Sasol Integrated Report 2022 - Book - Page 66
INTRODUCTION | ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
DELIVERING
GOVERNANCE AND REWARDS
ADMINISTRATION
REMUNERATION REPORT
For clarity, the following terms are used for reporting purposes:
Role category
Description
President and
Chief Executive
Officer1 (CEO)
Group Executive
Committee1
(GEC)
Enterprise-wide
accountability
for the Group,
reporting to
the Board.
The GEC has
the ultimate
authority
within the
organisation to
set the strategy
and direction
for the Group,
approved by the
Board.
Senior Vice
Presidents
(SVP) – Group
Leadership1
Vice Presidents
(VP) –
Leadership
SVPs have global
or end-to-end
responsibility
for an Operating
Model Entity
(OME)/large
Business
Segment/
Regional Business
Platforms/
Group function,
to ensure that
their area of
accountability
aligns strategically
with the Business
Unit (BU) or
Group’s direction.
Develop and set
strategic BU or
OME guidelines,
policy and
frameworks.
VPs have
regional, sector
or functionspecific
responsibility
for a portion of
a BU or Group
function. VPs
contribute
to strategy
formulation
and translate
this into tactical
plans, policies
and processes.
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153
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Senior
Management
Experienced
professionals,
specialists
and adept
tactical leaders
who drive
performance
through
specific areas
of specialisation
or the
management
of resources.
Remuneration Policy principles
Remuneration Committee governance
• Reward offered is a cornerstone of our Employee
Sasol complies with applicable remuneration
governance codes and statutes that apply in the
various jurisdictions within which it operates.
• We strive to offer a balanced mix of remuneration
The Committee is appointed by the Board to assist
in ensuring that the Group remunerates its
employees fairly, responsibly and transparently by
implementing affordable, competitive and fair reward
practices to promote the achievement of strategic
objectives and positive outcomes in the short,
medium and long term. The Committee’s Terms
of Reference and the Group Remuneration Policy
are available at www.sasol.com.
Value Proposition and is well integrated with the
total employment offering.
programmes to all employees benchmarked
on average against the market median with
actual distribution around the median based on
performance.
• The remuneration mix depends on the position
in the organisational structure as well as
geographical market practices.
• Entry-level salaries are either determined by the
Company, negotiated through collective bargaining
or determined by national legislation. Our
minimum wage is higher than what is considered
a living wage for each jurisdiction and is enhanced
by benefits offered under our Employee Value
Proposition.
• Executive remuneration has a strong link to
shareholder interests, particularly through the
design of variable pay structures.
• In setting incentive metrics, we consider value
drivers which are mostly within management’s
control while ensuring financial performance
meets predetermined targets and results in
sufficient cash flow to afford incentive pay-outs.
• No form of unfair discrimination will be tolerated
Number in
2022 (2021)
1
(1)
82
(7)
949
(1 023)
1. Top Management includes the President and CEO, members of the GEC and Group Leadership.
2. Excluding incoming CFO H A Rossouw and outgoing EVP: Energy Operations, B E Klingenberg.
• Appropriate approval processes are in place
The Remuneration Report is a summary of the full Remuneration Policy and the Implementation Report
published in the Annual Financial Statements.
AFS
and salary differentials are substantiated
through defensible principles included in our
Remuneration Policy.
For more detail refer to our Annual Financial Statements available on our website, www.sasol.com
Remuneration Policy
Our Remuneration Policy (the policy) is a crucial enabler of Sasol’s strategy. A sustainable, high-performance
and values-driven culture remains a key objective. The policy’s design strives to provide competitive,
market-aligned rewards while balancing the need for cost containment, risk management and value creation
for stakeholders.
to prevent conflicts of interest and to mitigate
risks that may unintentionally result from
our remuneration programmes.
• The Remuneration Committee (the Committee)
is empowered to intervene in circumstances when
formulaic outcomes appear to be inappropriate,
not aligned with business performance,
or unduly influenced by factors outside of
management’s control.
The President and CEO, EVP: Human Resources
and Stakeholder Relations, and VP: Group Reward
and Human Resources Information System (HRIS)
attend Committee meetings by invitation. Members
of management are recused from meetings when
matters impacting their own remuneration is
discussed. In all meetings, the Committee discusses
and confirms all decisions taken, without
management present. A&M Managing Director
Mr D Tuch acts as an independent advisor for the
Committee. The Committee is comfortable with
Mr Tuch’s independence.
At the end of each financial year, the President and
CEO tables the performance of all Prescribed Officers
to inform the decisions on annual increases and
incentive pay-outs. External market benchmark
data is also provided to the Committee to ensure
competitive reward practices. The Chairman of
the Board tables the performance outcomes and
proposed rewards for the Executive Directors and
the Company Secretary and the Committee then
recommends it for approval to the Board.
Regulatory compliance
Our reporting complies with:
• South African Companies Act requirements;
• Principles and recommended practices of King IVTM;
• Requirements of the Securities and Exchange
Remuneration Philosophy
Our Remuneration Philosophy is to use internally equitable and externally competitive, affordable salary,
benefits and incentive structures to attract, retain and motivate qualified, skilled and engaged employees to
work towards achieving the Group’s strategic objectives in a values-driven manner and to create stakeholder
value responsibly and sustainably.
SASOL INTEGRATED REPORT 2022
All incentive pay-outs and the vesting of performance
LTIs are approved after due consideration of
performance against the pre-approved targets
that were set for the performance period.
Commission (SEC) for secondary issuers; and
• The Johannesburg Stock Exchange (JSE) Listings
Requirements.
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