Sasol Integrated Report 2024 - Book - Page 146
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
BUSINESSES
ESG
REMUNERATION REPORT
DATA AND ASSURANCE / ADMINISTRATION
PART III: SECTION A – EXECUTIVE REMUNERATION POLICY (INCLUDING NEDs) continued
The use and application of
remuneration benchmarks
The following peer group was used for purposes of Executive and NED remuneration benchmarking.
One of the Committee’s key tasks is to preserve
the relevance, integrity, and consistency of
benchmarking. Management also consults survey
reports from various large remuneration firms.
In addition to survey data, we use benchmark
data from the approved peer group to develop
pay bands and incentive target percentages as
well as for the comparison of employee benefits.
JSE primary listed companies
Chemicals companies
Energy companies
Anglo American Platinum
Albemarle Corp
Continental Resources
AngloGold Ashanti
Covestro AG
Devon Energy Corporation
Gold Fields
Eastman Chemicals Co
Hess Corporation
The peer group includes a balanced combination
of companies that have a primary listing on
the JSE Ltd and international chemicals and
energy companies, and includes those with a
broadly similar geographic footprint and/or
product suite and/or size. For the calculation of
the executive paylines in South Africa, Germany
and the US, a cost-of-living factor between these
countries and the countries where the data
originates from, is applied.
Impala Platinum Holdings
Evonik Industries AG
Imperial Oil
MTN Group
Lanxess AG
Origin Energy
Sibanye Stillwater
Solvay SA
Repsol
Effective 1 July 2021, the Committee considered and approved a separate peer group to be used for
the relative total shareholder return (rTSR) measurement in our LTI awards. Some larger competitors
(not included for benchmarking purposes) were also included. No changes were made to the peer group
for FY24.
JSE primary listed companies
Chemicals companies
Energy companies
AECI
BASF
Continental Resources
Anglo American Platinum
Dow Chemicals
Devon Energy
AngloGold Ashanti
Eastman Chemicals Co
Hess Corporation
Glencore
Lanxess AG
Imperial Oil
MTN Group
Lyondell Basel
Origin Energy
Sibanye Stillwater
Solvay SA
Repsol
These peer groups will be reviewed in FY25. The Committee does not consider changes in the peer group
as a material policy change.
Special retention awards and sign-on or buy-out awards
Executive service contracts
The Sign-on (Buy-Out) and Retention Policy may be used in the recruitment and retention of
candidates as part compensation for variable pay awards forfeited with the previous employer
due to the resignation, or for retention purposes.
• Members of the GEC have permanent employment contracts with notice periods of three to
six months.
Retention shares may be granted under the LTI Plan, as approved by the Committee or the Board.
In all cases, retention, buy-out or sign-on awards are subject to work-back periods. In cases where
the work-back period is not completed, LTIs are forfeited, and cash awards must be repaid.
• The contracts provide for salary and benefits as well as participation in incentive plans based
on Group, Business and individual performance as approved by the Board.
• EVPs who are members of the South African Sasol Pension Fund are required to retire from the
Group and as Directors from the Board at the age of 60, unless they are requested by the Board
to extend their term.
• Perquisites offered to the members of the GEC are disclosed in the Remuneration
Implementation Report.
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