Ceres

Background

Investor Network

As of 2023, Ceres claims that its Investor Network hold roughly $46 trillion in assets managed by over 220 institutional investors, including public pension funds. ³ The Investor Network’s stated purpose, among other ambiguous climate related outcomes, is to “pressure stock exchanges and capital market regulators to improve climate and sustainability risk disclosure, and opportunities to advocate for stronger climate, clean energy and water policies at all levels of government.” ⁴

Company Network

The over 50 companies that sponsor Ceres (including Apple, Bloomberg, and Exelon) receive access to public policy analysts, opportunities for public policy engagement, and the Ceres Investor Network in exchange for an annual membership fee. ⁵ Ceres asserts membership is contingent on an “executive-level, public-facing commitment to improve environmental and social performance.” ⁵

Notable members of the Ceres investor network include asset managers BlackRock and State Street; left-of-center philanthropic foundations including the Park Foundation, the Rockefeller Foundation, the Nathan Cummings Foundation, and the Skoll Foundation; activist nonprofits such as As You Sow and the Sierra Club Foundation; labor unions including the AFL-CIO and the SEIU; various pension funds; higher education endowments; and the treasurers’ offices of at least nine states. ⁶

Ceres Company Network and other Ceres network members appear to have come to disagree often on their own environmental policies. Rainforest Action Network, a member of the Ceres Nonprofit Network, released a report attacking JPMorgan Chase, a member of the Ceres Company Network, for investing $195.66 billion in traditional energy between 2016 and 2018. ⁷ The report states this is nearly a third higher than another member of the Ceres Company Network, Wells Fargo. ⁸

Ceres claims to have introduced virtually all ESG-related resolutions offered to companies since at least 2021.⁶

Ceres uses a database of company resolutions introduced by members of its alliance. Some of the resolutions are labeled as “withdrawn” for companies that have made a “commitment” to the Ceres-supported actions including a 2023 resolution against Google and YouTube parent company Alphabet, Inc. regarding offsetting GHG emissions. Ceres noted that the withdrawal took place due to Alphabet claiming it would reduce greenhouse gas emissions.⁹ Several Ceres-backed initiatives are proposed and gain support by votes from alliance members. Other initiatives will fail to secure majority shareholder support. In 2023 a resolution was introduced to oppose banking firm Citigroup’s financial support for oil pipelines, which supporters claim violate indigenous people’s rights under the United Nations, and were cited in the resolution as “cultural genocide.”¹⁰

Policy Network

The Business for Innovative Climate and Energy Policy (BICEP) Network “provides members with the tools and knowledge they need to effectively engage with state and federal policymakers on climate and energy policies.” .¹¹ Between 2020 through October 2023, Ceres increased the amount it spent on lobbying, from around $80,000 in 2020 to at least $270,000 in 2022, an amount which the organization claimed was on track to match or exceed as of the second quarter of 2023.¹¹

In 2023, Ceres endorsed a proposed Securities and Exchange Commission (SEC) rule that would force businesses to detail their energy consumption and greenhouse gas emissions in shareholder reports. The proposal generated significant feedback and criticism from representatives of various industries, though Ceres claimed that, at the time, its comments were mostly supportive. ¹²

Nonprofit Network

The Nonprofit Network is composed of more than 90 organizations that work with Ceres to advance environmentalist policy preferences “through direct engagement with companies, investors or policymakers; or participating in campaigns and events.” ¹³

Proximity to Public Funds

Despite reporting no direct government aid on its 2017 tax return, Ceres maintains a close proximity to public officials, most notably the government worker pension funds of strongly Democratic New York and California. ¹⁴

Susan Sayers

Chief Development Officer Susan Sayers has a history of procuring government funding. During her tenure as Senior Foundation Relations Associate ¹⁵ at Pathfinder International, annual revenue from government grants grew from $0 ¹⁶ in 2001 to $41,215,471 in 2004. ¹⁷ At Partners in Health, annual revenue from government grants grew from $0 ¹⁸ in 2005 (Director of Foundation Relations) ¹⁵ to $16,317,943 ¹⁹ in 2011 (Chief Development Officer). ¹⁵

Public Pension Funds

The Board of Directors at Ceres includes New York State Comptroller Thomas DiNapoli (D), the sole Trustee of the $209 billion New York Common Retirement Fund, and Alicia Seiger, who was appointed by New York Governor Andrew Cuomo (D) and Comptroller DiNapoli to the Fund’s Decarbonization Advisory Panel in 2018. ²⁰ As of 2018, the Fund’s custodial bank is JPMorgan Chase. ²¹ Members of the Ceres Investor Network include the New York City Employees’ Retirement System, New York State Teachers’ Retirement System, New York City Office of the Comptroller, and the New York State Comptroller. ⁴ The Climate Action 100+ Global Steering Committee includes Anne Simpson, the Director of Board Governance and Strategy at the California Public Employees’ Retirement System. ²²

