Sasol Integrated Report 2024 - Book - Page 155
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
BUSINESSES
ESG
DATA AND ASSURANCE / ADMINISTRATION
REMUNERATION REPORT
PART IV: REMUNERATION IMPLEMENTATION REPORT continued
Executive Directors
A. Executive Directors’ remuneration and benefits
S Baloyi3
2024
President and
CEO from
1/4/2024
R’000
Salary
Risk and Retirement funding
Vehicle benefit
Healthcare
Taxable fringe benefits6
FR Grobler4
HA Rossouw5
VD Kahla
2023
R’000
2024
President and
CEO until
31/3/2024
R’000
2023
R’000
2024
R’000
2023
R’000
2024
R’000
2023
R’000
2 503
385
75
36
7
–
–
–
–
–
10 615
–
–
117
55
13 117
–
–
143
44
8 216
388
–
132
570
7 762
380
–
114
635
7 901
894
–
–
38
7 468
844
–
–
25
Total salary and benefits
3 006
–
10 787
13 304
9 306
8 891
8 833
8 337
Short-term incentive1
Long-term incentive2
1 473
2 675
–
–
4 882
5 492
10 364
17 028
2 579
2 794
4 242
14 681
2 804
–
5 060
–
Total annual remuneration
7 154
–
21 161
40 696
14 679
27 814
11 637
13 397
Executive director
B. Unvested long-term incentive holdings (number and intrinsic value)
S Baloyi5
FR Grobler
Number
Intrinsic
value1
R’000
Balance at beginning of the year
–
–
Awards granted2
Change in value1
Effect of corporate performance
targets
Dividend equivalents
Awards settled3
Effect of changes in Executive
Directors
–
–
Balance at the end of the year4
Executive Directors
–
–
–
–
(655)
VD Kahla
HA Rossouw
Number
Intrinsic
value1
R’000
Number
Intrinsic
value1
R’000
296 695
69 207
178 871
41 723
32 734
7 636
21 354
(33 088)
38 537
–
9 514
(18 613)
44 086
–
10 884
(7 911)
(6 264)
4 419
(34 693)
(1 190)
839
(7 295)
–
–
–
86 491
–
–
–
–
(7 263)
10 081
(44 607)
(1 380)
1 915
(8 031)
79 004
11 565
(341 397)
(49 977)
79 004
10 910
–
–
Number
Intrinsic
value1
R’000
–
–
–
–
–
–
–
180 870
24 978
76 820
10 609
SASOL INTEGRATED REPORT 2024
153
Notes
1
Short-term incentives approved based on the Group results
for FY24 and payable in the FY25 financial year. Incentives are
calculated as a percentage of total guaranteed package/base
salary as at 30 June 2024 x Group STI achievement x Individual
Performance Achievement.
2
Long-term incentives gains for 2024 represent the
annual and on-appointment grant awards made between
27 September 2021 and 25 May 2022. The illustrative amount
is calculated in terms of the number of LTIs x Corporate
performance target achieved where relevant (between
83,6% and 95,1%) x June 2024 average share price. The actual
vesting date for the awards is between 27 September 2024 and
25 May 2025 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 in FY25 and the balance in
FY27, 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.
3
Mr Baloyi was appointed as Executive Director, President and
CEO from 1 April 2024. His current remuneration has been
apportioned between his 9-month service as a Prescribed Officer
and 3-month service as President and CEO. A substantial market
adjustment was approved for 1 October 2024.
4
Mr Grobler resigned as Executive Director, President and CEO
on 31 March 2024.
5
Mr Rossouw tendered his resignation as Group CFO on
1 May 2024, but will serve the contractual 6 month notice
period. All unvested LTIs will be forfeited upon his resignation.
6
Taxable fringe benefits may include vehicle insurance, security
costs and other contractually agreed benefits.
Notes
1
Intrinsic values at the beginning and end of the year have been
determined using the closing price of:
30 June 2024 R138,10
30 June 2023 R233,26
Change in intrinsic value for the year results from changes in
share price.
2
LTIs granted on 28 August 2023.
3
Long-term incentives settled represent long-term incentives
that vested with reference to the Group results for 2023
that was settled in the 2024 financial year. Difference
between the long-term incentive gains disclosed in 2023
and the amount settled in 2024 is due to difference in actual
share price at vesting date and the share price at date of
disclosure. 50% of the award that vested in 2024 is still
subject to a continued employment period of two years.
4
Includes a total of 45 414 conditional LTIs issued in FY21 for
which the renewable energy CPT has been deferred up to
31 December 2026.
5
On-appointment award could not be made in May 2024, due to
the Executive Director being placed in a precautionary closed
period and this award will be combined with the annual award,
when the closed period is lifted in FY25.
