Ann Crotty
3 minute read
20 Nov 2020
8:56 am

Petrol thrown on Sasol fire

Ann Crotty

Directors will get nothing if 75% of shareholders vote against directors’ pay.

Image for illustration. Picture: Facebook.

Sasol’s non-executive directors have offered up 20% of their board fees in what is seen as a bid to secure sufficient shareholder support for continued payment of their generous annual package of fees and allowances. This follows Active Shareholder – a not-for-profit company that acts “to help socially-responsible shareholders exercise their company rights” – earlier this week issuing a proxy advisory note slamming the generosity shown to Sasol’s non-executive directors. The unprecedented gesture comes just days before Friday’s annual general meeting, which could see shareholders demonstrate their frustrations about the massive value destruction of recent years by voting against key...