Conflict minerals: new rules and next steps

Accounting Technical

November 27, 2012 5:00 p.m.

November 27, 2012 6:30 p.m.

Duration: 01:30

Live video broadcast from: New York

One-minute recap:

The US Securities and Exchange Commission (SEC) issued a final rule to implement new disclosure requirements for conflict minerals required by Dodd-Frank Act Section 1502.

The SEC estimates that approximately 6,000 issuers and many private companies in their supply chains will be directly impacted by the rule. The four minerals subject to assessment and potential disclosure are:

While some of these minerals sound exotic, they are actually quite common and are included in many products including wiring and electronics, jewelry, sporting equipment, apparel thread, packaging, plastics and heavy machinery. Conflict minerals affect many industries including aerospace and defense, automotive, consumer products, diversified industrial products, manufacturers, power and utilities, technology and telecommunications.

Based on the nature of these minerals, the SEC has estimated that as many as 4,500 US public companies will need to develop a Conflict Minerals Report and have it audited by an independent third party.

Ernst & Young LLP's new special report, Conflict minerals: new rules and next steps, provides a practical guide for complying with the conflict minerals provisions. Join a panel of professionals on November 27 for an interactive discussion on the steps necessary to determine:

Panelists:

Rich Goode

Ernst & Young LLP

Rich is a Senior Manager in Ernst & Young LLP’s United States Climate Change and Sustainability Services practice with experience in implementing sustainability programs at large organizations as well as expertise in carbon accounting. In this role Rich assists in the development, verification and implementation of climate change and sustainability assurance competencies throughout the United States. These services are extended to clients through the firm’s core services: assurance, advisory, tax and transaction advisory services.

Previously, Rich was the Head of Global Sustainability for Alcatel-Lucent, a Paris-based supplier of telecommunications equipment. At Alcatel-Lucent Rich implemented the first-ever sustainability function and led the company’s efforts in measuring, reporting and setting sustainability KPIs. He was a key leader in driving the company’s Carbon Disclosure Project Performance Index and Dow Jones Sustainability Index Sector Leadership wins. Under Rich’s leadership, the company was also recognized as having a “Top 5” GHG Accounting program in the Environmental Tracking Global 800 Report, published by the Environmental Investment Organization.

Prior to his role as Head of Global Sustainability, Rich held leadership positions with Alcatel-Lucent in operations and product management with profit and loss responsibility for the optical multiplexer product portfolio. Rich serves on the board of the International Society of Sustainability Professionals, and on the Advisory Board of the Harvard University Sustainability and Environmental Management program. He teaches a course on Sustainable Management at Tufts Gordon Institute and a course on GHG Accounting at Harvard University Extension School.

Rich received a BS in Management from the University of Massachusetts, and an MBA from Nichols College. He is also a graduate of the Presidio School of Management Executive Program in Sustainable Management.

Stephen Starbuck

Ernst & Young LLP

Stephen Starbuck oversees the development and implementation of the firm's climate change and sustainability competencies in the Americas - US, Canada, and Latin America - extending to clients through the firm's core services: assurance, advisory, tax and transaction advisory services. In his 30 years with Ernst & Young LLP, Steve has held numerous leadership positions, including the Director of State and Local Tax for our National Tax Department.

Steve continues to coordinates the Americas Tax Practice services related to climate change issues, including federal and state credits for investments in renewable energy, tax credit monetization, capital expenditures to become more energy efficient and the production of energy efficient products and services.

Christopher Holmes

Ernst & Young LLP

Christopher Holmes is a partner and Ernst & Young LLP's National Director of SEC Regulatory Matters. Chris has over 30 years' experience in SEC reporting, registrations and IPOs. He is the former Chair of the SEC Regulations Committee of the Center for Audit Quality, and represented EY on AICPA's Acquired In-Process Research & Development Task Force and Valuation of Privately Held Company Equity Securities Task Force. Chris received a BSBA in 1981 from the University of North Carolina at Chapel Hill and was a professional accounting fellow in the Office of the Chief Accountant at the SEC.

Diane Larsen

Ernst & Young LLP

Diane Larsen is the Markets Leader for EY’s Americas Assurance practice. Diane works directly with Americas leadership to develop, monitor and implement market activities to serve existing clients and attract new clients.

Diane has more than 25 years experience as an audit partner serving global public and private companies across a wide range of industries. Her particular areas of expertise include revenue recognition, derivatives, financial reporting, lease accounting, International Financial Reporting Standards and Sarbanes-Oxley Section 404 reporting.

Diane holds a BSBA in Accounting from Bryant University and is a member of the AICPA and the Rhode Island Society of Certified Public Accountants.