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“Companies are scrambling to get a better understanding of their supply chains following the issuance of a new conflict minerals rule by U.S. regulators last week,” reports the Wall Street Journal. The SEC indeed adopted a final rule requiring companies to disclose whether their products have been manufactured with minerals blamed for fueling violence in the Democratic Republic of the Congo and its surrounding region. The rule, which was mandated by the Dodd-Frank Act, applies to four minerals — gold, tantalum, tin, and tungsten. According to the Journal, “companies have until May 31, 2014, to file their first report with regulators, but the reporting period for the new rule begins on Jan. 1, 2013. That leaves companies that put off preparation with little time to check their supply chains to find where materials are sourced.” Firms are being encouraged to use a standard form in asking suppliers about their exposure, such as those developed by the Electronic Industry Citizenship Coalition.
Companies take hard look at supply chains
Companies must disclose whether their products have been manufactured with minerals that fuel violence in the Democratic Republic of the Congo beginning Jan. 1, 2013.
August 30, 2012