Are You Feeling Overwhelmed With The Second Conflict Minerals Reporting Period Starting Yesterday?

With every new year comes resolutions.  This year if one of your companies is to intensify your conflict minerals reporting, Source Intelligence has the answer for you. Don’t let your company be left out in the cold by being one of the only companies in your industry unprepared now that reporting is in its second year.

If you are unaware of the ruling or if your company needs to file, 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.

If you are feeling overwhelmed by the amount of work it is going to take to complete your new years resolution, don’t worry, Source Intelligence is here to help.  They are giving a free open house demonstration of their platform on Wednesday, January 8th, and everyone is invited. It will give you a look at what they can do to alleviate the pressure of conflict mineral compliance. To register click HERE.