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

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04/09/2014 by Assurance services
2014 Conflict minerals survey: Where companies stand on their compliance efforts—this year and beyond

At a glance

With the deadline for conflict minerals reporting and disclosure fast approaching, PwC recently surveyed 700 stakeholders on their preparation, progress, and challenges. We found many will need to rush to comply with the conflict minerals rule mandated by the Dodd-Frank Act.

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.