South Africa's Sasol said on Wednesday its board agreed to a 20% cut in the fees proposed for approval at its 2020 annual general meeting due to erosion of shareholder value over the past two years and challenges still facing the petrochemical firm.
The fee reduction will remain in place until a revised fee proposal is considered by shareholders at Sasol’s 2021 AGM, Sasol said.
Problems at its US Lake Charles Chemicals project and softer chemical and Brent crude oil prices have weighed on the firms shares.