Complying with Conflict Minerals Rule Can Improve Your SC
Complying with Conflict Minerals Rule Can Improve Your SC
Many US public companies are now in the middle of their efforts to comply with the United States Securities and Exchange Commission’s (SEC) conflict minerals rule. The rule, created as a result of Section 1502 of the Dodd-Frank Act, requires SEC issuers to determine if their products contain conflict minerals that originated in the Democratic Republic of the Congo (DRC) or adjacent countries and, if so, disclose certain information about the conflict minerals. The SEC estimates that compliance with Section 1502 will impact approximately half of all US public companies—6,000 issuers—at a first year total cost of up to $4 billion. A more sobering estimate comes from the National Association of Manufacturers, which forecasts compliance costs to manufacturers as high as $9 to $16 billion. Waiting to launch a compliance initiative for the conflict minerals rule is no longer an option for most public companies. May 31, 2014 is quickly approaching and delays will only intensify the challenge to achieve substantive progress. CODE-EXP
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