Sasol Climate Change Report 2023 - Book - Page 58
INTRODUCTION
TRANSFORMING FOR RESILIENCE
GOVERNANCE
CLIMATE ADVOCACY AND POLICY
DATA AND ASSURANCE
GOVERNANCE
Governing climate change
Comprising a majority of independent non-executive directors, the Sasol Board brings independent, informed and effective judgement, as well
as leadership to bear on company decisions and strategy formulation.
As prescribed by the King IV code on corporate
governance, the Board ensures that Sasol9s core
purpose, its risks, opportunities, performance
and sustainable development considerations are
all inseparable parts of the company9s value
creation process.
Our governance structure
The Group9s governance structures are regularly reviewed and provide for the assignment of
authority while enabling the Board to retain effective control. The structures support ethical
and efficient leadership and good corporate citizenship and are applied in the best interests of
Sasol and its stakeholders. The necessary policies and processes are in place to ensure all entities
adhere to essential Group requirements and minimum governance standards.
The Board provides the ultimate oversight role on
climate change including the company9s impacts
on, and support for, long-term value creation in
alignment with the sustainable development
goals (SDGs), in particular our prioritised SDGs 8,
9, 12, 13 and 17, and the Paris Agreement. The
Board9s duties include overseeing management
on testing the robustness of the company9s
Future Sasol strategy. Climate change
assumption testing, risk management and
assessments, greenhouse gas (GHG) target
setting and roadmap development are also
within the purview of the Board.
Sasol Place, Johannesburg, South Africa
Given the acknowledged materiality of climate
change, it is governed at the Board, GEC and
senior management levels. Business leadership
regularly considers climate change risks and
opportunities in their respective executive
and other committee deliberations, and in
reporting to Group.
Audit
Committee
Capital Investment
and Digital
Committee
Nomination
and Governance
Committee
Remuneration
Committee
Safety, Social
and Ethics
Committee
GROUP EXECUTIVE COMMITTEE1
CONTROL/ASSURANCE
Ad hoc
GEC Mandating
and Steering
Committees
Capital
Structuring and
Allocation
Committee
Disclosure
Working
Group
Safety
Committee
EXECUTIVE VICE PRESIDENTS
Subsidiaries (wholly-owned), Sasol Energy, Sasol Chemicals and Sasol ecoFT businesses and Corporate Centre
Subsidiaries (wherein external shareholder) and joint venture boards and shareholders
STAKEHOLDERS
ETHICAL FOUNDATION
1. The Board appoints GEC members on the recommendation of the CEO and the Nomination and Governance Committee
SASOL CLIMATE CHANGE REPORT 2023
Sanctions
Compliance
Committee
57
DISCLOSURES
PRESIDENT AND CHIEF EXECUTIVE OFFICER
CLIMATE CHANGE
ADVISORY PANEL
Climate change is one of the GTRs and a material
matter, and was a standing item on the agendas
of the Board9s Safety, Social and Ethics
Committee (SSEC) and, through this Committee,
featured at full Board meetings in 2023. Climate
change and related issues, such as tracking of
the GHG targets, the just transition roadmap
and South Africa9s carbon tax, also received
considerable attention from several other Board
committees. The materiality of climate change
continues to be reinforced by Sasol9s
endorsement, since 2018, of the Task Force on
Climate-Related Financial Disclosures (TCFD)
recommendations and annual disclosures made
in terms of those recommendations.
SASOL LIMITED BOARD
RISKS/OPPORTUNITIES
Sustainability matters are key Board concerns,
reflected in the recent adoption, by directors, of
Sasol9s Purpose 3 innovating for a better world
3 and the approval of the Future Sasol strategy.
SASOL LIMITED SHAREHOLDERS
