October 20, 2014｜Written by GreenSoft Technology, Inc.
Issuers have spent a total of $709.7 million complying with the Conflict Minerals provision of the Dodd-Frank Act adopted by the SEC in 2012, according to a recent survey from the Tulane University Payson Center for International Development.
On average, each issuer spent $545,962 to comply with the law. For issuers with less than $100 million in revenue, each spent an average of $190,330 – roughly one third as much as larger issuers spent. The total spent on compliance for small business issuers was just under $20.5 million.
These amounts represent about 0.00125% of large issuers’ 2013 revenue and 0.007% of small issuers’ 2013 revenue.
65% of surveyed companies reported a desire to see the law changed, and only 4% said they would like the law to stay as-is. (31% had no comment.)
Here at GreenSoft, we knew the Conflict Minerals law was going to be an added cost for affected manufacturers, but we are surprised at how much each issuer spent on average. Our Conflict Minerals data services and software come at a far lower price tag than the average that was paid by those surveyed in this study, and our services result in high-quality data for the required due diligence reporting. Don’t get stuck spending excessive money for your conflict minerals compliance! Contact you GreenSoft rep for a free quote today or firstname.lastname@example.org.