Approximately 1,200 publicly traded companies filed Conflict Minerals Reports with the SEC this year, in accordance with Dodd-Frank Section 1502 (Conflict Minerals Rule).
Source Intelligence has analyzed data collected from the 2015 filings, and mined meaningful insights for companies to utilize for the 2016 reporting year. Key findings demonstrate differences and similarities between industries, trends from past reporting years, and new findings from 2015.
On Wednesday, June 15th, The European Union (EU) agreed to outline a deal to facilitate a focus on transparency in the supply chain. This legislation concerns the sourcing of conflict minerals, not just in the Democratic Republic of the Congo, but from high-risk regions, worldwide.
"We need to step up to our responsibilities and finally break the vicious cycle of the trade in minerals and the financing of conflict," - EU Trade Commissioner Cecilia Malmstrom
A conflict minerals legislation has been in the works for the European Union since 2014. There have been many updates since then, but there are still some fundamental differences that need to be worked out.
Year three of conflict minerals compliance is expected to be a year of both progress and change. Companies must continue to perform necessary due diligence to determine the source of tin, tungsten, tantalum and gold (3TG) in their supply chain and report on their process. However, what companies are required to declare may change.
After the August 18th DC Circuit court ruling, many companies right now wouldn’t mind a SEC Conflict Minerals “Grey” book sequel: what does the SEC really mean?
Data Assessment and Assurance, The 4th Step of Conflict Minerals Compliance
Summary:
Conflict Minerals Compliance, as adapted by the SEC, requires companies to engage in a five step process which includes data assessment and assurance as the fourth step. What is Conflict Minerals data assessment and assurance? Read below.
Press Release
Conflict Minerals Compliance, as adapted by the SEC, requires companies to engage in a five step process which includes data assessment and assurance as the fourth step. What is Conflict Minerals data assessment and assurance? Read below.
Due Diligence, The Third Step Of Conflict Minerals Compliance
Summary:
February 27, 2015 /3BL Media/ - Conflict Minerals Compliance, as adapted by the SEC, requires companies to engage in a five step process which includes due diligence as the third step. What is Conflict Minerals due diligence? Read below.
Press Release
February 27, 2015 /3BL Media/ - Conflict Minerals Compliance, as adapted by the SEC, requires companies to engage in a five step process which includes due diligence as the third step. What is Conflict Minerals due diligence? Read below.
Bianca Consunji writes for Mashable about the unintended consequences of Dodd-Frank Section 1502, or what some miners in the Democratic Republic of the Congo call “Obama’s Law”. Bianca concludes the Conflict Minerals rule has in fact reduced the black market of Tin, Tungsten, Tantalum and Gold, “3Ts and gold” for warlords, which has prolonged “decades of terror within the country”; yet, the reduction of mineral sourcing from the Democratic Republic of the Congo has also reduced the market price of minerals not related to warlords.
Section 1502 of Dodd Frank, "conflict minerals law", was not instated without debate. In April 2014, National Association of Manufacturers went up against the Securities and Exchange Commission in the US Court of Appeals stating the rule violated the First Amendment. Despite attempts to fight the conflict minerals requirements, the Court of Appeals ruled that issuers must investigate their supply chain and file a special disclosure or Form SD with the SEC.
