CERES, INC.

ENG · Energy/Nuclear

Ceres and participating companies advocated for the continued implementation and protection of clean energy tax incentives and credits established under the Energy Policy Act of 2005 and the Inflation Reduction Act. Specifically, we supported Amendment #2564 (Shaheen-Welch) to Amendment #2360 to H.R. 1 (the One Big Beautiful Bill), which would have repealed provisions in H.R. 1 that terminate key energy efficiency and clean energy tax credits, including those for residential improvements (25C), clean energy installations (25D), energy-efficient commercial buildings (179D), and new energy-efficient homes (45L). We also monitored and opposed Amendment #2704 (Ernst) to Amendment #2360 to H.R. 1, which proposed phasing out clean electricity production tax credits and eliminating penalties for using materials from foreign entities of concern.

Literal federal measure citations: H.R. 1, H.R. 1, H.R. 1

FIN · Financial Institutions/Investments/Securities

Ceres participated in an Investor Voice Network Hill Day, meeting with Congressional offices to discuss key shareholder rights issues, including sharing concerns regarding a series of legislative proposals that would restrict the ability of institutional investors and fiduciaries to consider environmental, social, and governance (ESG) factors in investment decisions and proxy voting. Specifically, we opposed H.R. 2988 (Protecting Prudent Investment of Retirement Savings Act), which would codify a 2020 rule prohibiting ERISA fiduciaries from considering ESG factors, even when financially material. We also opposed H.R. 3402, which would impose duplicative and burdensome disclosure requirements on institutional investors regarding proxy voting, including alignment with proxy advisory firm recommendations. In addition, we opposed the following discussion drafts and bills amending the Securities Exchange Act of 1934: H.R. 4589 (Rep. Steil) - Requires proxy advisory firms to register with the SEC and meet extensive compliance, disclosure, and conflict-of-interest requirements. H.R. 4767 (Rep. Steil) - Includes provisions to impose liability on proxy advisory firms for material misstatements and failures to disclose information. H.R. 4662 (Rep. Wagner) - Requires the SEC to conduct recurring studies on shareholder proposals, proxy advisory firms, and the proxy process. H.R. [Draft] (Rep. Nunn) - Prohibits institutional investors from engaging in robovoting and outsourcing proxy voting decisions without independent analysis. We also opposed H.R. 4098 (Stopping Proxy Advisor Racketeering Act, Rep. Fitzgerald) which prohibits proxy advisory firms from providing voting advice if they have conflicts of interest, including consulting relationships with issuers. These proposals would increase compliance costs, reduce investment efficiency, and undermine fiduciary responsibility to act in the best interests of beneficiaries. Ceres advocated for maintaining the ability of investors to consider all financially relevant factors and to use efficient tools in fulfilling their fiduciary duties.

Literal federal measure citations: H.R. 2988, H.R. 3402, H.R. 4589, H.R. 4767, H.R. 4662, H.R. 4098

TAX · Taxation/Internal Revenue Code

Ceres and participating companies advocated for the continued implementation and protection of clean energy tax incentives and credits established under the Energy Policy Act of 2005 and the Inflation Reduction Act. Specifically, we supported Amendment #2564 (Shaheen-Welch) to Amendment #2360 to H.R. 1 (the One Big Beautiful Bill), which would have repealed provisions in H.R. 1 that terminate key energy efficiency and clean energy tax credits, including those for residential improvements (25C), clean energy installations (25D), energy-efficient commercial buildings (179D), and new energy-efficient homes (45L). We also monitored and opposed Amendment #2704 (Ernst) to Amendment #2360 to H.R. 1, which proposed phasing out clean electricity production tax credits and eliminating penalties for using materials from foreign entities of concern.

Literal federal measure citations: H.R. 1, H.R. 1, H.R. 1