Ever since the U.S. Securities and Exchange Commission (SEC) adopted Section 1502 of the Dodd-Frank Act, which requires publicly listed companies to disclose their use of conflict minerals, reactions to the new rule have been mixed. Major industry groups have filed legal challenges against the SEC, demanding that the rule be modified or put aside. On the other hand, several institutional investors representing more than $400 billion in total assets have issued a statement expressing their support for the rule.
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What is evident through all the debate is that the conflict minerals rule is unlike most other regulatory reforms. It represents a landmark shift in compliance, which is likely to affect the definition and scope of future regulations, as well as the way companies approach compliance.
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Comments
Not the Government's Job
Shouldn't it be the responsibility of the corporate officers and the shareholders to decide such things? I think it is a very risky expansion of government into having bureaucrats decide what is moral and what is not, then telling companies what they can buy and not buy. Add to this more non-value added researching all the way down the supply chain for who does what in other countries, extensive record keeping and wasteful reporting. This in itself increases costs and reduces share value. What will the government mandate next, now that it can legislate morality? A very dangerous precedence indeed.
Conflict mining
The Indians have a saying according to which the real Earth's treasures lie deep into the Man's heart, so deep that no one dares to go there and dig them out. Probabbly on the same side, Klaus Werner-Lobo in his book Uns gehoert die Welt! Macht und Machenschaften der Multis clearly denounces the Multinationals' "profit for profit only" policies, irrespectively of the minerals they mine or the products they make. Even writers like Clive Cussler - refer his book Dark Watch on gold mining - have engaged thenselves on such long debated - and debatable - themes. If ours is the Earth and all treasures on and in it, they are ours, not of a few. Thank you.
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