In a political climate where many conservative leaders admirably speak out against corporate activism, Oklahoma State Treasurer Todd Russ is going beyond communications about the companies in the portfolios he has responsibility for—he is using direct actions. As chairman of the Tobacco Settlement Endowment Trust (TSET), Russ has become the first red-state financial officer to use the shareholder proposal process to challenge ideological bias in corporate America. For this bold leadership, he was honored with the 2025 Courage Award by the Heritage Foundation.
Messaging Matters—But Action Must Follow
Press releases, op-eds, and media appearances are essential tools for shaping public discourse. They raise awareness, build coalitions, and signal priorities. But Treasurer Russ is showing thatreal fiduciary stewardship requires more. It requires using the authority vested in public funds to engage directly with the companies they own. If an elected official publicly denounces ESG and DEI, but the funds under his or her responsibility still vote on the pro-ESG/DEI side, then the state’s money is being weaponized against the platforms upon which they have been elected.
Through formal shareholder proposals filed under SEC Rule 14a-8, Russ is leveraging TSET’s position as a shareholder to demand accountability and transparency from some of the most influential corporations in America.
Companies Targeted by TSET Proposals
Amazon
Alphabet (Google)
Netflix
GoDaddy
Lululemon
Yum! Brands
Morgan Stanley
Qualcomm
Visa
Wells Fargo
Microsoft
Mastercard
These proposals are not rhetorical—they are filed, presented, and placed on proxy ballots for shareholder votes.
Issues Addressed in the Proposals
Discrimination against Christian employees
Processing of payments involving deepfake child sexual material
Systematic underestimation of China risk
Shareholder resources used for charitable grants to pro-looting groups
The Voting Problem: Will Red-State Funds Support These Proposals?
While blue-state officials have long used shareholder proposals to advance progressive causes, Russ is pioneering their use to defend Oklahoma’s interests, values and fiduciary duty. But will other red-state officials follow?
Our preliminary research suggests that most conservative-controlled pensions and public funds will vote against these proposals—without even being told that they did. This is not due to ideological opposition, but to lack of transparency and aligned financial service providers in proxy voting. Thankfully, there will be some exceptions—funds and managers who recognize the importance of these proposals and vote in favor.
Stewardship at Scale: Trillions in Play
Public funds collectively hold trillions of dollars in corporate stock. These assets are not just investments, they are ownership and with ownership comes authority. They represent influence, responsibility, and the opportunity to shape corporate behavior in alignment with their state’s interests.
Treasurer Russ’s example is a call to action. It’s time for fiduciaries—whether elected or appointed—to move beyond press releases and media hits (effective as they may be) and into the exercise of shareholder authority. Stewardship means showing up—not just in the news cycle, but on the proxy ballot.
As Russ said upon receiving the Courage Award: “My commitment is simple: to safeguard the hard-earned dollars entrusted to us and ensure they are managed with neutrality, stewardship integrity, and a focus on long-term performance.”