Conflict Minerals Worry Everence

Praxis talks with cellular service providers to address conflict in Congo

Everence

GOSHEN, Ind. — Praxis Mutual Funds, advised by Everence Capital Management, is working to end violence in the conflict minerals industry.

Praxis is a leading faith-based, socially responsible family of mutual funds. Everence, the stewardship agency of Mennonite Church USA, provides financial services to Anabaptists and others.

In the Democratic Republic of Congo, four minerals fuel illicit trade, civil war and forced labor — including child labor.

Tin, tantalum, tungsten and gold are critical for many common electronics products such as computers and cellphones. They are also known as “conflict minerals” for their central connection to some of the worst violence in the world.

Praxis is talking with major cellular service providers in the U.S. about the use of conflict minerals in cell phones. In an effort to end the conflict minerals industry, these discussions include talks about how the passage of the Dodd-Frank Act in 2010 — specifically, section 1502 on Conflict Minerals — can help companies find new ways to do business while also caring for global neighbors. This legislation requires companies to trace and disclose possible exposure to conflict minerals.

In April, Praxis staff attended a conflict minerals supply chain conference held by the Global e-Sustainability Initiative and the Electronics Industry Citizenship Coalition in Philadelphia. Participants learned how companies are addressing the issue, listened to reports about developments in Congo and heard updates on conflict mineral legislation.

The Securities and Exchange Commission, tasked with writing the regulations for section 1502, sought commentary. Praxis and others from the social and sustainable investment community provided input during this process. After two years of developing rules to govern implementation of section 1502, the SEC released regulations in August.

Praxis believes the rules are fair and will help address a humanitarian crisis in the Congo. Praxis is calling for the legislation’s full implementation in the face of escalating violence in eastern Congo.

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