Sasol Integrated Report 2022 - Book - Page 14
INTRODUCTION | ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
DELIVERING
GOVERNANCE AND REWARDS
ADMINISTRATION
CHAIRMAN’S STATEMENT (CONTINUED)
A few of the issues that occupied considerable time
and attention this year were:
Addressing lapses in safety.
Restoring operational excellence across
the Southern African value chain.
Progressing our environmental, social
and governance commitments.
Creating value for our shareholders.
On balance, I believe our performance reflects our
progress on delivering on our promises and that we
took decisive action to tackle areas of concern.
Reinstatement of shareholder returns
Previously the Board committed to restore dividend
pay-outs once our net debt position fell below
US$5 billion and our net debt to EBITDA cover
reached 1,5 times or lower. This past year we
delivered a strong financial performance and I am
delighted that we met the thresholds to trigger the
resumption of dividends.
We express our gratitude to our shareholders for
being patient and allowing us the time to adequately
deleverage our balance sheet to enable us to
reinstate dividend payments. We remain committed
to deliver, and increase, sustainable returns to our
shareholders.
Due to our resilient performance for the financial
year, a dividend of R14,70 per share will be distributed
to our shareholders.
Fulfilling our duty of care
As the Board, safety receives our constant focus and
is front and centre of many of our discussions with
management. It is both a moral and legal obligation
we carry to ensure the safety and wellbeing of our
people.
It is with a heavy heart that I report five work-related
fatalities, all of which occurred in the first six months
of the financial year. On behalf of the Board and
all Sasol people, I convey our sincerest condolences
to the families, friends and colleagues of those who
have lost their lives.
As the Board, we hold management accountable
to fulfil our duty of care. In response to these
tragedies, efforts were redoubled to drive focused
interventions to proactively address fatalities and
high-severity injuries.
We closely followed and tracked the implementation
of these measures and I am pleased that our efforts
bore fruit, as evidenced by the turnaround in our
safety performance in the second half of the year.
We will persist with our collective efforts to ensure
safely at Sasol retains the necessary attention.
Decarbonising with urgency
Climate change is one of the biggest challenges of
our time and the world is in a race against the clock,
to reach global net zero by the second half of the
century. The COP26 climate summit in Glasgow,
Scotland, again reiterated the urgency that the world
must transition to a low-carbon energy mix.
Under the Board’s guidance, Sasol is rising to this
critical challenge and is playing an active role in
helping to address climate change.
Our focus is to continue progressing the shift to incremental natural gas as a transition
feedstock for our Southern African value chain, as well as advancing renewable energy,
energy efficiency, Sustainable Aviation Fuel and green hydrogen opportunities.
Our Future Sasol strategy has confirmed medium- and
long-term targets, and defined plans to accelerate the
decarbonisation of our business. Our focus is to
continue progressing the shift to incremental natural
gas as a transition feedstock for our Southern African
value chain, as well as advancing renewable energy,
energy efficiency, sustainable aviation fuel and green
hydrogen opportunities.
Hanré Rossouw was appointed to succeed Paul
and joined Sasol as designate on 4 April 2022.
He took up the role of CFO and Executive Director
in a full capacity on 1 July this year. Hanré joined us
from Royal Bafokeng Platinum, where he was CFO.
The pace and urgency with which our people
are driving our decarbonisation agenda is most
encouraging and, along with our strengthened
financial position, bodes well for meeting our 30%
greenhouse gas (GHG) reduction target by 2030 and
realising our 2050 Net Zero ambition.
Acknowledgements
Leadership and governance
Diversity and experience of the Board is vital to
support the delivery of our strategy and create
shared value for all our stakeholders. We are proud
to have a diverse mix of nationalities, skills, and
experience represented in the Board.
At the end of financial year 2022, Paul Victor
stepped down as Chief Financial Officer (CFO)
and Executive Director.
Paul served Sasol with distinction for more than
two decades in various roles. On behalf of the Board,
I convey our sincerest appreciation to Paul for astutely
managing Sasol’s financial operations and for his wise
counsel. We wish him all the best for the future.
SASOL INTEGRATED REPORT 2022
13
We welcome Hanré to Sasol and wish him success in
his new position.
Our success and the sustainability of our business
depends on your continued support.
In financial year 2022 (FY22) we recorded
commendable progress against our ambition
to grow shared value, while accelerating our
transition. Delivery in a period of profound market
forces requires focus, resilience and relentless
determination. Sasol people possess these qualities
in abundance.
As the Board we express our heartfelt appreciation
to Sasol President and CEO, Fleetwood Grobler,
his management team and all Sasol employees
who have worked incredibly hard these past few
years to stabilise the organisation, meet our
challenges head on and ensure we continue to
deliver on our commitments.
Sipho Nkosi
Chairman
26 August 2022
