News flash
- Just Share has published a round-up of Sasol Limited’s AGM which took place on 15 November 2024.
Sasol again opted to host an electronic-only AGM, as it did earlier this year when it reconvened the November 2023 AGM it cancelled. Best practice is to hold a hybrid AGM, which makes provision for both in-person and online shareholder attendance.2 The virtual format limits shareholder engagement and can more easily result in violations of shareholder rights.
Sasol’s decision not to table a climate vote at its 2024 AGM appears to be a strategic move to avoid what would likely be an embarrassing level of shareholder opposition. The pattern of declining support for these resolutions – from 94.54% in 2021 to 77.36% in January 2024 – demonstrates growing shareholder scepticism about Sasol’s climate commitments.
Key takeaways
- Despite lower production levels over the past year, Sasol’s greenhouse gas emissions have again increased. Sasol expects its production levels to increase this year, with the result that its emissions will increase for the third consecutive year.
- The ambiguous language used in Sasol’s recent public statements suggest the company may be preparing to pull back from its 2030 emission reduction targets.
- For the first time since 2021, Sasol did not invite a Say on Climate vote by shareholders on its emission reduction strategy. Sasol will not commit to resuming its annual Say on Climate votes post its May 2025 Capital Markets Day.
- Sasol will provide more details about its plans for “optimising its Emission Reduction Roadmap to include value-creation opportunities” at its 2025 Capital Markets Day.
- Sasol says that its decision to run an electronic-only AGM again was motivated by the protest which disrupted its November 2023 AGM. Sasol did not commit to resuming hybrid AGMs.
Download the full round-up HERE
Sasol’s share price is down is down 47.29% year to date. Image credit: JSE
Author: Bryan Groenendaal
