Sasol Limited Integrated Report 2021 - Book - Page 43
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Report of the Remuneration Committee (CONTINUED)
b. Remuneration and benefits for the former Joint CEOs and Presidents
The following section illustrates how the performance outcomes informed the reward decisions for Prescribed Officers:
Prescribed Officers
SR Cornell
a. Remuneration and benefits approved and paid in respect of 2021 for Prescribed Officers
HC Brand4
BE Klingenberg5
BP Mabelane6, 7
Prescribed Officers
2021
R’000
2020
R’000
2021
R’000
2020
R’000
2021
R’000
2020
R’000
2021
R’000
2020
R’000
Salary³
Risk and Retirement funding
Vehicle benefit
Healthcare
Vehicle insurance fringe benefit
Security benefit
Other benefits
Redundancy payment
4 200
1 472
234
86
6
20
–
–
2 789
1 770
234
89
6
–
502
–
6 046
1 966
212
114
6
391
10
–
5 885
1 958
212
100
6
384
–
–
5 606
392
–
44
–
–
5 001
–
–
–
–
–
–
–
–
–
5 459
324
–
93
–
12
5
–
4 954
736
–
23
–
71
774
–
Total salary and benefits
6 018
5 390
8 745
8 545
11 043
–
5 893
6 558
Annual short-term incentive1
Long-term incentive gains²
6 852
940
–
709
8 940
1 583
–
942
7 698
–
–
–
6 300
1 212
–
357
Total annual remuneration
13 810
6 099
19 268
9 487
18 741
–
13 405
M Radebe
JR Harris
9,10
2020
R’000
2021
R’000
2020
R’000
2021
R’000
2020
R’000
Salary³
Risk and Retirement funding
Vehicle benefit
Healthcare
Vehicle insurance fringe benefit
Security benefit
Other benefits
Redundancy payment
1 192
166
66
25
2
22
784
–
4 849
755
264
100
6
44
110
–
5 612
325
27
141
–
1
1 762
1 019
9 831
516
319
223
–
12
2 622
–
7 425
441
–
305
–
–
349
–
4 804
279
–
218
–
–
268
–
Total salary and benefits
2 257
6 128
8 887
13 523
8 520
5 569
Annual short-term incentive
Long-term incentive gains²
–
980
–
618
3 642
1 135
–
764
8 022
885
–
811
Total annual remuneration
3 237
6 746
13 664
14 287
17 427
6 380
1
2020
R’000
Salary
Risk and Retirement funding
Vehicle benefit
Healthcare
Vehicle insurance fringe benefit
Security benefit
Other benefits
Mutual separation
–
–
–
–
–
–
–
–
20 808
10 773
400
453
–
1 008
11 698
21 658
–
–
–
–
–
–
–
–
8 470
909
–
76
5
588
909
14 389
Total salary and benefits
–
66 798
–
25 346
Annual short-term incentive
Long-term incentive gains1
–
3 238
–
1 861
–
2 944
–
1 904
Total annual remuneration
3 238
68 659
2 944
27 250
1.
LTIs that were awarded in 2018, due to partly vest in September 2021, at 44,7%.
c. Progress against minimum shareholding requirement (MSR) (Executive Directors)
14,15
2021
R’000
Prescribed Officers
2021
R’000
6 915
BV Griffith
11,12,13
2020
R’000
Former Joint CEOs and Presidents
CK Mokoena8
Vested shares subject to continued employment
only until 2022/2025
(excluding accrued dividend equivalents, including RLTIs)
Executive
Directors
FR Grobler
P Victor
VD Kahla
Minimum
MSR
Shareholding
Requirement Achievement
period (CY)
(MSR)
R22 050 000
R8 680 000
R5 098 706
2024
2024
2025
Beneficial
shareholding –
30 June
2021
Post tax
vestings –
September
20211, 2
R7 415 081
R4 463 896
R2 136 333
R1 433 296
R3 245 376
R1 460 249
Beneficial
shareholding
Number
value
of shares
(including
to vest –
September
2021 post
% MSR 22 September
2022
tax vesting) Achieved
R8 848 377
R7 709 273
R3 596 581
40%
89%
71%
1. Includes the 2nd tranche of the award made in September 2016. The CPT applied to this award was 47%.
2. Includes the 1st tranche of the award made on 22 September 2018. The CPT applied to this award is 44,7%.
1.
STIs approved based on the Group results for the 2021 financial year and payable in the 2022 financial year. Incentives are calculated as a percentage of total
guaranteed package/base salary as at 30 June 2021 multiplied by the Group STI performance and the Individual Performance Factor.
2. LTIs for 2021 represent the award made on 3 September 2018. The illustrative amount is calculated in terms of the number of LTIs x corporate performance target
achieved (GEC: 44,7%; SVP: 66,8%) x average share price for June 2021. The actual vesting date for the annual awards is 3 September 2021 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 September 2021 and the balance in September 2023, 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. Prescribed Officers have voluntarily agreed to a salary sacrifice of at least 20% for the period of May 2020 – July 2020. This was in addition to the suspension of
employer contributions to the pension fund for the same period.
4. Mr Brand opted to reduce employer contributions to the pension fund and allocate the contribution to his salary.
5. Other benefits for Mr Klingenberg include subsidised business transport (R666) and a long service award (R9 545).
6. Ms Mabelane was appointed as Executive Vice President: Energy Business with effect from 1 September 2020.
7. Other benefits for Ms Mabelane include subsidised business transport (R1 040), sign-on/buy-out award partially compensating for the loss of incentives and shares
when she resigned from her previous employer (R5 000 000). This amount is the first tranche of her staggered sign-on/buy-out award of R11 000 000. The first
tranche is subject to the fulfilment of a 24-month service period and is repayable in full if this period is not fulfilled. The balance will be paid out over a further
two-year period subject to continued service and further retention periods.
8. Ms Mokoena opted to reduce employer contributions to the pension fund and allocate the contribution to her salary. Other benefits for Ms Mokoena include
subsidised business transport (R5 267).
9. Other benefits for Mr Radebe include encashment of unused accrued leave (R775 237) and subsidised business transport (R8 617).
10. No short-term incentive payable to Mr Radebe as he retired from Sasol before 1 October of the current financial year.
11. Mr Harris’s position was declared redundant effective 18 January 2021 and a severance payment of R1 019 263 was paid out to him.
12. Other benefits for Mr Harris include relocation expenses (R892 014), tax on expatriate benefits and allowances (R718 916), private accommodation (R11 573),
tax consulting (R65 333), utility allowance (R2 687) and accommodation (R71 685).
13. Mr Harris received a pro rata STI in respect of service during 2021.
14. Other benefits for Mr Griffith include tax advisory services in respect of previous expatriate assignments (R98 583), and employer contributions to United State’s
statutory funds (R250 628).
15. Mr Griffith received a market related adjustment effective 1 January 2021 in recognition of his larger portfolio after the implementation of the new operating model.
Comparative data for 2020 on a pro rata period only since his appointment to the GEC, on 1 November 2019.
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B Nqwababa
2021
R’000
Sasol Integrated Report 2021
2 094
3 301
2 281
Number
of shares
to vest2023/2025
Pre-tax
Total
value of
number
vested
of vested
shares
shares
subject
subject
only to
only to
continued
continued
employment employment3
53 654
35 523
24 395
55 748 R12 656 495
38 824 R8 814 202
26 676 R6 056 143