The Organisation for Economic Co-operation and Development (OECD) is expected to make a formal request that the US Securities and Exchange Commission (SEC) makes explicit reference to existing, internationally agreed due diligence guidelines when it releases new “conflict minerals” reporting rules shortly. The SEC is in the final stages of considering the interpretation of the US Dodd-Frank Wall Street Reform and Consumer Protection Act and may release the new ‘rules’ sometime in August. The OECD believes that its own guidelines, together with those set out by the UN Group of Experts on the Democratic Republic of Congo, can be used to help clarify definitions of “not DRC conflict free” and “DRC conflict free” under the US law.
OECD has drafted a letter to SEC and is looking for companies or associations willing to support the concept of progressive due diligence and improvement of mining circumstances in the central African region, and to request clarification of the expectations for company reporting in terms of the ‘conflict mineral’ issue. ITRI has been part of the OECD Working Group developing the due diligence guidance for minerals from conflict regions since 2009 and will be signing the letter as a participant in that group, and full supporter of its content.
Any company wishing to sign the letter should contact Kay Nimmo at ITRI [email protected] as soon as possible.