2014 Conflict minerals survey: Where companies stand on their compliance efforts—this year and beyond

April 2014
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2014 Conflict minerals survey: Where companies stand on their compliance efforts—this year and beyond

At a glance

With the filing deadlines required by Dodd-Frank Section 1502 rapidly approaching, in February 2014 we asked nearly 700 stakeholders about their conflict minerals compliance preparation, progress, and challenges. We found many companies continue to find compliance a challenging journey at every step: scoping, surveying suppliers, performing due diligence, and drafting filings. However, the outlook is not entirely discouraging - many companies are well on their way.

Key findings:

  • Many still lag behind. A quarter of respondents were still in the early stages of compliance.
  • Most have not covered their entire supply base. Only 45% had sent an RCOI to more than three-quarters of their in-scope suppliers, and only 47% had received fully-completed responses from more than half of the suppliers queried.
  • Many companies have full-time staff assigned. 62% of respondents reported needing 1-2 full-time resources for their compliance efforts; 21% reported needing 3-5.
  • Most companies will not require an independent audit. 67% of respondents anticipated not needing an independent private sector audit in the first two years.
  • Companies are focused on compliance but are finding opportunities to make the best of it. 90% view their efforts as a compliance exercise, but many of those see benefits.
  • Many companies are pushing for conflict-free sourcing. Almost half of respondents have plans to become conflict-free.

Read the full report for more detailed information and to compare your company's progress to that of our respondents.