Are you ready for conflict minerals reporting?
Key insights for US reporters and their supply chains
In response to the Dodd Frank Act, the US Securities and Exchange Commission (SEC) has ruled that public companies must establish whether their products contain so-called "conflict minerals” (tungsten, tin, tantalum and gold).
If so, companies must establish if the minerals are from the Democratic Republic of Congo or nine bordering countries.
Starting in May 2014, US public companies are required to:
- Establish if conflict minerals are necessary to their products
- Conduct a reasonable country of origin inquiry of conflict minerals used in their supply chain
- Perform due diligence to determine if mining activities funded armed groups in the affected region
- Disclose the results, even if the conclusion is "undeterminable"
- In some situations, obtain an independent third-party audit
Suppliers are required to:
- Understand their responsibilities
- Have the people, systems and processes in place to respond to these inquiries
Our panel of EY professionals and guest speakers discuss the rules and how to implement them.
Watch the one-minute recap: