Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 37
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.
Benefit continues up to the last day of service.
Benefit continues up to the last day of service;
employees who qualify for a post-retirement subsidy
continue to receive the employer’s contribution post
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
A severance package equal to three weeks’ salary per
completed year of service is offered which may be
increased for voluntary retrenchments or mutually
If the executive resigns on or after 30 June and
before 30 September, there is an entitlement for
consideration of the STI which may be approved
for the previous financial year, subject to the
achievement of performance targets. No pro-rata
incentive is due if the executive leaves prior to the
end of the financial year for reasons of dismissal,
resignation or mutual separation.
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.
All vested Share Appreciation Rights (SARs) to be
exercised by the last date of service.
The original vesting period remains unchanged up to
the normal date of retirement and then vests subject
to the achievement of CPTs and time-based vesting
targets. A service penalty for the period not worked
during the performance period is typically applied.
No accelerated vesting is implemented.
All unvested LTIs are forfeited.
Board fees tabled at the 2020 AGM for shareholder approval, were
unchanged from what was previously approved by shareholders
in 2018. The 2018 structure was intended for a phased
implementation over the 2018 – 2021 period. However, following
the devastating effects of COVID-19 and 2020 macroeconomic
developments on Sasol’s financial results, we paused the
implementation of further fee adjustments for South Africadomiciled directors. Furthermore, directors agreed to a sacrifice
of at least 20% of board and committee fees for the period May
to September 2020 and a sacrifice of 20% on board fees for the
period October 2020 to November 2021.
NEDs are paid a fixed annual fee in respect of their Board
membership and supplementary fees for committee membership
or chairmanship. The annual fee is divided by four and a quarterly
fee is paid at the end of every board cycle regardless of the number
of meetings held in that quarter. A travel allowance was approved
by shareholders in 2018 compensating for time lost due to
international travel; however, this has not yet been implemented.
During 2021, we reconsidered the approach towards setting NED
fees. Following extensive review, the Committee agreed to table
for shareholder approval at the November 2021 AGM a revised
fee proposal where a cost-of-living (COL) factor is applied to the
fees payable to NEDs who live outside of Europe, UK and North
America and to fix the exchange rate that will be used to convert
the US$ fees to the denomination used for payment in order to
eliminate significant exchange rate variances. The intention to pay
a travel allowance will no longer be pursued.
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 key
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 directors
necessary to contribute to a highly effective board of a complex,
multi-dimensional and multi-national organisation. NEDs do not
receive STIs, nor do they participate in LTI plans. No arrangement
exists for compensation in respect of loss of office.
SASOL LIMITED GROUP
CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
i.e. retrenchment, redundancy, retirement or
other reasons included under the definition of
SASOL LIMITED COMPANY
Termination arrangements applicable to GEC members
Sasol Annual Financial Statements 2021