Sasol Integrated Report 2023 - Book - Page 88
INTRODUCTION
ABOUT SASOL
CREATING VALUE
STRATEGIC OVERVIEW
PERFORMANCE
GOVERNANCE AND REWARDS
ADMINISTRATION
REMUNERATION REPORT CONTINUED
IMPLEMENTATION REPORT CONTINUED
Executive Directors
A. Executive Directors’ remuneration and benefits
C. Unvested long-term incentive holdings (intrinsic value)
3
FR Grobler
VD Kahla
4
5
HA Rossouw
P Victor
2023
R’000
2022
R’000
2023
R’000
2022
R’000
2023
R’000
2022
R’000
2023
R’000
2022
R’000
13 117
–
–
143
6
18
20
11 328
–
–
117
6
30
5
7 762
380
–
114
6
507
122
7 301
373
–
108
6
515
1
7 468
844
–
–
–
–
25
1 737
196
–
–
–
–
8 001
–
–
–
–
–
–
–
8 351
391
100
56
6
–
1 998
Total salary and benefits
Annual short-term incentive1
Long-term incentive gains2
13 304
10 364
17 028
11 486
10 008
21 451
8 891
4 242
14 681
8 304
5 272
9 399
8 337
5 060
–
9 934
–
–
–
–
–
10 902
7 411
–
Total annual remuneration
40 696
42 945
27 814
22 975
13 397
9 934
–
18 313
Executive Director
Salary
Risk and Retirement funding
Vehicle benefit
Healthcare
Vehicle insurance fringe benefit
Security benefit
Other benefits
Executive
Directors
FR Grobler
VD Kahla
HA Rossouw4
1
2
1
2
3
4
5
Short-term incentives approved based on the Group results for FY23 and payable in FY24. Incentives are calculated as a percentage of total
guaranteed package/base salary as at 30 June 2023 x Group and BU STI achievement (as appropriate) x Individual Performance achievement.
LTIs for FY23 represent the annual award made on 4 December 2020 and Mr Kahla's on-appointment award, in terms of his appointment as
an Executive Director, made on 6 October 2020. The illustrative amount is calculated in terms of the number of LTIs x Corporate performance target
achieved where relevant (67,34%) x June 2023 average share price. The vesting date is during FY24, 3 years after the award date in FY21, subject
to the Company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the LTIs vest. 50% of the
vested LTIs and accrued dividends will be released on 4 December 2023 and the balance in 4 December 2025, subject to the rules of the LTI plan.
As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the single figure table.
Other benefits for Mr Kahla include the private use of the Company-owned accommodation in London (R121 255) on which fringe benefit tax was
charged and paid by Mr Kahla.
The 2022 disclosed earnings of Mr Rossouw are for the period 4 April to 30 June 2022, in the position of CFO designate. From 1 July 2022 Mr Rossouw
was appointed as CFO. Other benefits for Mr Rossouw in 2022 include a buy-out payment of R8 000 000, tied to a retention period of twenty-four
months from date of payment, as compensation for incentives forfeited upon resigning from his previous employer.
Mr Victor resigned as CFO effective 30 June 2022. Other benefits in the prior year include accumulated leave encashment as well as other additional
benefits in line with Sasol's contractual commitment.
Intrinsic
cumulative
value at
beginning
of year1
R’000
3
4
Granted
in 20231
FR Grobler
VD Kahla
HA Rossouw3
313 344
184 205
–
57 976
28 728
–
(45 494)
(19 934)
–
3 025
1 391
–
Total
497 549
86 704
(65 428)
4 416
Executive
Directors
1
2
3
Effect of
corporate
performance
Dividend
targets equivalents
Effect of
changes in
Executive
Directors
Cumulative
balance
at the end
of the year
(32 156)
(15 519)
–
–
–
32 734
296 695
178 871
32 734
(47 675)
32 734
508 300
Long-term
incentives
settled2
17 407
8 625
–
(43 725)
(25 774)
(4 531)
(13 081)
(5 732)
–
870
400
–
(8 728)
(4 261)
–
–
–
12 167
69 207
41 723
7 636
Change in intrinsic value for the year results from changes in share price. Intrinsic values at the beginning and end of the year have been determined
using the closing price of:
30 June 2023 R233,26
30 June 2022 R371,68
LTIs granted on 10 November 2022.
LTIs settled represent LTIs that vested with reference to the Group results for FY22 that was settled in FY23. Difference between the long-term
incentive gains disclosed in FY22 and the amount settled in FY23 is due to difference in actual share price at vesting date and the share price at date
of disclosure.
Mr Rossouw was appointed as CFO and Executive Director on 1 July 2022.
B. Unvested long-term incentive holdings (number)
Cumulative
balance
at the
beginning
of the year
116 464
68 465
–
Intrinsic
value of Change in
Intrinsic
awards
intrinsic
Effect of cumulative
Effect of
made
value
changes in
corporate
value
during
for the performance
Dividend
LTIs Executive
at end
the year2
year1
targets equivalents settled3 Directors4
of year1
R’000
R’000
R’000
R’000
R’000
R’000
R’000
LTIs granted on 10 November 2022.
50% of the award that vested in FY23 is still subject to a continued employment period of two years.
Mr Rossouw was appointed as CFO and Executive Director on 1 July 2022.
SASOL INTEGRATED REPORT 2023
87
