Activist group Just Share has urged Sasol shareholders to vote against the company's executive pay policy and its implementation report at Friday's annual general meeting, saying pay is not tied closely enough to cuts in the company's greenhouse gas emissions.
In a statement, Just Share said the performance measures "did not adequately link remuneration to reductions in the company's total emissions."
What Just Share objects to
Just Share says Sasol's incentives reward improvements in emissions intensity, meaning emissions relative to production, which can improve even when total emissions do not fall. It wants pay linked to actual cuts in total emissions.
Shareholders are being asked to vote on two resolutions: approval of the executive pay policy, and the implementation report on how the policy was applied in the 2026 financial year, including the measures used for incentive awards. Just Share wants both rejected.
The incentive targets
According to the figures reported, the 2026 long-term incentive, covering the three years to 2028, sets a target of a 1% improvement in emissions intensity, with a 2% stretch target. A separate energy efficiency measure in the 2026 short-term incentive was about half achieved.
Sasol's emissions record
Sasol has committed to cutting scope 1 and 2 emissions from its Southern African energy and chemicals operations by 30% by 2030, against a 2017 baseline of about 63 million tonnes. By the end of June 2026, emissions were 8.5% below 2017 levels excluding carbon credits, or 15% below including them.
In 2025, Sasol revised its decarbonisation roadmap, cutting estimated spending from between R15 billion and R25 billion to between R4 billion and R7 billion, while keeping the 2030 target.
What we do not yet know
- Sasol's response to Just Share's call.
- How shareholders will vote. Results are normally published after the meeting.
- The venue and exact time of the meeting, which were not given in the statement as reported.
