California's New Anti-Human Trafficking Law

California’s Transparency in Supply Chains Act (SB657) went into effect on January 1st, 2012. Retailers and Manufacturers with over $100 million in revenues will now have to disclose on their websites what they are doing to prevent slavery and trafficking in their supply chains all the way down to the dirt.

Companies will have to report if they are doing the following:

–      Engage in verification of product supply chains to evaluate and address risk of trafficking and slavery;

–      Conduct audits of suppliers for compliance with company standards regarding trafficking and slavery;

–      Require Direct Suppliers to certify that material incorporated into the product complies with laws regarding slavery and human trafficking where supplier does business;

–      Maintain internal accountability standards and procedures for those failing to meet the company’s standards;

–      Provide training on human trafficking and slavery, particularly with respect to mitigation risk within the supply chain of products.

Investors issued a guidance document for implementing the California law and going beyond to embrace an entire human rights framework.

SEC to Hold Roundtable on Conflict Minerals on October 18, 12:30-5:15pm

Due to increased scrutiny of the Conflict Mineral provision of the Dodd-Frank, the Securities and Exchange Commission (SEC) has decided to host a Roundtable to discuss contentious topics.

More information can be found below…

Washington, D.C., Sept. 29, 2011 — The Securities and Exchange Commission today announced that it will host a public roundtable next month to discuss the agency’s required rulemaking under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which relates to reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries.

The event will take place on October 18 from 12:30 p.m. to 5:15 p.m. and will provide a forum for various stakeholders to exchange views and provide input on issues related to the SEC’s required rulemaking. The panel discussions will focus on key regulatory issues such as appropriate reporting approaches for the final rule, challenges in tracking conflict minerals through the supply chain, and workable due diligence and other requirements related to the rulemaking.

“We are committed to writing an effective rule as soon as possible, and the roundtable will help us do that,” said Meredith Cross, Director of the SEC’s Division of Corporation Finance.

Roundtable panelists are expected to reflect the views of different constituencies, including affected issuers, human rights organizations, and other stakeholders. A final agenda including a list of participants will be announced closer to the date of the roundtable.

The roundtable will be held in the auditorium at the SEC’s headquarters at 100 F Street NE in Washington D.C. The roundtable will be open to the public with seating on a first-come, first-served basis, and the discussion also can be viewed via live webcast on the SEC website.

 

U.S. Public Law 109-456

Democratic Republic of the Congo Relief, Security and Democracy Promotion Act of 2006.

This Act from 2006 sets forth specified U.S. political, social, civil and economic policy objectives with respect to the DRC. The Act states that the U.S. should work with other donor nations to increase international contributions to the DRC and authorizes the Secretary to withhold assistance under the Foreign Assistance Act of 1961 to a country determined as destablizing the DRC.

California says NO to conflict minerals, from Feb 18, 2011

California State Senator Ellen Corbett has introduced SB 861, a bill that (if passed) would prohibit the state of California from contracting with companies who do not follow the federal rules of transparency that prohibit the trading of conflict minerals from the DRC.

SB 861

U.S. financial reform bill also targets 'conflict minerals' from Congo

This article was taken from the Washington Post in July 2010. However it provides a discussion of the U.S.’s financial regulation bill which requires companies to provide annual disclosure to the Securities and Exchange Commission (SEC) of activities involving gold, tin, tungsten and tantalum from Congo and neighboring countries.

Link to the full article can be found here