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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.

Brenda Bolander

Vice Chair

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 former banker and an attorney with the Norman office of Phillips Murrah, an Oklahoma City-based business law firm. He also served as chair of the board of Republic Bank & Trust in Norman for nearly 30 years. Mr. Pape 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 banking law and regulation, is admitted to practice in Oklahoma, the U.S. District Court for the Western District of Oklahoma and the U.S. Supreme Court.

Scott Vaughn

R. Scott Vaughn, CPA, appointed by the Speaker of House. Scott is the president and chief executive officer of GlobalHealth, a $300 million health maintenance organization. GlobalHealth provides affordable health care coverage to over 45,000 Oklahomans.    

Before joining GlobalHealth in December 2010, Scott was a partner with a top 10 national CPA and consulting firm for 17 years.  During his tenure with the firm, he served as the National Industry Partner providing oversight to the firm’s national health care audit, tax and consulting practice.  During early 2010, he chaired a task force which researched the monumental health care reform legislation that was signed into law earlier in the year, analyzing the impact of reform on the firm’s health care clients throughout the U.S.

Scott has been actively involved in community and civic organizations, most recently co-chairing the Tulsa Area United Way’s Alexis de Tocqueville committee with his wife Kayla.  He has also served as the president of the Child Abuse Network, a member of the advisory board for the Salvation Army – Tulsa, and as a member of the advisory board for the Oklahoma State University School of Accounting.  In 2008, the Speaker of the Oklahoma House of Representatives appointed Scott to serve on the board of investors for the Oklahoma Tobacco Settlement Endowment Trust.

Scott received his bachelor’s degree in accounting from Oklahoma State University in 1993.  Scott and his wife Kayla have a 6-year old son, Benjamin and a 3-month old daughter, Luca.