Only 4 percent of public companies have completed a draft of conflict minerals filings, and 90 percent haven’t even begun drafting or have only developed initial drafts. Reporting requirements for the SEC’s Dodd-Frank mandated conflict minerals rule are due on May 31, but a significant number of public companies are still in the early stages of compliance, according to PwC’s Conflict Minerals Survey.
The survey found that 90 percent of survey respondents see this as a compliance exercise. However, those in the technology, industrial products, manufacturing and retail and consumer industries, while focused on compliance, some companies are uncovering the potential business opportunities that conflict minerals compliance can provide.
According to the survey of 700 respondents across 15 industries, organizations continue to find compliance required by Dodd-Frank Section 1502 to be challenging at nearly every step. As a result, 62 percent of survey respondents reported needing one to two full-time resources for their conflict minerals compliance efforts, and 21 percent needing three to five full-time resources.