Sasol AGM falls into chaos-cancelled over flawed climate goals

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  • For the fiscal year through June 2022, Sasol’s Secunda operations produced 137,300 tons of sulfur oxides and 49.2 million tons of climate warming carbon dioxide, or its equivalent, according to the company’s sustainability report.
  • That’s more greenhouse gases than either Norway or Portugal!
  •  Enough is enough!
  • The protesters chanted “shame on Sasol,” and stormed the stage at Sasols annual general meeting of shareholders yesterday.
  • Sasol leadership has continually missed, restated and changed their climate goals. Read more  

In their most recent company trading statement, Sasol said it has introduce a R35.3 billion impairment on the Secunda plant as a result of “cost assumptions and a revised production profile” based on its plans to reduce pollution from the site. Sasol’s Secunda plant is the worlds biggest emitter of greenhouse gases. The emissions from the plant exceed the individual totals of more than 100 countries. Read more

Related news: Shareholders and watchdogs question Sasol’s climate change reporting 

Total annual compensation for outgoing CEO, Fleetwood Grobler, was R41million for the year to June 2023. Image credit: Freddy Mavunda

Old Mutual Investment Managers said it won’t support several Sasol resolutions, citing what it characterised as the company’s poor performance on climate targets. Ninety One has also said it plans to vote against Sasol’s climate report.

Sasol reports that thier new Chairman accommodated the protestors and went further to invite them to a meeting with representatives of the Sasol Board, which was declined. Once it became clear that the protestors would not accommodate the effective participation of other shareholders, cancelling the meeting became the only prudent option, as the Chairman was inhibited from effectively communicating with the shareholders present. Stephen Westwell, the Chairman said: “We regret the inconvenience caused to other shareholders by the disruption.”

Author: Bryan Groenendaal


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