The bank reported a 51% decline in profit after taxes and other adjustments for the year through December. We all know that innovation at Sasol is dead. Despite extensive campaigning by the board in the run-up to the meeting, including an undertaking to take a 20% cut in fees, the special resolution needed for the authority to pay the non-executive directors only just managed to secure the necessary 75%. 924 Employees 1500 Leased Employees. And also now. If Sasol wants to attract such high calibre investors to return the share price to its former glory days, it needs to make a push into innovative green ways of making fuels. And that Planet Earth (and more particularly mankind as we know it) is facing an EXISTENTIAL crisis threatening ALL of our future. var range = window.getSelection(); “Snaplake” a De Beers issue, “Lake Charles” is the Sasol issue. Executive Vice President: Strategy, Sustainability and Integrated Services. According to a 2011 Friends of the Earth (FOE) report on the company, Sasol initially ran at a loss, "consuming significant state funds until the 1970s when the oil … International Sales. But the city is facing huge problems — from needless bureaucratic tangles to an IT nightmare. function getSelectedText() { In line with enforcement of the general policies of the Third Five-Year Economic Development Plan (2000-2005), when the S. African Sasol company expressed interest in investing in the 9th Olefins Complex, an MOU was inked between Iran's NPC and S. African Sasol Co. in 2002. Many others just as culpable should thank their stars they still have a job. I don’t understand why they would even suggest/think about salary increases for top management, after shareholders lost so much….from R500 a share to R115. Sasol Ltd. fired its co-CEOs Bongani Nqwababa and Stephen Cornell after an investigation found serious mismanagement in the development of a … ), is to be “politically correct”, than to relentlessly acknowledge the unvarnished facts because the country’s “management” find it unpalatable. He began his career as an operations researcher at Sasol Synfuels operations in Secunda, South Africa in 2008. Head Office. Sasol directors don’t seem to realise they are now the ones on the fringe. Sasol is making headway against its challenges: 2: Moneyweb: 22.02. In addition, the introduction of generous travel allowances is likely to ensure non-executive directors are better off in 2021. Sasol share surges as heads roll over Lake Charles project Bongani Nqwababa and Stephen Cornell will be replaced by Fleetwood Grobler, executive vice-president for chemicals. INEOS Enterprises has today announced that it has agreed to purchase Sasol Solvents Germany GmbH, one of Europe’s leading solvent manufacturers. jQuery(appendedTweetLink).css({ For five hours (remember the general meeting) the directors responded to questions as though shareholders didn’t quite understand the workings of a remarkably large and complex global chemicals and energy group. Sasol's CEO Discusses F4Q and Yearend 2013 Results - Earnings Call - Transcript 2013. *The first version of this article stated that David Constable left Sasol in 2016 to return to Fluor. Sasol’s co-CEOs have no doubt that even if demand wanes for petroleum and coal, that the market for plastics will continue to soar in the coming decades. Sasol’s CEOs on Davos, Lake Charles and a firmer oil price. And as for Fluor, well, lawyers and consultants looked into that and found no wrongdoing. Olefin Production Capacity. How can selling half a $13bn asset for $2bn be a great deal? View Nicolaas M. E.’s profile on LinkedIn, the world’s largest professional community. Image: Moneyweb. https://www.moneyweb.co.za/.../sasol-avoids-making-corporate-history “It is most unfortunate that Sasol, despite its fine words, only does the minimum required in terms of the law. Sasol CEO Fleetwood Grobler explains why company abandoned rights issue. As of August 2016, projected costs had risen to $11bn. Only the board fees are being cut; committee fees are not being cut. This has long been a problem with her work. 28 Feb 2018. Price target. Bongani Nqwababa is Former Co-President/Co-CEO/Exec Dir at Sasol Ltd. See Bongani Nqwababa's compensation, career history, education, & memberships. Sasol Limited. While Sasol’s approach is within the law, it is not best practice. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { We develop and commercialise technologies, and build and operate world-scale facilities to produce a range of high-value product stream, including liquid fuels, chemicals and low-carbon electricity. Sasol's CEO Discusses F4Q and Yearend 2013 Results - Earnings Call - Transcript 2013. (..the above comment is based on the ASSUMPTION that Biden has won presidency). You can get more information about how we use cookies in our Business Live Ann Crotty’s language and attitude indicate emotional and agenda-driven journalism. In 2013, he moved to Rome, Italy, where he worked as package project manager on Sasol’s U.S. Gas-to-Liquids project. Register (it’s quick and free) or sign in now. With her positive influence on the life of Hunter, should lead to positive views (of certain South Africans) from Americans . Norway runs a $1 Trillion fund that only funds green projects. DAVOS — Two and a half years ago when the Sasol directorate appointed joint chief executives, there was a fair amount of discomfort among investment analysts. At the heart of Sasol’s loss lies an R111bn impairment, R73bn of which relates to its Lake Charles project in the US. Sure, it’s bad luck that this coincided with the oil price falling through the floor, and the pandemic-inspired loss of demand for its products. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", Climate risk continues to weigh on Sasol – Old Mutual. 300,000 tonnes per year. It was billed as Sasol’s future, but it almost ended up being its end. 31 Jul 2018. Sasol is struggling due to debt and poor investment choices. Another example of incompetent boards of directors looking after themselves and the executives and screwing over the wider stakeholders (particularly shareholders). Sasol soars on positive turnaround. } She does her homework properly, doesn’t mince her words, and tackles her subject head-on and even-handedly, without fear or favour. 'South African Synthetic Oil Limited' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. Image: Waldo Swiegers, Bloomberg . We apologise for this error. For a variety of reasons, including perhaps the receipt of awards and the continued acquiescence by government to Sasol’s calls for regulatory leeway, the Sasol directors appear not to realise they are now on the fringe. Sasol’s non-executive directors came within 1.77 percentage points of making corporate history at Friday’s AGM, when 23.23% of shareholders voted against paying non-executive directors for financial 2021. } This may be what is simply “expected” of a financial journalist, but these qualities are in VERY short supply in the reality! Indeed, for most of the previous hours it was difficult to decide whether to admire the Sasol directors for their dogged determination to appear unfazed in the face of an unrelenting challenge from shareholders, or be deeply worried that perhaps they don’t quite understand the extent of the existential threat facing them. Hopes that a successful Lake Charles Chemicals Project (LCCP) would have provided Sasol with financial shelter have been cruelly dashed and the once cash-flush group is now having to deal with severe balance sheet constraints just as environmental pressure looks set to ramp up. A new South African town is established – Secunda. } By 2003 the first prize jumped from R10 000 to R25 000 and again to R60 000 in 2006. Some are calling for details of the fees paid to Fluor each year between 2010 and 2020 as well as the release of the full report by the lawyers and consultants. Find it difficult to get rid of that feeling that Fluor – who created and built there lucrative South African business on Sasol since decades ago – are being let off lightly about the Lake Charles project’s failed project controls.
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