This Holiday Give Your Company The Gift That Keeps On Giving
This holiday season Source Intelligence has gotten ahold of your companies wish list and high on that list is coming into compliance with conflict minerals legislations. The new year not only brings with it parties and new resolutions but also the end of the conflict minerals reporting period. Don’t let your company be left out in the cold by being one of the only companies in your industry to be filing undeterminable.
In a nutshell, the rule requires public companies to conduct supply chain diligence and make disclosures concerning specified minerals and their derivatives contained in their products. In 2010, Congress passed the Dodd-Frank Act, which directs the SEC to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies. Under the Act, those minerals include tantalum, tin, gold or tungsten.
The rule is important because it is intended to reduce a significant source of funding for armed groups that are committing human rights abuses in the eastern Democratic Republic of the Congo (DRC) and specific adjoining countries. By enacting the Conflict Minerals Statutory Provision, Congress intended to further the humanitarian goal of ending the violent conflict in the eastern Democratic Republic of the Congo (DRC), which has been partially financed by the exploitation and trade of conflict minerals originating in the DRC. The SEC final rule explains that the exploitation and trade of conflict minerals by armed groups is helping to finance the conflict, which is characterized by extreme levels of violence, particularly sexual- and gender-based violence.
Make Source Intelligence the Santa Clause for your company and request a free demonstration of how they will get your company to comply by the deadline of the filing period.