WASHINGTON—The Heritage Foundation is proud to announce Oklahoma State Treasurer Todd Russ as the recipient of the 2025 Courage Award, honoring his groundbreaking leadership in challenging corporate politicization and defending the principles of fiduciary duty, free enterprise, and shareholder value. Treasurer Russ has used shareholder proposals strategically to confront ideologically driven corporate practices, marking a historic first for a conservative treasurer.
Dr. Kevin Roberts, president of The Heritage Foundation and Heritage Action for America, explained the significance:
“Every state has capital at work in the markets, and every state must ensure those investments are not being weaponized against its citizens. Treasurer Russ is the gold standard for how conservative leaders should approach financial stewardship in the modern era. He’s not just talking about standing up to ESG and DEI; he’s actually doing it.
“Todd Russ is proving what true courage in public office looks like. While so many financial—and especially elected—leaders hide behind excuses, Treasurer Russ is confronting woke capital head-on and reminding the country that fiduciary duty means protecting citizens and their families—not appeasing activists. By rejecting the poison of ESG and DEI, he’s showing that conservatives can and must steward public resources with integrity, neutrality, and fearlessness.”
The Heritage Foundation’s Courage Award honors public servants who resist institutional and political pressure. This year, Treasurer Russ is recognized for boldly challenging woke capital and setting a national example for fiduciaries. His leadership shows red states can actively promote corporate neutrality and performance.
Treasurer Todd Russ commented:
“It is an honor to receive the Courage Award from The Heritage Foundation. This recognition affirms that Oklahoma’s approach is the right one, protecting shareholder value, resisting political agendas in investments, and holding corporations accountable to their true mission. 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.”
Dr. OJ Oleka, the CEO of State Financial Officers Foundation, added:
“Treasurer Russ is a leader, a fighter, and most importantly, a difference maker in the movement to end the dangerous politicization of corporate America. I am proud to call him a friend, and I wholeheartedly congratulate him on receiving The Heritage Foundation’s prestigious Courage Award.
“Because of Treasurer Russ, the days of major corporations reflexively advancing woke priorities are long gone. Financial officers nationwide have both an example in Treasurer Russ when it comes to restoring the simple notion that investment goals must be guided by maximizing shareholder return and not satisfying the latest progressive demands.”
Treasurer Russ’s approach prioritizes depoliticized investment and sound fiduciary management over ideology. Under his leadership, Oklahoma’s shareholder engagements promote neutrality and financial responsibility, never pressuring companies beyond their obligations. He has also reformed the state’s proxy voting to support long-term performance and push back against ESG mandates and activist agendas.
Andrew Olivastro, chief advancement officer at The Heritage Foundation, commended Russ for elevating the standard for state-level leadership:
“The Courage Award exists to recognize those who stand firm, and Treasurer Russ exemplifies that spirit. He is pushing back against corporate activism and demonstrating how conservative principles can be deployed with discipline, purpose, and professionalism. His leadership is inspiring, delivering real benefits for Oklahomans, and already creating a ripple effect across the country.”
BACKGROUND:
Through the Oklahoma Tobacco Settlement Endowment Trust (TSET), Treasurer Russ and the board have placed shareholder proposals on the ballots of a variety of major corporations. These proposals demand that companies re-evaluate policies and partnerships that prioritize political activism over sound business judgment. By doing so, Russ has ushered in a new era of state-led corporate engagement rooted in financial stewardship and political neutrality.
In the 2026 proxy season, at the direction of the TSET Board of Investors, Treasurer Russ’s staff filed proposals with companies including Visa and Mastercard over risks of processing AI-generated pornography, challenged NVIDIA on potential discrimination in gift-matching, raised concerns with Starbucks and Amazon over puberty blocker coverage, and urged McKesson to consider the risks of dispensing abortion drugs. Chipotle, Boeing, and Qualcomm were questioned on ESG/DEI metrics and exposure to the Chinese market.
