Sasol Integrated Report 2022 - Book - Page 61
INTRODUCTION | ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
DELIVERING
GOVERNANCE AND REWARDS
ADMINISTRATION
GOVERNANCE (CONTINUED)
Key issues the Board focused on in 2022 and remains invested in going forward:
Making sure our people
return home safely is a
priority of the Board.
Fatalities are unacceptable.
Significant time has
been devoted to monitor
processes implemented
to ensure Zero Harm.
To transition to Future Sasol, we need to lead in the energy
transition, deliver on our emission-reduction targets and meet
our air quality compliance obligations. We have invested
significant time in plotting our journey. It is essential that
we align with an integrated Just Transition programme and
incorporate localisation and economic empowerment in our
journey. We need to expand our growth
opportunities through partnerships
and source affordable
feedstock; for this we
need capital to invest
2
in new technologies
and attract
suitable talent.
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1
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SUSTAINABLE SASOL
People
Strengthening 4
our
partnerships
and codeveloping
sustainable
solutions with
our stakeholders
for economic
transformation and
localisation remain key.
Tracking and delivery of our
commitments to stakeholders
is essential and we are
committed to maintain regular
and transparent communication
and disclosure to ensure we continue
building credibility and trust.
Planet
FUTURE
SASOL
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Resilience,
operational
performance,
delivery as
Profit
promised
and cash flow
improvement
remain
essential,
especially considering
that the market
volatility, geopolitical
uncertainty and disruptions
we have seen in the past year
will probably remain factors impacting
performance going forward. We need to
be resilient in our response.
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OUR MATERIAL
MATTERS
Safety of
our people
Transforming
for resilience
Responsibly decarbonising
for Future Sasol
Environmental
stewardship
Board effectiveness
Board evaluation process
Newly appointed Directors
are apprised of Sasol’s
business, their duties and
responsibilities as Directors
and are given the opportunity
to visit Sasol’s plants and
operations. The development
of industry and Group
knowledge is a continuous
process and Directors are
briefed on legal
developments and changes in
the risk and general business
environment on an ongoing
basis.
The Board, its Committees
and Directors are entitled to
seek independent
professional advice
concerning the Company’s
affairs and to gain access to
any information they may
require in discharging their
duties as Directors.
The Board formally evaluates
its performance and
effectiveness, and that of its
Committees, Directors and
the Chairman, every second
year. A formal evaluation was
conducted by a global
management and leadership
advisory firm in 2021,
whereafter each Committee
formally evaluated its own
performance during 2022.
Strengthening relationships
with stakeholders
SASOL INTEGRATED REPORT 2022
BOARD EVALUATION FRAMEWORK AND DATA COLLECTION
Questionnaires focusing on the performance of the Board,
its Committees, the Directors and the Chairman are developed
and completed by all the Directors. Interviews on potential
enhancements going forward are also conducted as appropriate.
DISCUSSION OF RESULTS
The data collected is analysed and the Nomination and
Governance Committee reviews feedback whereafter the
salient features thereof are discussed with the full Board.
Each Committee also reviews its own performance feedback.
ENHANCEMENT
The Board develops plans to take action based on the results,
as appropriate. The implementation of these plans is monitored
and progress is shared, as appropriate.
Subsequent to the formal evaluation conducted in 2021, the Board concluded that
it is effective and the Directors are satisfied that the evaluation process is contributing
to the improvement of the Board’s performance and effectiveness. The Board further
agreed during the review of its performance in 2022 that it is satisfied with the following
progress made on the key considerations identified to be addressed during the
evaluation:
• Key skills and competencies have been identified that would be required for
Future Sasol. The succession plan has been developed taking into consideration
these required skills and competencies.
• The Board determined that the maximum number of Directors would be 14 for
the time being. The ideal size of the Board is an ongoing matter for consideration,
especially given the key skillsets and competencies identified, and taking into
account Sasol’s international footprint and complexity, among other factors.
• The number of Board meetings has been increased to ensure that Directors are kept
abreast of developments. Team dynamics and culture remain key focus areas for the
Board. A number of engagements took place during the year to strengthen cohesion
among Directors.
• The quantity and focus of material being provided to the Board and its Committees
have been revised to ensure constructive dialogue is supported during meetings.
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