Today's Labour News

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sasolMoneyweb reports that Sasol has been slammed for double-standards in its approach to executive remuneration.  

An activist shareholder group has pointed out that, as part of Business Leadership SA, the company has urged government to rein in public sector wages, but at the same time it is paying out excessively generous fees to its own non-executive directors.  “The level of increases in non-executive directors’ fees over the past decade [is] excessive,” asserted Active Shareholder ahead of the upcoming Sasol AGM.  The out-of-town allowance that will be paid to non-executive directors for attending just one board meeting will exceed Sasol’s minimum annual wage of R221,146.  The allowance is over and above the cost of travel and accommodation, which is paid for by Sasol.  “This is totally unacceptable given that employee salaries have been frozen and the company is part of a call to halt government salary and wage increases,” said Bishop Jo Seoka of Active Shareholder.  The allowances were approved by shareholders at the 2019 AGM, but 2021 will be the first year they are due to be paid out.  The company’s remuneration report refers to the increased focus on pay gap reporting across the globe, which, says Sasol, many consider to be a measure that promotes a fairer and more equal society.  “This rings hollow when a non-executive director is paid more as a travel allowance than a worker is paid for a full year’s work,” Seoka pointed out.

  • Read the full original of the report in the above regard by Ann Crotty at Moneyweb


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