SASOL LIMITED | Approve Implementation Report of the Remuneration Policy

Status
89.42% votes in favour
AGM date
Previous AGM date
Proposal number
3
Resolution details
Company ticker
SOL
Submitted by
-
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
  • Remuneration or pay
Type of vote
Accounts/reports, auditor appointment or ratification
Filer type
Management
Company sector
Energy
Company HQ country
South Africa
Resolved clause
To endorse, on a non-binding advisory basis, the implementation report of the Company’s remuneration policy as set out on pages 83 to 91 of the Company’s Integrated Report for the year ended 30 June 2023.
Supporting statement
Old Mutual Investment Group views integration of climate-related metrics into remuneration policy not only as best practice but also as evidence of a company’s commitment to achievement of climate-related targets.
While we do note the integration of such metrics into Sasol’s remuneration policy, it is concerning to note that these targets
specifically with respect to the renewable energy commitments, already arguably insufficiently ambitious), have been further diluted in light of non-achievement.
Postponing consideration of target achievement when a target is missed, is akin to ‘shifting the goal posts’, and has the effect of undermining both the strategy itself as well as our confidence in the company’s commitment to implement it.
As such, it is in principle not something Old Mutual Investment Group supports.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Old Mutual Investment GroupAgainstOld Mutual Investment Group views integration of climate-related metrics into remuneration policy not only as best practice but also as evidence of a company’s commitment to achievement of climate-related targets.

While we do note the integration of such metrics into Sasol’s remuneration policy, it is concerning to note that these targets (specifically with respect to the renewable energy commitments, already arguably insufficiently ambitious), have been further diluted in light of non-achievement.

Postponing consideration of target achievement when a target is missed, is akin to ‘shifting the goal posts’, and has the effect of undermining both the strategy itself as well as our confidence in the company’s commitment to implement it. As such, it is in principle not something Old Mutual Investment Group supports.

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