Companies are asking for flexibility in regulators’ approach in defining the terminology used to capture the reporting requirements under the Conflict Minerals Rule. They argued that if definitions used in the rule are too specific, such as the crucial country of origin element required in the reporting, it will only serve to complicate reporting processes and delay companies’ readiness to comply with the rule.
Another concern raised by Irma Villarreal, chief securities counsel and assistant corporate secretary at Kraft Foods is the broad manner in which the rule was written that made food manufacturers such as Kraft be included in the reporting and due diligence processes only, because the company is using packaging, marketing, and promotional materials made with traces of the minerals in question.
