CCRcorp Sites  

The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas.

Our Sites


A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance.


An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity – and much more.


The “one stop” resource for information about responsible executive compensation practices & disclosure.

Widely recognized as the premier online research platform providing practical guidance on issues involving Section 16 of the Securities Exchange Act of 1934 and all of its related rules.


Keeping you in-the-know on environmental, social and governance developments

While we are on the topic of SEC ESG disclosures, Cooley’s Cydney Posner wrote about the new annual GAO report on the effectiveness of the 11-year-old conflict minerals rule. Cydney – who has worked with the conflict minerals since its beginning – wrote this about the fundamental issue behind the enabling legislation (Dodd-Frank Section 1502) and the SEC disclosure mandate:

“Are the SEC’s rules having any impact? Based on this report, it seems that the violence in the DRC has not abated: ‘overall peace and security in the eastern DRC has not improved since 2014 because of persistent, interdependent factors that fuel violence by non-state armed groups.’ In 2020, the GAO reports, about 122 armed groups operated in the region, using revenue from the trade in conflict minerals as one source of funding. Experts view corruption as a contributing factor. The GAO observes that, in 2022, ‘armed groups continue to raise revenue from various sources, such as illegal taxation on citizens and the exploitation of natural resources,’ such as conflict minerals.”

There was also this interesting comment:

“SEC offcials suggested that the 24% decrease [in the number of filings] may be due to M&A activity or ‘changes in business practices by companies that previously filed disclosures.’ However, some industry stakeholders told the GAO that the decrease may also reflect in part the perception of some companies ‘that they are unlikely to face enforcement action by the SEC if they do not comply with the conflict minerals disclosure requirements.’ (SEC staff advised the GAO that companies that are subject to the rule but choose not to file a Form SD are subject to potential enforcement.)”

There are differing opinions on other positive impacts from the rule – improving company and consumer awareness of the issue, catalyzing the development of robust corporate supply chain mapping/traceability efforts that didn’t exist beforehand, and even disagreement about whether on-the-ground situations are or are not improving. I have also heard that indeed some companies may be making decisions about filings based on their perception of enforcement risk. Personally, I am optimistic in companies’ ability to build off their conflict minerals supply chain framework to ease other ESG-related information gathering. This is a topic I will be discussing next month in a webinar with Source Academy. I hope you will join us.

Back to all blogs

The Editor

Lawrence Heim has been practicing in the field of ESG management for almost 40 years. He began his career as a legal assistant in the Environmental Practice of Vinson & Elkins working for a partner who is nationally recognized and an adjunct professor of environmental law at the University of Texas Law School. He moved into technical environmental consulting with ENSR Consulting & Engineering at the height of environmental regulatory development, working across a range of disciplines. He was one… View Profile