CARLSBAD, Calif., April 30, 2014 /PRNewswire/ -- Yesterday, SEC Chair Mary Jo White upheld the SEC's position to move forward and enforce the conflict minerals rule. White's statement, in which she pointed out that the court "went out of its way" to uphold the rule, rippled certainty that the conflict minerals rule will remain in effect. White further advised companies to expect guidance from the SEC in order to comply with the June 2, 2014 filing deadline.
"I applaud Chair White's simplicity and clarity in her announcement upholding the conflict minerals regulation requirements. After Monday's 'public statement' by Gallagher and Piwowar, Source Intelligence's phones did not stop ringing," commented Jess Kraus, CEO of Source Intelligence. "We've been entrusted by hundreds of brands that look to us for thought leadership and guidance, not just for conflict minerals, but for a portfolio of supply chain and regulated materials programs. We issued a personal letter to each client to clarify, as the SEC Chair pointed out, that the rule had not changed, to stay the course, complete their conflict minerals 2013 filings, and continue forward with their 2014 reporting efforts."
Ultimately, the public statement advocating a stay of the rule by Gallagher and Piwowar only confused companies. In their public statement, Gallagher and Piwowar further diluted relevant compliance requirements facts by claiming that conflict minerals compliance involves billions of dollars of compliance costs to investors. In fact, it's precisely the need for a cost-effective solution to mitigate the steep costs of a traditional "boots-on-the-ground, man hour audits" as the sole source of a conflict minerals compliance program that has lead to Source Intelligence's continued success in servicing global brands for conflict minerals compliance.
Source Intelligence's cloud-based platform combines the largest supplier network with data acquisition, analytics, visualization technology, and 24/7 multi-lingual supplier support. This integrated approach provides companies with a cost-effective supply chain transparency solution that scales beyond conflict minerals compliance to include compliance programs in anti-corruption, EH&S compliance, and beyond.
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About Source Intelligence (www.sourceintelligence.com)
Source Intelligence® is a SaaS-based vendor risk management company. Its platform and regulatory compliance and assessment services provide visibility into supply chains, minimize operational and brand risk, and improve efficiency.
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