Signet Jewelers is now one of four public companies that have submitted an independently audited “conflict minerals” report to the Securities and Exchange Commission.
The audit concluded that 99 percent of the gold in Signet’s supply chain can be termed conflict-free, meaning it is sourced in places other than the war-torn areas of the Democratic Republic of Congo and surrounding areas.
Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010, requires public companies to submit reports about possible “conflict minerals”—including gold and tungsten—in their supply chain. While companies are not required to have their supply chains independently audited, Signet and three others have chosen to do so.
Signet’s SEC filing on conflict minerals can be seen here.
A Signet statement calls Dodd-Frank Section 1502—toward which the Trump administration has expressed hostility—a “driving force” for companies to establish and maintain responsible, conflict-free supply chains.
It adds that while the provision “has had some unintended consequences leading some industry participants to avoid minerals from the DRC and neighboring countries…Signet believes that this can be corrected by amending Section 1502 to align with the OECD’s Due Diligence Guidance, whereby U.S. companies are required to undertake and report on due diligence in their supply chains in accordance with the OECD Guidance.”
News Source: www.jckonline.com