Trialogue negotiations have begun. The EU Conflict Minerals regulation is now on the radar of many companies and questions are being asked. What are some best practices companies can follow for supplier engagement? How do companies effectively perform quality Due Diligence? How do companies properly report our compliance efforts? And most importantly, which companies will be affected?
The recent introduction of trialogue negotiations is very important for two reasons. First, the negotiations mark the final step in a long legislation timeline and it is the last step before the decision. Second, the negotiations put the biggest question in the spotlight. Will this be a mandatory, or voluntary reporting process? The two main institutions involved in the negotiations, The EU Council and the EU Parliament, have a fundamental disagreement on the matter. In an article written by Dynda Thomas, the disagreement is summed up by saying “It is expected that the discussions between the three European institutions will be difficult because of the divergent views of the Council and the Parliament…..We believe the negotiations will ultimately result in some form of regulation being adopted.”
We all have been patiently waiting to hear a consensus for some time now, and Dynda Thomas continues to say that there is much hope for a final result in June, 2016. However, because of the complexity of the issue, the negotiations may exceed that time frame. There is a lot of information to take in, and if you would like to learn more, or believe your company may be affected, click here to get instant access to a free webinar featuring Dynda Thomas.