Sasol Integrated Report 2023 - Book - Page 72
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
PERFORMANCE
ADMINISTRATION
GOVERNANCE AND REWARDS
REMUNERATION REPORT CONTINUED
REMUNERATION AT A GLANCE CONTINUED
Remuneration Policy principles
Remuneration overview
• Reward is a cornerstone of our Employee Value Proposition (EmpVP) and is well integrated with the total
employment offering.
Apart from Mr HA Rossouw being appointed as the Group CFO effective 1 July 2022, there was no other change
to the constitution of our Group Executive Committee (GEC), or to the target remuneration of their roles.
Mr CF Rademan’s initial 16 month contract to serve as the EVP: Sasol Mining, was extended to 31 October 2023.
• We strive to offer a balanced mix of remuneration programmes to all employees benchmarked against the
market median with actual distribution around the median based on performance, competence and scarcity
of skills.
• No form of unfair discrimination is accepted, and salary differentials are substantiated through defensible
principles included in our policy.
• Entry-level salaries are either determined by the Company, negotiated through collective bargaining
processes, 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 EmpVP.
We have again benchmarked the remuneration data and applied market adjustments to salaries where
required. The following graph sets out the remuneration earned at threshold, target and potential maximum
earnings at stretch level. A review of the quantum and mix have formed part of the benchmarking process.
The graph below indicates the threshold, target and stretch percentages as well as the actual remuneration
earned for FY23.
Remuneration earned vs policy remuneration set at threshold, target and stretch levels
• The remuneration mix depends on the position in the organisational structure as well as geographical
market practices.
• 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.
CEO Max
100
CEO Target
100
CEO FY23 1
100
CEO Threshold
100
CFO Max
100
CFO Target
100
CFO FY23 1
100
CFO Threshold
100
GEC Max
100
GEC Target
100
259
115
248
150
President and Chief Executive Officer
78
128
• Appropriate approval processes are in place 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, and those circumstances
unduly influenced by factors outside of management’s control.
Shareholder feedback
203
90
206
125
We are pleased with the feedback from shareholders on our Remuneration Policy and Implementation Report,
and their increased support for these at our last AGM.
Chief Financial Officer
61
Non-binding advisory votes on the Remuneration Policy and Implementation Report
DECEMBER 2022
REMUNERATION POLICY
IMPLEMENTATION REPORT
2022
92,92%
94,89%
2021
86,90%
86,11%
71,46%
75
182
110
Group Executive Committee
(including other directors)
1,2,3
100
GEC Threshold
100
GEC FY23
2020
169
52
76
43,21%
0
100
Annual base salary
1
2
3
200
STI
300
400
500
LTI
The percentages achieved for FY23 are reflected as an average percentage of base salary/TGP.
Value for the non-SA GEC member was converted to rand using June 2023 average daily exchange rates.
Average remuneration outcomes across all other Executive Directors and Prescribed Officers.
SASOL INTEGRATED REPORT 2023
71
600
700
