You are here

Board of Investors

Board of Investors

About the Board

The TSET Board of Investors is responsible for investing annual payments resulting from the 1998 Master Settlement Agreement, in which tobacco companies agreed to compensate states for healthcare costs associated with tobacco use. The board is chaired by the State Treasurer of Oklahoma, who oversees TSET's investments along with designees of the Governor of Oklahoma, the President Pro Tempore of the Oklahoma Senate, the Speaker of the Oklahoma House of Representatives and the Oklahoma State Auditor and Inspector. 

Ken Miller


The Honorable Ken Miller, State Treasurer and Chair. The constitutional amendment approved by Oklahoma voters in November 2000 establishes the state treasurer as the chairman of the Board of Investors. Miller became state treasurer on January 10, 2011. Prior to becoming state treasurer, Miller served for six years in the Oklahoma House of Representatives where he led the Appropriations and Budget Committee. He holds a doctorate in political economics from the University of Oklahoma. He earned a Master’s of Business Administration from Pepperdine University and a bachelor’s degree in economics and finance from Lipscomb University. Prior to his public service, Miller gained practical experience in the private sector. He began his professional career in banking at First American National Bank before joining MediFax-EDS, where he served as financial operations manager.

Scott Vaughn

Vice Chair

R. Scott Vaughn, CPA, Vice Chair, appointed by the Speaker of House. Scott is the National Industry Partner for BKD Health Care Group. He has over sixteen years experience providing audit, accounting and consulting services to the healthcare industry. Scott directs national engagements for BKD’s largest healthcare clients, including assistance with development and implementation of initiatives for improving profitability, mergers and acquisitions, financing and capital planning, and long-term strategic planning. He is a member of the American Institute of Certified Public Accountants, Oklahoma Society of Certified Public Accountants, and the Healthcare Financial Management Association. In 2009, Scott was appointed to the Board of Investors of the Tobacco Settlement Endowment Trust Fund by the Speaker of the Oklahoma House of Representatives. In his community, Scott has been involved with Big Brothers & Sisters of Green County, the Cystic Fibrosis Foundation and is currently the president of the Child Abuse Network. Scott is also a member of the Board of Governors of the Summit Club. Scott is a graduate of Oklahoma State University, Stillwater, with a BSBA in accounting and is currently a member of the advisory board for the OSU School of Accounting. BKD, LLP, one of the 10 largest CPA and advisory firms in the U.S., provides consulting, tax, assurance and accounting outsourcing solutions to business, governmental entities, not-for-profit organizations and individuals.

Brenda Bolander

Brenda Bolander, CPA, appointed by the State Auditor and Inspector, is vice president at Retirement Investment Advisors, Inc., an independent financial planning and investment advisory firm. Bolander is a certified public accountant with extensive professional experience in the Oklahoma state government ranging from financial auditor to investment compliance officer. She last served as the state comptroller for ten years, which included investment and pension responsibilities as chair of the Cash Management and Investment Oversight Commission and as a trustee for the Oklahoma Law Enforcement Retirement System. Bolander is a member of the AICPA Personal Financial Planning section, the Oklahoma Society of CPAs and the Oklahoma City Chapter of AGA. She has held various leadership positions, taught numerous technical seminars, contributed to a book on cross-collaboration, and served as president of the national state comptrollers association. 

Todd Dobson

Todd Dobson, CPA, was appointed by the Governor to the TSET Board of Investors. Dobson is the senior vice president and chief financial officer at MidFirst Bank. Dobson oversees the bank's investment portfolio strategies, interest rate risk, credit risk, cash management, secondary marketing, profitability systems, accounting, tax and compliance functions. He also manages the credit approval and monitoring function of the bank. Before joining MidFirst in 1991, he spent seven years with Price Waterhouse as a tax manager and certified public accountant. After joining MidFirst, he was promoted to the position of treasurer in 1994, was named chief financial officer in 1995 and was subsequently promoted to senior executive vice president in March 2011. Dobson joined MidFirst's board of directors in 2007. He earned a bachelor's degree in accounting from Oklahoma Christian University and a master's degree in business administration from Oklahoma City University.

Donald Pape

Donald A. Pape, appointed by the Senate President Pro Tempore, is a banker and an attorney with the Norman office of Phillips Murrah, an Oklahoma City-based business law firm. Mr. Pape brings 36 years of experience to his position as Chairman of the Board of Republic Bank & Trust in Norman, whose assets have grown from $18 million to $330 million under his leadership. He also serves as a board member of the Bankers Advisory Board of the U.S. Conference of State Bank Supervisors in Washington, D.C. Mr. Pape, whose law practice is focused on the intersection of business and finance, is admitted to practice in Oklahoma, the U.S. District Court for the Western District of Oklahoma and the U.S. Supreme Court.