Statements

In May 2023, the network criticized the American Electric Power Company for not adhering to the Paris Climate Accords by continuing to operate coal power plants. ²³ That year, the network held a vote on a proposal to demand the Bank of America end the financing of fossil fuel exploration and development, though the resolution did not secure majority support. ²⁴

Controversies

Ceres has faced previously accusations that its research and policy advocacy were geared towards passing regulations that benefit itself and its allies within the environmentalist reporting compliance industry. According to the Washington Examiner, the organization collaborated with the for-profit carbon emissions tracking software provider Persefoni on a survey showing that a 2022 proposed Securities and Exchange Commission reporting requirement would cost large businesses upwards of $600,000. At the same time, Ceres was reportedly involved in the process of creating the rule proposal, while a former Persefoni executive openly stated that the rule would lead to a windfall for emissions tracking software vendors.²⁵

In August 2023, a Forbes article accused Ceres of leveraging its investor network to generate the perception of widespread support for environmental impact disclosure rules with the goal of handicapping the traditional energy industry. ²⁶

Ceres has also faced accusations of participating in the “revolving door” hiring trend, in which organizations will hire government employees leaving their previous positions for corporations in the industries they previously regulated or oversaw. The organization’s chief executive officer Mindy Lubber previously worked for the Environmental Protection Agency (EPA). ²⁵

Congressional Subpoena

In June 2023 U.S. Representative Jim Jordan (R-OH), in his capacity as chairman of the U.S. House Committee on the Judiciary, issued a subpoena to Ceres for “documents and communications related to how Ceres and Climate Action 100+ advance ESG policies.” The committee was investigating whether Ceres was facilitating improper “collusion” among corporations “to promote ESG-related goals,” within the context of applicable antitrust law. According to Rep. Jordan, the subpoena was necessary because prior requests for the production of such documents had been “inadequate,” with Ceres only having produced a total of 299 documents since the requests were first made in December 2022.²⁷

Antitrust and Consumer Protection Concerns

In 2026, Florida Attorney General James Uthmeier announced that he was leading a six-state coalition of attorneys general in issuing a formal warning letter to Ceres regarding potential antitrust and consumer protection concerns. The coalition, which also included attorneys general from Alaska, Georgia, Idaho, North Dakota, and South Dakota, alleged that Ceres’ coordination of corporate and financial-sector efforts to pursue net-zero emissions targets could constitute unlawful collusion. The letter cited Ceres’ shareholder engagement and advocacy campaigns, including its involvement in efforts to influence corporate governance at ExxonMobil, and raised concerns that such pressure could contribute to misleading environmental claims by companies. The coalition requested that Ceres provide documentation explaining how its activities comply with applicable antitrust and consumer protection laws. ²⁸

Leadership

Mindy Lubber is the president and chief executive officer (CEO) of Ceres, serving since 2003. She was previously a regional administrator with the Environmental Protection Agency (EPA) under the Clinton administration and the director of the left-wing United States Public Interest Research Group’s Massachusetts chapter MassPIRG. Lubber was also heavily involved in lobbying corporations to generate private-sector support for the 2015 Paris Climate Accords.²⁹

Susan Sayers is the chief development officer for Ceres, serving since 2012. Prior to joining Ceres, she was the Chief Development Officer for international nonprofit network Partners In Health, worked at Pathfinder International to develop foundation relations, and taught both lectures in the History Department at Harvard University. ³⁰

Donna Daniels is the chief “people and culture” officer at Ceres since she joined the company in November 2022. According to the company website, she oversees, “human resource and diversity, equity, and inclusion strategies.” ³¹ In addition, the position claims to promote office policies on equitable and inclusive culture as well as talent acquisition. Prior to working at Ceres, Daniels served as Secretariat Director of the Office of the Office of Diversity, Equity, and Inclusion within the Commonwealth of Massachusetts’ Executive Office of Health and Services. ³¹

Financials

According to its 2022 990 form, Ceres reported a revenue of $43,487,488, expenses of $41,602,787, and net assets of $36,789,978. ³²

According to its 2021 990 form, Ceres reported a revenue of $31,657,448, expenses of $36,447,020, and net assets of $34,995,320. https://projects.propublica.org/nonprofits/organizations/223053747/202342419349301349/full[/note]

According to its 2020 990 form, Ceres received more than $44 million in revenue, mostly through donations and grants, and the organization’s net assets totaled more than $40 million. ³³ That year, Ceres received a $4 million grant from the left-of-center John D. and Catherine T. MacArthur Foundation. Between 1997 and 2023, Ceres has received more than $15 million in total from the foundation. ³⁴ Ceres has also received funding from ClimateWorks Foundation and the Moore Foundation. ³⁵

In 2021, the New Venture Fund, a grantmaking and fiscal sponsorship organization managed by consulting firm Arabella Advisors, donated more than $3 million to Ceres in 2021. ³⁶ In addition, the environmentalist Boston-based Devonshire Foundation provided grants to Ceres every year between 2016 and 2021. ³⁷