Conflict Minerals Policy
Weatherford is committed to a culture of compliance with the laws of each of the countries in which we operate. Weatherford is also committed to sourcing materials and components from companies that share our values and commitment to human rights, ethics and environmental responsibility. Our commitment to balance good business with sound, socially responsible engagement is evidenced in our ONE Weatherford philosophy, our Operational Excellence and Performance System, and our Code of Business Conduct.
The United Nations Group of Experts on the Democratic Republic of the Congo (DRC) determined the trade of certain minerals and their derivatives (i.e., tantalum, tin, tungsten, and gold) mined in the DRC and surrounding countries has helped fuel war and human rights violations in the eastern region of the DRC. These minerals and their derivatives originating from these countries and mined to fund ongoing conflicts and human rights violations are now referred to as Conflict Minerals.
In July 2012, the U.S. Congress enacted the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which, among other things, imposes supply chain reporting requirements on publicly traded companies with regard to the use of Conflict Minerals in manufacturing operations. The U.S. Securities and Exchange Commission (SEC) subsequently adopted rules requiring publicly traded companies to perform due diligence as to the source and chain of custody of tantalum, tin, tungsten and gold in its supply chain after January 31, 2013.
Weatherford supports efforts to increase transparency regarding Conflict Minerals and to eliminate their use. As a result, Weatherford adopted due diligence procedures consistent with the Organisation for Economic Co-operation and Development (OECD) guidelines and seeks to obtain chain of custody declarations from all Weatherford suppliers of tantalum, tin, tungsten and gold and their derivatives incorporated into Weatherford-manufactured products in accordance with its obligations pursuant to the Dodd-Frank Act.
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