BITC Advisory Services can help member companies understand how they will be affected by coming legislation and how to promptly prepare for future reporting and auditing requirements. If you would like to hear more get in touch with Elena Espinoza, Head of Advisory Services by emailing Elena.Espinoza@bitc.org.uk.
On 22 November 2016, after several years of negotiations, the presidency of the European Council and the European Parliament reached a successful conclusion on regulation of conflict minerals, with provisions expected to come into force at the start of 2021.
Conflict minerals are those sourced from countries where mines are controlled and operated by armed groups. These minerals - most notably tin, tungsten, tantalum and gold - are used in a wide range of products, across sectors including ICT, healthcare, telecommunications, aerospace and automobiles. Their production is associated with serious human rights abuses, and the legislation aims to reduce these by obliging companies to carry out and report on due diligence on their minerals supply chains. This briefing paper explains the provisions in more detail.