Shareholder Proposal Asking Visa to Strengthen Protections Against Risks Related to AI-Generated Pornography Clears 5% Threshold
Oklahoma State Treasurer Todd Russ announced continued progress in advancing fair, transparent, and investor-focused proxy voting when state dollars are used, pointing to recent successes and growing momentum across U.S. and global markets.
This week, the Treasurer’s Office advanced a shareholder proposal for Visa's annual meeting and received more than 5% shareholder support, meeting the threshold for automatic resubmission next year. The proposal asks Visa to report on how it identifies and manages risks related to AI-generated pornography, including risks tied to the use of its payment network in connection with harmful content.
Recent investigations have shown that Visa’s services have been used to purchase AI-generated pornography, including child sexual abuse material, through online loopholes such as ‘hidden link’ services that allow payments without violating existing policies. During the meeting, no questions were taken on the proposal, and sadly the company did not respond to requests to clarify whether it uses race- or gender-based quotas in any aspect of its corporate policies.
“This is troubling and underscores why this work matters,” said State Treasurer Todd Russ. “When serious risks are identified and questions go unanswered, it reinforces the need for long-term investors to stay engaged and push for greater transparency and accountability.”
As chair of the Board of Investors for the Tobacco Settlement Endowment Trust (TSET), Treasurer Russ has advanced more than a dozen shareholder proposals aimed at strengthening shareholder rights and improving the integrity of the proxy voting process. These efforts are rooted in fiduciary responsibility and the belief that proxy voting should reflect the financial interests of investors, not political agendas or third-party radicals.
In the current proxy season, two proposals supported by the Treasurer resulted in constructive engagement, without proceeding to a shareholder vote. The proposals included actions at Boeing, one of Oklahoma’s largest employers, and NVIDIA, one of the world’s most valuable companies. These outcomes signal growing shareholder support for governance reforms that emphasize accountability, transparency, and long-term value creation over the whims of special interest groups.
“Oklahoma is showing that public fiduciaries can lead in restoring trust to the proxy process,” said Treasurer Russ. “Our focus is simple: proxy voting must be fair, just, and aligned with the best interests of investors. Thoughtful engagement by long-term investors can strengthen corporate governance and benefit all shareholders, rather than just a few.”
These achievements come amid significant shifts in the broader governance landscape. In December 2025, President Trump issued an executive order directing federal agencies to address concerns surrounding foreign-owned and politically motivated proxy advisory firms, reinforcing the need for transparency and investor protection. More recently, JPMorgan Chase announced it will no longer rely on external proxy advisory firms for U.S. shareholder voting, opting instead for an internal decision-making framework, a move reflecting growing skepticism of one-size-fits-all voting recommendations.
Together, these developments underscore a turning point in proxy governance, one in which investors, asset owners, and public fiduciaries are demanding greater control and clarity over how their votes are cast and “eliminating behind the curtain” activity.
The Oklahoma State Treasurer’s Office remains committed to advancing responsible stewardship, protecting investor interests, and ensuring that all shareholder voices are heard clearly and fairly in corporate governance by getting political activist off the backs of Oklahoma investors.
