Conflict Minerals: Reporting as a Public Company
Three years ago, as a privately held company, Atkore International adopted and implemented a conflict minerals policy. The policy consists of an annual review of Atkore products and raw materials, a reasonable country of origin inquiry for raw materials, and supplier terms and conditions which require our suppliers to certify that no Conflict Minerals mined in or obtained from the Democratic Republic of the Congo or an adjoining country are present in the goods supplied to Atkore International companies. This policy was put in place because Atkore recognized that many of our customers had reporting obligations to the Securities Exchange Commission (SEC) under section 1502 of the Dodd-Frank Act and needed this information from us.
Publicly traded companies are required to file a specialized disclosure report on FORM SD with the SEC on an annual basis. The report contains the company’s conflict mineral information including their due diligence process to determine if their products contain conflict minerals. The term “conflict minerals” refers to columbite-tantalite, also known as coltan (from which tantalum is derived); cassiterite (tin); gold; wolframite (tungsten); or their derivatives; or any other mineral or its derivatives determined by the Secretary of State to be financing conflict in the Democratic Republic of the Congo or an adjoining country. Public companies/manufacturers who do not report may be subject to SEC enforcement for non-reporting (i.e., fines and penalties) and possibly third party lawsuits, especially from investors and activist organizations.
On June 10th 2016 Atkore International made its initial public offering on the New York Stock Exchange officially becoming a public company subject to the SEC ruling on conflict minerals. With that, Atkore must now formally comply with the applicable rules established pursuant to the Dodd-Frank Act. Due to the policies and processes already being in place, the only significant change going public has had on this process is that the final report is submitted to the SEC. This is just another great example of the advance work which has been done to prepare Atkore for its place as a public company.