The first reports on the use of conflict minerals, made public yesterday, show companies taking advantage of a provision that allows them to say they don’t know where the metals originated. The rule, issued by the Securities and Exchange Commission in 2012, seeks to keep armed groups in the Democratic Republic of Congo from benefiting from the export of gold, tin, tungsten, or tantalum. Global Witness, a London-based non-profit group that campaigned to get the requirement into law, said many companies failed to explain how they investigated their supply chains. While Intel Corp. (INTC) reported that its microprocessors were free of conflict minerals, many other companies reported being stymied by poor information from suppliers. “The lack of information in most of the submissions we have seen suggests companies have not taken the necessary steps to find out what is really going on along their supply chains -– so we can’t tell if they are sourcing responsibly or not,” Sophia Pickles, a campaigner for Global Witness, said in a statement.
Posted on: Tue, 03 Jun 2014 16:43:13 +0000
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