Borsa İstanbul Responsible Gold Supply Chain Policy
Borsa İstanbul, in cooperation with the Organisation for Economic Co-operation and Development (OECD), carries out various activities, including the organization of informative meetings and trainings in order to ensure that the gold transactions performed in the Precious Metals Market are in line with the internationally accepted standards and Turkish companies import gold responsibly. Furthermore, as a result of the agreement signed between Borsa İstanbul and the OECD, Borsa İstanbul had the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas translated into Turkish and distributed the Guidance to its members. Members Which Supplies Gold Responsibly
We believe that it is important to implement in Turkey the OECD’s above mentioned Guidance, accepted as a standard in numerous countries as well as international organizations. Borsa İstanbul continues its efforts towards such target, and prepared Borsa İstanbul Responsible Gold Supply Chain Guide on the basis of the above mentioned Guidance. The Guide aims to ensure that the Precious Metals Market members fight against systematic and widespread human rights violations, not contribute to financial resources supporting regional conflicts and terror, and comply with the high standards put in place against money laundering. Therefore, companies that establish and implement policies in line with the above mentioned targets will have a competitive edge in international competition, and therefore contribute to making Turkey dependable in gold trading.
Within this framework, Borsa İstanbul highly recommends its Precious Metals Market members to create their own policies on the basis of Borsa İstanbul Responsible Gold Supply Chain Guide and supply gold in accordance with the policies envisaged therein. In order to encourage responsible gold supply policies, Borsa İstanbul members that apply such policies will be announced on Borsa İstanbul website.
Borsa İstanbul members that establish policies on the basis of Borsa İstanbul Responsible Gold Supply Chain Guide are expected to comply with the conditions envisaged under the title “Principles” in the said Guide. They are also required to send to Borsa İstanbul the first independent audit report to be issued by an independent audit company included in the Capital Markets Board’s list of “Institutions Authorized for Independent Audit in the Capital Markets” in line with public and international audit standards, within 2 years from the date of application, as well as the independent audit reports to be issued once in every three years within 6 months from the report date. They shall also submit to Borsa İstanbul the compliance reports they will prepare within three months following the end of the relevant calendar year. Borsa İstanbul shall publish such reports on its website following the required control. Discrepancy in the reports or failure to submit the reports within the required deadlines will lead Borsa İstanbul to delete the members announced on Borsa İstanbul’s website.
OECD Due Diligence Guidance (pdf)