Alignment with OECD Due Diligence Guidance and LME Responsible Sourcing requirements
As part of last year’s standard revision process, the 2022 ASI Performance Standard and Guidance (V3) have been aligned with the OECD Due Diligence Guidance to meet LME Responsible Sourcing requirements.
27 February 2023
As part of last year’s standard revision process, the 2022 ASI Performance Standard and Guidance (V3) have been aligned with the OECD Due Diligence Guidance to meet LME Responsible Sourcing requirements. In August 2022, ASI was conditionally approved as a recognised alignment-assessed standard by the London Metal Exchange (LME) and aims to achieve ‘full alignment’ in the next 12 months.
This month, ASI attended the jointly hosted LME-OECD Due Diligence Guidance Auditing Summit in Paris. The event aimed to articulate challenges and brainstorm solutions to common auditing challenges in the application of standards seeking alignment with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. Attendees were wide ranging and included standard-setting initiatives and associations in the minerals, metals and mining sector, auditing firms, consultancy and accounting firms, and the ISEAL Alliance.
The plenary and group discussions identified the challenges and possible solutions for auditing against the OECD Due Diligence Guidance. These included: the cost associated with auditing Due Diligence, quantity and quality of auditors available, auditor engagement in development of standards, coordination of metal standards and their auditors, similarities and differences between OECD DDG-related audits and other audits, and transparency of audit reports. The value of collaboration and cross-recognition between standard-setters on training was a recurrent theme throughout the discussions.
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