’s move to eliminate China and Hong Kong from its global equity benchmarks; he said the agency is ahead of schedule on required divestment and in compliance with the law.
Senate Bill 100, on display of flags by governmental entities, was then presented by Chair Fine. The bill would prohibit political flags on government buildings and allow active-duty service members and veterans to use reasonable force to stop flag desecration. The committee heard extensive public testimony, with supporters arguing government buildings should not display political messages and opponents raising First Amendment, vagueness, and enforcement concerns, especially regarding LGBTQ-related flags and school settings. Senators also questioned the bill’s definitions and the reasonable-force provision. After debate, the committee voted to report SB 100 favorably, with Senators Arrington and Polsky voting no and Senators Brodeur, McClain, Rodriguez, Fine, and Chair DeSiglie voting yes. At the end of the meeting, Senator Rodriguez was recorded as voting yes on SB 108, and the committee adjourned.
TX
Texas 89th Regular
Senate Committee on Business and Commerce (Part I) Feb 27th, 2025
Business & Commerce
Transcript Highlights:
- mainly residential and small business, residential really being the largest concern from a safety factor
Keywords:
hemp, consumable hemp, hemp-derived cannabinoids, CBD, cannabidiol, CBG, cannabigerol, delta-8, delta-9, intoxicating hemp, hemp gummies, hemp vape, edibles, cannabinoid regulation, hemp licensing, retailer registration, product registration, QR code labeling, child-resistant packaging, minor access
TX
Texas 89th Regular
Senate Committee on Business and Commerce (Part II) Feb 27th, 2025
Business & Commerce
Transcript Highlights:
- effective, we need to explicitly look at lifetime costs and benefits as... ...would apply a discount factor
Keywords:
hemp, consumable hemp, hemp-derived cannabinoids, CBD, cannabidiol, CBG, cannabigerol, delta-8, delta-9, intoxicating hemp, hemp gummies, hemp vape, edibles, cannabinoid regulation, hemp licensing, retailer registration, product registration, QR code labeling, child-resistant packaging, minor access
OK
Oklahoma 2026 Regular Session
Senate Legislative Session Apr 28th, 2026 at 09:00 am
Oklahoma Senate Floor Meeting
Bills:
HB2894, HB3418, HB3415, HB3413, HB3414, HB3416, HB3417, HB3419, HB3420, HB1739, HB1752, HB1979, HB2941, HB2992, HB3075, HB3086, HB3177, HB3269, HB3278, HB3279, HB3497, HB3644, HB4432, HB3720, HB3849, HB3882, HB3919, HB3941, HB4118, HB4141, HB4268, HB4342, HB4428, HB4429, HB4434
Keywords:
HB2894, Oklahoma Rural Jobs Act, rural jobs, rural investment, tax credit, capital investment tax credit, state tax credits, economic development, rural fund, rural investor, qualified investment, eligible business, Department of Commerce, rural business, investment certification, tax liability, credit cap, workforce development, small business finance, rural development