Section 1502 has helped it strengthen its supply chain management, it says
Richline has issued a statement supporting Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which mandates disclosure of whether companies use “conflict minerals.”
Since Richline is owned by Berkshire Hathaway, a public company, the provision says the manufacturer must report whether it sources gold and tungsten from the Democratic Republic of Congo and surrounding areas.
But Richline’s statement says it doesn’t mind the provision, adding, “The legislation has helped strengthen our own responsible supply chain management practices.”
While the legislation has been criticized for hurting business in Congo, Richline says the provision “has led to the development of several important private sector schemes that promote and facilitate responsible sourcing from the region, including one [in which] we are actively a participant.”
The company says that since the regulation was implemented, “there has been much progress both on the ground in Congo and globally.… Section 1502 has proven to be an important and effective first step in the effort to create a conflict-free mining industry in Congo that benefits legitimate business rather than extortion and violence.”
President-elect Donald Trump has said he will try and repeal the Dodd-Frank act.
Richline’s full statement can be seen here.