Sasol Integrated Report 2023 - Book - Page 82
INTRODUCTION
ABOUT SASOL
CREATING VALUE
STRATEGIC OVERVIEW
PERFORMANCE
ADMINISTRATION
GOVERNANCE AND REWARDS
REMUNERATION REPORT CONTINUED
OVERVIEW OF REMUNERATION ELEMENTS CONTINUED
Termination arrangements applicable to Group Executive Committee (GEC)
Remuneration
policy
component
Base salary
Health
insurance
Retirement
and risk
plans
Voluntary termination i.e., resignation
Involuntary termination i.e.,
retrenchment, redundancy,
retirement or other reasons included
under the definition of ‘good leaver’
Payable up to the last day of service
including the notice period either in
exchange for service or in lieu of the
notice period.
Payable up to the last day of service
including a three-to-six-month notice
period.
Benefit continues up to the last day
of service.
Benefit continues up to the last day
of service; SA employees who qualify
for a post-retirement subsidy continue
to receive the employer’s contribution
post retirement.
Employer contributions are paid up to the last day of service. In most countries,
the employee is entitled to the full value of the investment fund credit and any
returns thereon; alternatively benefits under (now closed) Defined Benefit Funds
in our European operations.
Other
benefits
Not applicable.
A severance package equal to three
weeks’ salary per completed year
of service is offered which may be
increased for voluntary retrenchments
or mutually agreed terminations.
STI
If the executive resigns on or after
30 June there is an entitlement for
consideration of the STI which may
have been approved for the previous
financial year, subject to the
achievement of performance targets.
No pro-rata incentive is due if the
executive leaves prior to the end of the
financial year for reasons of dismissal,
resignation or mutual separation.
A pro-rata incentive may be considered
for the period in service during the
financial year subject to the meeting
of performance targets and only if
approved for the rest of employees.
All unvested LTIs are forfeited.
All vesting conditions remain
unchanged.
LTI
Chairman and NED remuneration
NEDs are appointed to the Sasol Limited Board based on their competencies as well as insight and experience
appropriate to assist the Group in setting the long-term strategy, providing independent oversight in respect
of performance against Group top priorities and holding Executives accountable to deliver business results
over the short, medium and long term. Consequently, fees are set at levels to attract and retain the calibre
of NEDs necessary to contribute to a highly effective board of a complex, multi-dimensional and multinational
organisation. NEDs do not receive STIs and do not participate in LTI plans. No arrangement exists for
compensation in respect of loss of office.
NEDs are paid a fixed annual fee in respect of their Board membership and supplementary fees for Committee
membership or Chairmanship. The annual fee is divided by four and a quarterly fee is paid at the end of every
Board cycle regardless of the number of meetings held in that quarter.
Board fees tabled at the 2021 AGM were approved effective 1 January 2022. The approved fees will be effective
until the 2021 resolution is replaced, but no longer than two years from the date that the resolution was
passed.
The approved NED fees include a cost-of-living factor which is applied to the fees payable to NEDs who live
outside of Europe, United Kingdom and North America. Furthermore, a fixed exchange rate is used to convert
the US dollar fees to the denomination used for payment to eliminate significant exchange rate variances.
In accordance with the resolution passed at the 2021 AGM, a 4,5% adjustment equal to an average consumer
price index percentage was implemented effective 1 January 2023.
JANUARY 2022 TO DECEMBER 2022
A. NEDs permanently
residing outside
of Europe, the
United Kingdom and
North America1,2,3
B. NEDs residing
permanently
in Europe, the
United Kingdom and
North America2,3,4,5
JANUARY 2023 TO DECEMBER 2023
C. NEDs permanently
residing outside
of Europe, the
United Kingdom and
North America1,2,3
D. NEDs residing
permanently
in Europe, the
United Kingdom and
North America2,3,4,5
Chairman of the
Sasol Limited Board
(all inclusive)
US$285,000
US$345,000
US$297,824
US$360,524
NED
US$100,000
US$120,000
US$104,500
US$125,400
Lead Independent
Director (additional fee)
US$40,000
US$48,000
US$41,800
US$50,160
Audit Committee
Chairman
US$30,000
US$35,000
US$31,352
US$36,576
Audit Committee member
US$20,000
US$24,000
US$20,900
US$25,080
Remuneration
Committee Chairman
US$20,000
US$24,000
US$20,900
US$25,080
Remuneration
Committee member
US$12,000
US$14,500
US$12,540
US$15,152
Other Committee
Chairman
US$20,000
US$24,000
US$20,900
US$25,080
Other Committee member
US$12,000
US$14,500
US$12,540
US$15,152
1
2
3
4
5
Included solely for comparative purposes.
Fees are stated as an annual amount but were paid in quarterly instalments.
Fees are exclusive of value added tax (VAT) which was added for Directors who are registered for VAT.
Fees were adjusted effective 1 January 2023 as approved at the November 2021 AGM. As the fees are stated in US dollars, a CPI adjustment of 4,5%,
aligned with what has been implemented for employees in our Northern hemisphere offices.
The exchange rate between the US dollar fee and home country currency was fixed for a period of 12 months, using the USD:ZAR of 1:15,6
(average exchange rate for preceding 18-month period), to prevent exchange rate fluctuations in the actual fees paid.
SASOL INTEGRATED REPORT 2023
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