The Industrial Development Corporation (IDC) says that, as one of the largest institutional shareholders in energy and chemicals group Sasol, it is “outraged” with the manner in which the Sasol board failed to adequately consult shareholders on the separation packages of the former joint CEOs and presidents Bongani Nqwababa and Stephen Cornell.
“While questions were raised regarding the separation packages during Sasol’s annual general meeting in November last year, at the time, shareholders were advised that they would be informed about this matter at year-end.
"The generous mutual separation packages, amounting to an additional R36-million above their approved remuneration packages, do not align to Sasol’s operating and financial performance during their tenure.
"Taking into consideration the performance of the company, we wish to express our disapproval regarding the quantum of the separation packages,” the organisation says.
In October 2019, Sasol announced the resignation of joint CEOs Nqwababa and Cornell after an independent review into the Lake Charles Chemicals Projects.
The IDC says it is currently exploring its options in this regard.