Sasol Climate Change Report 2023 - Book - Page 59
INTRODUCTION
TRANSFORMING FOR RESILIENCE
GOVERNANCE
CLIMATE ADVOCACY AND POLICY
DATA AND ASSURANCE
GOVERNANCE CONTINUED
Climate change and our Board committees
Climate change discussions at the Board
The SSEC is appointed to provide integrated strategic direction on sustainability, safety, social
and ethics matters, including Sasol's climate change response.
In 2023, the following matters were considered, deliberated on and, where
required, approved:
// 2022
AUGUST
• Progress against GHG targets and milestones
(procurement of renewables, gas sourcing
and green hydrogen)
• Offsets strategy
• Special Audit/SSEC joint sitting to approve
2022 CCR
• Group Risk Report
• GHG/environmental/sustainability audit
results
NOVEMBER
• Progress against GHG targets and milestones
(procurement of renewables, gas sourcing and
green hydrogen)
• Integrated GHG and boiler sulphur dioxide
roadmap at Sasol Energy
• Carbon tax and changes to South Africa’s
Taxation Laws Amendment Bill
• Dow Jones Sustainability Index scores
• Group Risk Report
• Topic of interest, Building Climate Resilience:
Opportunities and Considerations for Africa
in a Net Zero Future
performance, reporting and disclosure against
our targets and roadmaps;
monitoring the resilience of Sasol's portfolio
through robust risk assessments and scenario
analysis;
FEBRUARY
• Progress against GHG targets and
milestones (procurement of renewables, gas
sourcing and green hydrogen)
• Detailed submission on Sasol Energy’s
integrated GHG and boiler sulphur dioxide
roadmap
• Ten principles of the United Nations (UN)
Global Compact
• Topic of interest, COP27: Takeaways and
Implications
addressing stakeholder concerns on
decarbonisation through direct engagements
where required; and
environmental compliance.
The SSEC also informs the setting of short- and
long-term sustainability-linked incentive targets for
the executive and management levels, which include
climate change targets.
• Group Risk Report
MAY
• Progress against GHG targets and
milestones (procurement of renewables, gas
sourcing and green hydrogen)
• Group Risk Report
• Integrated GHG and boiler sulphur dioxide
roadmap at Sasol Energy
• Approval of the just transition roadmap
• Sasol material matters, including climate
change
AUGUST
• Integrated GHG and boiler sulphur dioxide
roadmap at Sasol Energy
net zero ambition (2050), interim medium-term
targets (2030) and associated roadmaps to
achieve these;
advancement of disclosures to align with TCFD
recommendations;
• COP27 feedback report and implications
// 2023
As per its mandate, the SSEC assesses and approves
climate change considerations and decisions and it
exercises associated risk management oversight.
The Committee9s mandate includes issues on
stakeholder perceptions, among them those related
to climate change. Regularly reporting to the Board,
the SSEC provides integrated strategic direction
and independent oversight (including Board
recommendations for final approval) on climaterelated matters, including:
• Special Audit/SSEC joint sitting to
approve the 2023 CCR
The Audit Committee reviews the Group9s annual
budget, including climate change allocations. It
ensures that assurance is provided on material
sustainability issues, placing reliance on assurance
provided to the SSEC. The Audit Committee considers
climate change, the Future Sasol strategy and other
recommendations from the SSEC that have an
impact on the financial statements, as well as
reviewing relevant findings of the SSEC.
The Remuneration Committee is responsible for
ensuring that the Group remunerates fairly,
appropriately and transparently and that incentives,
both short and long term, encourage and reward
SASOL CLIMATE CHANGE REPORT 2023
58
actions that serve the long-term interests of the
company. Such incentives include sustainability
performance (in which climate-change metrics
feature prominently 3 see page 61).
The Nomination and Governance Committee
identifies and nominates Board and Committee
candidates, including evaluating their climate change
expertise. It also evaluates Board performance and
ensures that stakeholders9 and particularly
shareholders9 climate change interests and needs
are considered and balanced. At our Annual General
Meeting (AGM) in December 2022, the Board
submitted to shareholders a non-binding advisory
vote on Sasol9s climate change management approach,
including ambition, strategy and progress; 94%
voted in favour.
The Capital Investment and Digital Committee
evaluates the Future Sasol strategy, climate change
and other related investments and transactions over
R7 billion, while assessing their alignment with the
Group strategy.
