CARLSBAD, Calif., June 1, 2016 /PRNewswire/ — More U.S. companies should show greater supply chain diligence in their latest conflict mineral disclosure reports with the SEC, based on an upswing in the use of advanced technologies and reporting networks provided by Source Intelligence® (SI), the company announced today.
However, lingering legal challenges to Section 1502 of the Dodd-Frank Act will likely result in just a handful of companies proactively disclosing their products are 100 percent free of four key metals mined from the war-torn regions of the Democratic Republic of Congo (DRC), according to SI experts.
May 31 was the filing deadline for the third year of mandatory conflict minerals reporting for publicly traded companies headquarter in the U.S. Although companies are not required to describe their products as “DRC conflict free,” they must disclose efforts to determine if they know the original mines and smelters used in connection with their products.
“While companies may not be legally bound to provide full disclosure when it comes to conflict minerals, there is growing pressure from consumers, advocacy organizations, stockholders and others that are prompting businesses to be more transparent,” said Jess Kraus, CEO of Source Intelligence. “We have seen significant upswings in companies large and small signing on to our supplier reporting networks and enterprise solutions. The need for comprehensive supply chain reporting is only growing stronger.”
Pending conflict minerals regulations in the European Union also are having an effect on corporate disclosures, Kraus said.
About Source Intelligence®
Source Intelligence® (SI) is a global network of businesses linked together to expedite the exchange and validation of compliance information. SI’s cloud-based SaaS platform helps customers make informed decisions about business partners to offer products that meet legal, ethical, and environmental standards. The company’s information and analytics platform provides customers with visibility into supply chains in order to comply with the law, minimize operational and brand risk, and improve efficiency. Founded in 2009 by career experts in environmental solutions and analytics, Source Intelligence® has headquarters in Carlsbad, California and operations worldwide. SI has received multiple awards, including the “2015 GRC Innovation Award” by analyst firm GRC 20/20, “Most Promising Supply Chain Tech Solution Provider for 2014 and 2015” by CIO Review, and CEO Jess Kraus was recently named “CEO of the Year” by CIO Review.
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