SEN. MATT NUNN ISSUES REBUTTAL OF GOVERNOR ANDY BESHEAR’S EFFORT TO MISCHARACTERIZE SENATE BILL 183

Governor's veto of Senate Bill 183 expected to be overridden by the legislature next week

FRANKFORT, Ky. (March 27, 2026) — The following is a statement from Sen. Matt Nunn, R-Sadieville, in response to Gov. Andy Beshear’s veto of Senate Bill (SB) 183, legislation strengthening transparency and accountability standards for proxy advisory firms influencing shareholder voting decisions.

“Governor Beshear’s veto of Senate Bill 183 is disappointing, but not surprising. When you read his veto message, it’s clear he’s arguing against something this bill doesn’t even do.

“SB 183 is simple. It’s about transparency for proxy advisory firms that influence billions of dollars in shareholder votes, including decisions that affect Kentucky pensions and retirement savings. All it says is if you’re giving advice that moves that kind of money, folks deserve to know whether it’s based on financial facts or something else.

“Instead of addressing that, the governor leans on a dishonest hypothetical about churches and nonprofits. Let’s be clear, a church is not a proxy advisory firm, and this bill does not regulate churches. That argument is misleading, and he knows it.

“And even if you take that argument at face value, the bill already addresses it. SB 183 specifically exempts nonprofit organizations that provide advisory services and receive less than $500,000 in revenue for those services. In other words, the very groups the governor claims to be worried about are already protected under this law. Further, he oddly ignores the real concern. There are plenty of other nonprofits that have been set up specifically to avoid accountability while pushing ideological agendas like ESG and DEI through corporate decision-making. That’s exactly the kind of influence this bill is meant to bring into the light.”

“We’re talking about protecting billions of dollars that Kentucky workers are counting on for retirement. That ought to matter more to the governor than chasing counterfeit hypotheticals.

“SB 183 includes clear definitions and safeguards to make sure it’s narrowly applied and responsibly enforced. This is about transparency, plain and simple. Kentuckians work too hard to have their retirement investments influenced without accountability. They deserve better than this.

“I’m proud to stand with my colleagues to override this veto and get this into law. Once again, the legislature will stand with the people of Kentucky and their investments, even if the governor won’t.” 

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Click here to learn more about SB 183.