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.
Of the 134 electronics industry managers who attended the webinar and were surveyed, only 7.5 percent said they were well-prepared for compliance, according to IHS.
conflict minerals reporting, according to an IHS survey.
There's some good news associated with today's report: Last October IHS reported that up to 90 percent of electronics companies had not produced data or documentation to fill regulatory requirements for conflict minerals. (See: Compliance Lagging on ‘Conflict Minerals’.)
So how do you and your organization shape up? Take our new poll and give us a sense for how far down the road you are toward completing compliance paperwork for the SEC conflict minerals rule.
Resources for you
And separately if you're just getting started, we have a wealth of information and stories to help guide you in this process. They range from Nicole Lewis's overview of many regulatory issues that need to be addressed in the coming months to Peter Buxbaum's overviews of conflict minerals compliance. (See: Upcoming Regulatory Milestones in the Electronics Supply Chain, Conflict Metals Compliance: An Overview of Web Resources, and The Conflict Minerals Rule: Unintended Consequences.)
The deadline for compliance is May 2014, and it only involves publicly traded companies. It sounds like a long way off, but how comfortable do you feel that you'll hit that deadline?