SASOL LIMITED | Advisory vote on decarbonisation pathways

77.36% votes in favour
AGM date
Proposal number
Resolution details
Company ticker
Submitted by
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Other management proposal or proxy item
Filer type
Company sector
Company HQ country
South Africa
Resolved clause
Advisory resolution number 3: To endorse, on a non-binding advisory basis, Sasol’s commitment to, and progress on its decarbonisation pathway which supports the Company’s ability to generate long-term value and the Company’s 2023 Climate Change Report’s consistency with the Task Force on Climate related Financial Disclosure requirements

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Old Mutual Investment Group Against It strikes us that this year’s non-binding advisory resolution on climate change makes no reference to targets (as was the case in previous years) and as such doesn’t sufficiently afford shareholders the opportunity to voice discontent with progress on climate change strategy implementation, which is the fundamental right of shareholders in having this item on the AGM agenda in the first place.

We believe this is a step backwards by the company which appears to avoid negative review of the company’s performance . Further, this approach is not aligned to the initial objective of the resolution put forward in 2019, which was to encourage improved performance with respect to climate impact.

In addition, this approach is in direct contradiction to our repeated requests to the company to provide more information on tangible short- and medium-term targets alongside detailed action plans and accountability mechanisms.

Instead, the resolution rationale as presented to shareholders implies trade-off between achievement of the original 2030 (and 2050) commitments and the creation of shareholder value . As a responsible, long-term investor, we believe this is not only inaccurate, but concerning, as the implied inability of the company to transition based on financial feasibility is akin to admission of the presence of substantial stranded asset risk and should be more reason to accelerate action – as opposed to a justification to delay it.
Ninety One Against We have decided to vote against the Climate Change Report this year. Whilst climate disclosure is good and we are broadly comfortable with the science-based methodology behind the 30% CO2e reduction target for 2030, which Sasol have indicated they remain committed to, there is still too much uncertainty and lack of momentum around the implementation of the strategy, particularly the uncertainty around gas supply and a clear alternative.

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