Sasol Integrated Report 2022 - Book - Page 58
INTRODUCTION | ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
GOVERNANCE AND REWARDS
DELIVERING
ADMINISTRATION
GOVERNANCE
Our governance structure
The Group’s governance structures are regularly reviewed and provide for the assignment of authority
while enabling the Board to retain effective control. The structures support effective and ethical
leadership, good corporate citizenship and sustainability and are applied in the best interests of Sasol
and our stakeholders. The necessary policies and processes are in place to ensure all entities in the Group
adhere to essential Group requirements and minimum governance standards.
SASOL LIMITED SHAREHOLDERS
SASOL LIMITED BOARD
As a company listed on the Johannesburg Stock
Exchange (JSE) and on the New York Stock Exchange
(NYSE) for purposes of our American Depositary Receipt
programme, Sasol is subject to, and has implemented
controls to provide reasonable assurance of its
compliance with all relevant requirements in respect
of its listings. The Board confirms that Sasol complies
in most significant respects with the governance
standards imposed on domestic United States’
companies listed on the NYSE and that we apply all
the principles of the King IVTM Report on Corporate
Governance for South Africa 2016 (King IVTM).
The Board further confirms that the Company is
in compliance with the provisions of the Companies
Act 71 of 2008 (the Companies Act) specifically relating
to its incorporation and is operating in conformity
with its Memorandum of Incorporation. Specific areas
of law have been identified as key Group legal
compliance risk areas (safety, health and environmental
laws, anti-bribery and anti-corruption laws and
In the year under review, there were no material
violations of any laws or regulations, nor were any
material penalties or fines imposed on the Company
or its directors for contraventions of any laws or
regulations.
The Company Secretary
Audit
Committee
Nomination
and Governance
Committee
Remuneration
Committee
Safety, Social
and Ethics
Committe
PRESIDENT AND CHIEF EXECUTIVE OFFICER (CEO)
GROUP EXECUTIVE COMMITTEE1
Ad hoc
GEC mandating
and steering
committees
The effective functioning of the Board is facilitated
and supported by the Company Secretary,
Ms Michelle du Toit, who was appointed as the Group
Company Secretary of Sasol Limited on 1 January 2021.
She is not a Director of Sasol Limited.
Capital
Structuring and
Allocation
Committee
Disclosure
Working
Group
Safety
Committee
Sanctions
Compliance
Committee
EXECUTIVE VICE PRESIDENTS
Having considered the competence, qualifications
and experience of Ms du Toit, the Board is satisfied
that she is competent and has the appropriate
qualifications and experience to serve as the
Company Secretary. The Company Secretary provides
a central source of guidance and support to the
Board on matters of good governance and changes
in legislation while maintaining an arm’s length
relationship with the Board and the Directors.
A statement on Sasol’s application of the principles of King IVTM is available on www.sasol.com.
Capital
Investment
and Digital
Committee
DISCLOSURES
Compliance
competition law) and risk mitigation controls have
been implemented for each of these areas, aiming
to achieve a balanced approach on compliance
taking into consideration Sasol’s obligations and
also the Company’s rights. The Board and its Committees
continue to closely monitor the implementation of
the Company’s legal compliance policy and processes
and improve thereon to mitigate the risk of
non-compliance with the laws in the various
jurisdictions in which Sasol does business.
CONTROL/ASSURANCE
We are a values-based organisation and are committed
to the highest standards of business integrity and
ethics in all our activities. The Board ensures that
Sasol is governed effectively in accordance with good
corporate governance practice, appropriate and
relevant non-binding industry rules, codes and
standards and internal control systems. The Board
is satisfied that it fulfilled all its duties and
obligations in the 2022 financial year.
RISKS/OPPORTUNITIES
Governance at Sasol
Subsidiaries (wholly-owned), Sasol Energy, Sasol Chemicals and Sasol ecoFT Businesses and Corporate Centre
Subsidiary (wherein external shareholder) and JV Boards and shareholders
STAKEHOLDERS
ETHICAL FOUNDATION
1 The Board appoints Group Executive Committee members on the recommendation of the CEO and the Nomination and Governance Committee.
For more details on the responsibilities, powers, policies, practices and processes of the Board, its Directors and the Company’s executives
and other officials, refer to the Board Charter, together with the Company’s Memorandum of Incorporation on our website, www.sasol.com.
SASOL INTEGRATED REPORT 2022
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