for subscribers

Sasol directors take 20% pay cut because of bad performance

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
(iStock)
(iStock)

Sasol directors fees will be slashed by 20%, the company said on Wednesday, in anticipation of shareholders disapproving of a resolution on remunerations at its upcoming Annual General Meeting as the petrochemical group continues to face a difficult financial position.

The group said the decision to cut fees was taken in light of "the erosion of shareholder value over the past two years" which has seen the company sink into a precarious debt position. It has had to start selling assets and is considering raising $2 billion in capital to bolster its balance sheet.

A proposal to pay non-executive directors the same fees from 20 November 2020 as approved by shareholders in 2018 was expected to be voted on at its AGM on Friday.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
15.37
(-0.90)
ZAR/GBP
20.55
(-1.23)
ZAR/EUR
18.44
(-1.13)
ZAR/AUD
11.34
(-0.63)
ZAR/JPY
0.15
(-0.85)
Gold
1775.76
(-0.60)
Silver
22.40
(-1.07)
Platinum
976.99
(+1.45)
Brent Crude
48.03
(0.00)
Palladium
2405.46
(-0.48)
All Share
57042.84
(-1.35)
Top 40
52328.25
(-1.31)
Financial 15
11180.62
(-3.43)
Industrial 25
78826.30
(-1.34)
Resource 10
52661.57
(-0.27)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 359 votes
No, I did not.
51% - 864 votes
My landlord refused
28% - 467 votes
Vote