Sasol Integrated Report 2023 - Book - Page 91
INTRODUCTION
ABOUT SASOL
CREATING VALUE
STRATEGIC OVERVIEW
PERFORMANCE
ADMINISTRATION
GOVERNANCE AND REWARDS
REMUNERATION REPORT CONTINUED
IMPLEMENTATION REPORT CONTINUED
Prescribed Officers CONTINUED
C. Unvested long-term incentive holdings (intrinsic value)
Prescribed
Officers
Cumulative
intrinsic value
at beginning
of year1
$’000 and
R’000
Intrinsic value
of awards
made during
the year2
$’000 and
R’000
19 342
51 687
$3 330
44 751
42 066
3 207
7 224
$654
8 585
7 085
S Baloyi
HC Brand4
BV Griffith
BP Mabelane
CK Mokoena
Change in
intrinsic value
for the year1
$’000 and
R’000
Effect of
corporate
performance
targets
$’000 and
R’000
(7 393)
(18 589)
($1 588)
(18 581)
(16 069)
Dividend
equivalents
$’000 and
R’000
(559)
(6 657)
($228)
–
(4 260)
LTIs settled3
$’000 and
R’000
129
535
$23
–
288
LTIs settled3
$’000 and
R’000
(1 952)
(6 562)
($373)
–
(2 955)
Effect of
change in
Prescribed
Officers
$’000 and
R’000
–
(5 612)
–
–
–
1
Cumulative
intrinsic value
at end of year1
$’000 and
R’000
–
(22 026)
–
–
–
12 774
–
$1 818
34 755
26 155
D. Progress against Minimum Shareholding Requirement (MSR)
Beneficial Shareholding
S Baloyi
HC Brand15
BV Griffith5
BP Mabelane
CK Mokoena
CF Rademan12
1
2
3
4
5
6
7
Minimum
Shareholding
Requirement
(MSR)
($’000)
(R’000)
2
3
4
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 ($12,38)
30 June 2022 R371,68 ($23,06)
LTIs granted on 10 November 2022.
LTIs settled represent long-term incentives that vested with reference
to the Group results for FY22 that was settled in FY23. Difference
between the long-term incentive gains disclosed in FY22 and the amount
settled in FY23 is due to differences in actual share price at vesting date
and the share price at date of disclosure.
Mr Brand retired effective 30 June 2023. In terms of the 2022 LTI Plan
rules, his 10 November 2022 award lapsed on 30 June 2023 as retirement
was within 270 days of the award date. The balance of unvested awards
at 30 June 2023 is 94 426 with an intrinsic value of R22 025 809.
Vested shares subject to continued employment only until
(excluding accrued dividend equivalents, including RLTIs)
Beneficial
shareholding –
30 June
2023
($’000)
(R’000)
Post tax
vesting October and
December
20231, 2, 13
($’000)
(R’000)
Beneficial
shareholding
value
(including
CY2023 post
tax vesting)
($’000)
(R’000)
MSR
Achievement
period (CY)
Units
3 570
4 270
$465
5 075
4 188
2028
2026
2026
2026
2026
2 474
17 591
18 821
68
12 298
979
4 779
$432
21
4 008
1 176
2 008
$124
4 549
2 055
–
–
–
–
–
Includes the 2nd tranche of the award made in September 2018. The CPT applied to this award was 44,7%.
Includes the 1st tranche of the award made in December 2020. The CPT applied to this award is 67,34%. (The annual September award of 2020
was delayed to December 2020 for EVPs who were subject to a closed trading period).
Includes the 1st tranche of the September 2021 award, 30% was subject to CPTs, that Mr Baloyi received as an SVP.
Includes the 2nd tranche of the award made in October 2019 to Mr Baloyi and Mr Griffith (in their previous roles as SVPs). The CPT applied to this
award is 54,31%.
Other LTI awards made in September 2021, vesting in CY24 remain subject to the CPT outcome.
Includes the 2nd tranche of the award made in March 2020. The CPT applied to this award is 54,31%.
Includes the Restricted award made in December 2020. This award is only subject to a 5 year vesting period, no CPTs.
8
9
10
11
12
13
14
15
Total number
of vested
shares
subject only
to continued
employment
Pre-tax
value of
vested shares
subject only
to continued
employment
(up to
CY2027)13
($’000)
(R’000)
% MSR
Achieved –
CY202314
Number
of shares
to vest in
CY20243, 4, 5
Number
of shares
to vest in
CY2025 –
CY20276, 7, 8, 9, 10, 11
2 155
6 787
$556
4 570
6 063
60%
159%
120%
90%
145%
6 570
–
5 017
–
–
19 741
52 641
66 518
60 266
55 202
26 311
52 641
71 535
60 266
55 202
6 446
12 898
$938
14 766
13 525
–
–
–
–
–
–
Includes the 2nd tranche of the award made in December 2020. The CPT applied to this award is 67,34%. (The annual September award of 2020
was delayed to December 2020 for EVPs who were subject to a closed trading period).
Includes the Restricted awards made in September 2021 and November 2022. These awards are only subject to a 5 year vesting period, no CPTs.
Includes the 2nd tranche of the September 2021 award, 30% was subject to CPTs, that Mr Baloyi received as an SVP.
Includes the restricted portion of the on-appointment award made to Mr Baloyi in May 2022. This award is only subject to a 5 year vesting period,
no CPTs.
Mr Rademan is excluded from the minimum shareholding requirement as he does not participate in the LTI plan.
Average June 2023 share price used of R245,01 (ADR: $13,11).
Once the MSR is achieved, the executive will be allowed to sell vested shares held in excess of the MSR.
Mr Brand retired on 30 June 2023.
SASOL INTEGRATED REPORT 2023
90
