[miningmx.com] – SHAREHOLDERS with up to 30% of Sasol’s stock have opposed the petrochemical group’s remuneration policy that last year doubled the salary of its CEO, David Constable, said BDlive.
Executive pay is voted on at the annual general meetings of listed companies and is often a non-binding resolution, as is the case with Sasol, and means that Sasol is not required to comply with shareholders.
However, the issue of executive pay has become a hot topic with the government-owned Public Investment Corporation (PIC) opposing the pay increases of a number of companies including Gold Fields, Anglo American Platinum and Sibanye Gold. The PIC is one of the shareholders opposed to Sasol’s executive pay policy.
Sasol was engaged in “ongoing discussions with shareholders,” said Sasol spokesperson, Jacqui O’Sullivan. “Ultimately, the board’s task is to design a remuneration policy which meets policy objectives and enables the execution of Sasol’s strategy,” she said.
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