Initial Conflict Minerals Filers Reluctant to be Transparent
The deadline for public companies’ first disclosure to the SEC on conflict minerals arrived on Monday, June 2nd. The vast majority of filers are stating in their filings that they have not yet been able to determine the source of their tin, tantalum, tungsten, or gold (3TG).
In fact, although filings continue to trickle in after the SEC dealine, over 95% of the companies are stating that they are not sure of the source. This group is composed of approximately 75% that filed “No Determination” about the origin of their conflict minerals and another approximately 20% that filed as “DRC Conflict Undeterminable”.
Source Intelligence gives companies the method to ensure their filings will be successful when filing indeterminable will no longer be an option. It provides an affordable platform coupled with the deepest research into sourcing through a multi-lingual supplier engagement team, which monitors supplier risk 24 hours a day - every day of the year. The unprecedented efforts of this team and the Source Intelligence quality assurance systems result in the majority of filers naming Source Intelligence in their filings reporting supplier completion rates in the 80th -90th percentiles.
The Dodd-Frank Wall Street Reform and Consumer Protection Act SEC 1502, is mandated by the federal government to provide transparency into corporate practices and reduce funding for armed groups involved in human rights violations in the Democratic Republic of the Congo and surrounding countries. Therefore, public companies must quickly gain the necessary knowledge of their supply chain and learn filing policies and procedures.
Source Intelligence is the leading provider of Conflict Minerals compliance programs, helping over 100 global brands demonstrate compliance.
To learn more, request a demo of the platform here.