Sasol Limited Integrated Report 2021 - Book - Page 32
Solid governance instilling confidence
The Group’s governance structures are regularly reviewed and provide for the assignment of authority while enabling the Board to retain effective control.
The structures support effective and ethical leadership, good corporate citizenship and sustainable development and are applied in the best interests of
Sasol and our stakeholders. The necessary policies and processes are in place to ensure all entities in the Group adhere to essential Group requirements
and governance standards, at the least.
Sound corporate governance principles and practices
are essential at Sasol. They are the cornerstone of
our business and the foundation of our new strategy,
supporting the delivery of Future Sasol.
During the financial year, Sasol implemented a new operating model
which involved a comprehensive review of our governance framework.
As a values-based organisation, we are committed to the highest standards of business
integrity and ethics in all our activities. The Board is responsible for the strategic
direction and control of the Company and brings independent, informed and effective
judgement and leadership to bear on material decisions reserved for the Board.
The main focus of the Board is to ensure that strategy, risk, performance and sustainable
development considerations are effectively integrated and appropriately balanced.
SASOL LIMITED SHAREHOLDERS
SASOL LIMITED BOARD
SASOL LIMITED BOARD COMMITTEES
The Board ensures that Sasol is governed effectively in accordance with good corporate
governance practice, appropriate and relevant non-binding industry rules, codes and
standards, and internal control systems. The Board is satisfied that it fulfilled all its
duties and obligations during the past financial year.*
As a company listed on the Johannesburg Stock Exchange (JSE), and on the New York
Stock Exchange (NYSE) for purposes of our American Depositary Receipt programme,
Sasol is subject to – and has implemented controls to provide reasonable assurance of its
compliance with – all relevant requirements in respect of its listings.
Safety, Social and
GROUP EXECUTIVE COMMITTEE+
In the year under review, there were no material violations of any laws or regulations,
nor were any material penalties or fines imposed on the Company or its Directors for
contraventions of any laws or regulations.
Specific areas of law have been identified as key Group legal compliance risk areas
(competition law, anti-bribery and anti-corruption laws, sanction laws and safety,
health and environmental laws) and risk mitigation controls have been implemented
for each of these areas, aiming to achieve a balanced approach on compliance taking
into consideration Sasol’s obligations and also the Company’s rights. The Board and
its Committees continue to closely monitor the implementation of the Company’s
legal compliance policy and processes and improve thereon to mitigate the risk of
non-compliance with the laws in the various jurisdictions in which Sasol does business.
PRESIDENT AND CHIEF EXECUTIVE OFFICER
The Board confirms that Sasol complies in most significant respects with the
governance standards imposed on domestic United States’ companies listed on
the NYSE and that we apply all the principles of the King IVTM Report on Corporate
Governance for South Africa 2016 (King IVTM)**. The Board further confirms that
the Company is in compliance with the provisions of the Companies Act specifically
relating to its incorporation and is operating in conformity with its Memorandum of
Focusing on environmental, social and governance
Ad hoc mandating
EXECUTIVE VICE PRESIDENTS
Aligned with the needs of our stakeholders, ESG matters remained a major focus
for the Board and the Group Executive Committee (GEC) as reflected in the adoption
of Sasol’s new Purpose – Innovating for a better world – as well as the development of
the new strategy.
SUBSIDIARIES (WHOLLY-OWNED), ENERGY BUSINESS, CHEMICALS BUSINESS, BUSINESS SERVICES AND CORPORATE CENTRE
SUBSIDIARY (WITH EXTERNAL SHAREHOLDERS) AND JOINT VENTURE BOARD SHAREHOLDERS
We continued to benchmark our ESG performance against that of our peers, noting
that there was much work to be done over the short to medium term even though
our performance and disclosure had been satisfactory and slightly above average
in a number of areas. We are fully committed to implementing measures to improve
our ESG performance.
AN ETHICAL FOUNDATION
*For more details on the responsibilities, powers, policies, practices and processes of the Board, Directors
and the Company’s executives and other officials, refer to the Board Charter together with the Company’s
Memorandum of Incorporation on www.sasol.com
** A statement on Sasol’s application of the principles of King IVTM is available on www.sasol.com
The Board appoints Group Executive Committee members on the recommendation of the President and Chief Executive Officer and the Nomination and Governance Committee.
Sasol Integrated Report 2021