2020 Company SEC Filings on Mineral Sources Were Similar to Those from Prior Years
Publisher: US Government Accountability Office
Date: 2021
Topics: Extractive Resources, Governance
The United States has sought to improve security in the DRC for over 2 decades. However, according to the Department of State and the United Nations, conflict has persisted and contributed to severe human rights abuses and the displacement of people. Armed groups continue to profit from the mining and trade of “conflict minerals,” according to State. Provisions in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act required, among other things, the SEC to promulgate disclosure and reporting regulations regarding the use of conflict minerals from the DRC and adjoining countries. In 2012, the SEC adopted a conflict minerals disclosure rule requiring companies to file specialized disclosure reports beginning in 2014 and annually thereafter. The act also included a provision for GAO to assess, among other things, the SEC regulations’ effectiveness in promoting peace and security in the DRC and adjoining countries.
This report examines how companies responded to the SEC conflict minerals disclosure rule when filing in 2020. GAO analyzed a generalizable sample of 100 SEC filings; reviewed SEC documents; and interviewed SEC officials and other stakeholders, including representatives from the private sector and nongovernmental organizations.