In central Africa, specifically the Democratic Republic of the Congo (DRC) and nine bordering countries, rebel groups have committed countless acts of violence and human rights violations. It is widely accepted that the reason for the ongoing violence is the region’s abundance in certain minerals, such as tin, tantalum, tungsten and gold, now referred to as “conflict minerals”. Armed groups seize control of the mineral mines, use forced labor to mine and sell the minerals and use the proceeds to perpetuate the cycle.
In an effort to increase supply chain transparency, the United States passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the Securities and Exchange Commission (SEC) adopted a rule requiring publicly-traded companies to undertake efforts to determine if conflict minerals are used in their products or operations. The SEC further requires companies to conduct due diligence on their supply chains and disclose their findings in a public filing on an annual basis.
Standex has adopted the following policy statement regarding its material sourcing and requires all of its suppliers, via the Supplier Code of Conduct, to maintain sufficient knowledge of input materials and components to ensure such materials and components are obtained from permissible sources.
Standex, together with its subsidiaries, is committed to corporate social responsibility and respecting human rights within its operations, as well as the operations of its global supply chain. To further this commitment, Standex complies with all reporting requirements adopted by the United States Securities and Exchange Commission (SEC) regarding conflict minerals. Additionally, Standex actively endeavors to manage the risk that its products either contain conflict minerals or are made by processes that use conflict minerals.
Lastly, Standex requires all Standex suppliers to:
- maintain sufficient knowledge of input materials and components to ensure such materials and components were obtained from permissible sources;
- implement policies regarding conflict minerals; and
- exercise due diligence in the sourcing of these materials.
Standex is committed to the responsible sourcing of conflict minerals within its supply chain and continuous progress toward making all of its products “Conflict-Free”.