Sasol Integrated Report 2024 - Book - Page 147
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
BUSINESSES
ESG
REMUNERATION REPORT
DATA AND ASSURANCE / ADMINISTRATION
PART III: SECTION A – EXECUTIVE REMUNERATION POLICY (INCLUDING NEDs) continued
Termination arrangements applicable to Group Executive Committee (GEC)
Remuneration
Policy component
Voluntary termination ie, resignation
Involuntary termination ie, retrenchment, redundancy, retirement
or other reasons included under the definition of ‘good leaver’
as stipulated in the Sasol LTI Plan
Base salary
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.
Health
insurance
Benefit continues up to the last day of service.
Benefit continues up to the last day of service; SA employees who qualify
for the post-retirement subsidy continue to receive the employer’s
contribution post-retirement.
Retirement
and risk plans
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.
Severance
payments
Subject to Committee or Board approval, an ex gratia
separation package may be agreed upon which shall not
exceed a 12 month total package.
A severance package equal to three weeks’ salary per completed year
of service is offered which may be increased for voluntary retrenchments at
the Committee’s discretion.
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.
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.
LTI
All unvested LTIs are forfeited.
All vesting conditions remain unchanged.
The Remuneration Committee, considering the interests of shareholders and the Company, retains the discretion to make decisions which align with the
remuneration philosophy.
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.
From a fairness and equality perspective, all NED fees are set in US$; however, for NEDs living outside of Europe, the UK, or North America, a downward
cost-of-living factor is applied. The exchange rate to the NED’s home country is fixed for a period of time to smooth out volatilities in the amounts
processed quarterly.
Any fee adjustments for the NEDs are considered by the Board and recommended to shareholders for approval.
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