A little more than a year from now is the deadline to conform with rules set out by the SEC on conflict materials reporting. One in three of you reading this article right now hasn't even begun the process.
That's the takeaway from a recent IHS webinar on the topic titled "The Clock's Ticking: How to Comply With the New Conflict Minerals Regulations."
More than 35 percent of the webinar participants said they have made no plans on how to conform with the rules for conflict minerals, IHS reported.
Unless you employ significant penalties for anyone using conflict minerals, they will continue to be moved about and sold.
If you have inspectors who show up and take samples at random, you can begin to identify and police the people who "don't" care.
Just a thought.
Most of the effort so far is a battle of paperwork trying to hand off responsibility and covering your own behind.
Another regulation with good intentions, vaguely worded and broadly applied results in massive red tape for companies that have no control over the use/source of these materials.