Johannesburg, South Africa – Sasol and Solidarity held a further conciliation hearing today with the Commission for Conciliation, Mediation and Arbitration (CCMA) on a dispute by Solidarity regarding Tier 2 of the Sasol Khanyisa employee share ownership plan (ESOP) by designated employee groups.
The conciliation hearing followed earlier CCMA hearings by the two parties held on 9 and 25 May 2018. This followed an initial referral of a discrimination dispute to the CCMA by Solidarity that it subsequently withdrew.
At the conciliation hearing, Sasol and Solidarity could not reach agreement to settle the dispute. As such, the Commissioner issued a certificate of non-resolution. This outcome means that Solidarity could embark on a protected strike after giving Sasol 48-hours’ notice. A certificate of non-resolution does not imply that Solidarity is correct nor that Sasol is wrong on this dispute. The CCMA outcome means that middle ground could not be found on Tier 2 of Sasol Khanyisa ESOP. It gives permission to Solidarity to withdraw labour and protest in a safe manner.
Both parties will reconvene on 4 July 2018 to establish picketing rules that would apply in the event of a strike. At this stage, Sasol has not yet received a strike notice from Solidarity.
The Sasol Khanyisa ESOP is not a company benefit or compensation scheme. It was specifically designed to address the ownership component of the Broad-based Black Economic Empowerment (B-BBEE) Codes and therefore primarily focuses on the inclusion of Black employees, as defined by the Codes.
As a responsible South African corporate citizen, it is Sasol’s ethical duty to take decisive action to redress the injustices of South Africa’s past. Sasol Khanyisa, Sasol’s new B-BBEE ownership structure, is one of the key focus areas of the company’s broader transformation strategy.
Transformation, in the form of share ownership in Sasol South Africa by previously disadvantaged groups, is an important ethical, social and business imperative for Sasol.
Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our business performance outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
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