Andrew Forrest, philanthropist and mining billionaire addressed a long standing issue with the Japanese gaming tycoon Nintendo on ethical mining regarding Conflict Minerals. The raw materials have accounted for extreme conflict in the Democratic Republic of the Congo hence the name, as guerilla groups execute sexual terrorism, recruitment of child soldiers and death by the millions. The grave human rights abuses have raised the attention of what Conflict Minerals are and what their role is in industry supply chains.
Stakeholders in the ecosystem of supply chain and regulated materials compliance will be surprised to see the similarities and differences of program progress and supplier profiles across industries.This benchmarking study will present ACTUAL data, aggregated by industry, to provide insights on:
According to the rule, an estimated 5,994 public companies that file with the SEC will have to provide new disclosures. Moreover, approximately 275,000 private companies that are part of issuers’ supply chains will also be expected to provide conflict minerals due diligence to their public customers. Furthermore, a 2011 study by Tulane University, assessed the costs of implementing the Dodd-Frank conflict minerals regulation to be $7.93 billion — more than one hundred times greater than the initial estimate prepared by the U.S.
For the second time the regulations put forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act are being challenged. This time a business consortium brought the SEC before the DC Circuit court where 3 judges heard arguments from Peter Keisler from the business coalition and Tracey Hardin from the SEC.
The Conflict-Free Sourcing Initiative (CFSI) made a major accomplishment in its mission to fight the war on minerals deriving from human rights abuses in the Democratic Republic of the Congo. In the initiatives five year history, it has put forth hard work and effort to mitigate the consumption of raw materials being mined in the atrocities warfare in the Congo. Over 120 companies have worked with the program in hopes of gaining a transparent supply chain and partaking in international due diligence.