On October 16th, 2019, the Responsible Minerals Initiative (RMI) and the Global Reporting Initiative (GRI) announced the launch of their advanced reporting toolkit on sourcing minerals from conflict-affected and high-risk areas.
According to the RMI, the toolkit aims to help companies create robust minerals sourcing reports and will help them highlight their due diligence processes and overall commitment to ethical sourcing. In 2019, companies should be able to identify the origin of their minerals, assess any risk associated with a particular location, and create strategies to mitigate any uncovered risk. The toolkit will bring all these elements together into one cohesive report.
The toolkit will not only help publicly-traded companies who are required to report their minerals sourcing efforts to the SEC under Dodd-Frank Section 1502, but also help private companies who are driving their own responsible sourcing efforts. Mineral sourcing regulations and standards create expectations for companies to not only understand, but display their due diligence efforts through minerals sourcing reports. Ethical sourcing of minerals is increasingly becoming a key factor for company evaluation by stakeholders including upstream suppliers, civil society organizations, and socially responsible investors.
Vice President of the Responsible Business Alliance, Leah Butler, commented, “The RMI and GRI share a strong commitment to supporting the responsible sourcing of minerals,” and “this toolkit is the result of close collaboration between our organizations, members and stakeholders, and we hope companies will use it to improve the quality of their due diligence and impact reporting.”
As the first vendor member of the RMI and the leader in conflict minerals compliance, Source Intelligence is in full support of the advanced reporting toolkit and has turnkey solutions available to help companies collect and analyze data, using it to create deep risk insights. These turnkey solutions empower companies to confidently report their minerals sourcing information and know their reports are backed by validated sourcing data and a rigorous process. Click here to learn more.