Sasol Integrated Report 2022 - Book - Page 72
INTRODUCTION | ABOUT SASOL
STRATEGIC OVERVIEW
CREATING VALUE
GOVERNANCE AND REWARDS
DELIVERING
ADMINISTRATION
REMUNERATION REPORT (CONTINUED)
The following section illustrates how these performance outcomes informed the reward decisions for Executive Directors:
Executive Directors
EXECUTIVE DIRECTORS’ REMUNERATION AND BENEFITS
PROGRESS AGAINST MINIMUM SHAREHOLDING REQUIREMENT (MSR):
FR Grobler5
VD Kahla
P Victor3, 4
2022
R’000
2021
R’000
2022
R’000
2021
R’000
2022
R’000
2021
R’000
Salary
Risk and Retirement funding
Vehicle benefit
Healthcare
Vehicle insurance fringe
benefit
Security benefits
Other benefits
11 328
–
–
117
10 032
373
–
95
7 301
373
–
108
6 708
345
–
101
8 351
391
100
56
7 481
360
100
77
6
30
5
6
133
1 923
6
515
1
6
534
2
6
–
1 998
6
–
1
Total salary and benefits
11 486
12 562
8 304
7 696
10 902
8 025
Annual short-term incentive1
Long-term incentive gains2
10 008
21 451
18 366
1 255
5 272
9 399
7 670
1 326
7 411
–
11 174
2 243
Total annual remuneration
42 945
32 183
22 975
16 692
18 313
21 442
Executive Directors
1.Short-term incentives approved based on the Group results for 2022 and payable in the 2023 financial year. Incentives are calculated as a percentage of total
guaranteed package/base salary as at 30 June 2022 x Group STI achievement x Individual Performance Achievement.
2.Long-term incentives for 2022 represent the award made on 3 March 2020. The illustrative amount is calculated in terms of the number of LTIs x Corporate
performance target achieved (GEC: 54.31%; SVP: 77.15%) x June 2022 average share price. The actual vesting date for the annual awards is 3 March 2023 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 on 3 March 2023 and the balance in March 2025, 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. Other benefits for Mr Victor include leave pay-out (R1 960 374), and a farewell gift of appreciation (R37 275).
4. Mr Victor resigned from the position of CFO and Executive Director effective 30 June 2022. All unvested LTIs were forfeited. This includes the second tranche of LTIs
previously disclosed, but subject to continued employment.
5. Partial vesting of the LTI award made to Mr Grobler at the time of his appointment as CEO.
Outstanding shares subject to continued employment
only until 2026 (excluding accrued dividend equivalents,
including RLTIs)
Beneficial
Shareholding
Minimum
Shareholding
MSR
Requirement Achievement
(MSR)
period (CY)
(R’000)
FR Grobler R22 050
VD Kahla
R5 099
R8 680
P Victor7
Executive
Directors
FR Grobler
VD Kahla
P Victor5
R57 425
R36 155
R40 636
R16 616
R8 452
R10 764
R46 139
R27 722
R30 589
Effect of
corporate
performance
Dividend
targets equivalents
R’000
R’000
(R1 940)
(R2 050)
(R3 467)
R87
R92
R155
Effect of
changes in
LTIs
Executive
settled4 Directors5
R’000
R’000
(R1 863)
(R1 906)
(R4 117)
–
–
(R74 560)
2024 27 524
2025 8 348
2024
–
R9 189
R3 081
–
R457
R498
–
R9 646
R3 578
–
44%
70%
–
Number
of shares
to vest
CY2024 –
20264, 5, 6
29 643 100 214
14 601 33 488
–
–
Total
Pre-tax
number
value of
of vested
vested
shares shares subject
subject
only to
only to
continued
continued
employment
employment (up to CY2026)8
(R’000)
129 857
48 089
–
1. Includes the 2nd tranche of the award made in September 2017. The CPT applied to this award was 26%.
2.Includes the 1st tranche of the award made in March 2020. The CPT applied to this award is 54,31%. (The annual September award of 2019 was delayed
to March 2020 for EVPs who were subject to a closed trading period).
3. Includes the 2nd tranche of the award made in September 2018. The CPT applied to this award was 44,7%.
4. Includes the 2nd tranche of the award made in March 2020. The CPT applied to this award is 54,31%.
5. Includes the Restricted award made in December 2020. This award is only subject to a 5 year vesting period, no CPTs.
6. Includes the Restricted award made in September 2021. This award is only subject to a 5 year vesting period, no CPTs.
7.Mr Victor resigned from Sasol effective 30 June 2022 and sold his beneficial shares before the start of the statutory closed trading period.
Awards which have not reached vesting date lapsed on resignation date.
8. Average June 2022 share price used (R396.68).
UNVESTED LTI HOLDINGS (INTRINSIC VALUE)
Intrinsic
Intrinsic
cumulative
value Change in
value at
of awards
intrinsic
beginning made during value for
of year1
the year2 the year3
R’000
R’000
R’000
Units
Beneficial
sharePost tax
holding – vestings –
30 June September
2022
20221,
(R’000)
(R’000)
Beneficial
shareholding
value
(including
Number
September
% MSR
of shares
2022 post Achieved
to vest
tax vesting) – CY2022 in CY20232, 3
(R’000)
Intrinsic
cumulative
value
at end
of year1
R’000
R116 464
R68 465
–
1.
Intrinsic values at the beginning and end of the year have been determined using the closing price of:
30 June 2022 R371,68
30 June 2021 R218,01
2. LTIs granted on 27 September 2021.
3. Change in intrinsic value for the year results from changes in share price.
4.Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2021 t
hat was settled in the 2022 financial year. The difference between the long-term incentive gains disclosed in 2021 and the amount settled in 2022
is due to the difference in actual share price at vesting date and the share price at date of disclosure.
5. Mr Victor resigned effective 30 June 2022 and forfeited all unvested awards.
SASOL INTEGRATED REPORT 2022
71
R51 512
R19 076
–