4 July 2018

Dear colleagues,

Staying the course on our transformation journey

South Africa has many serious challenges we need to address. One particular problem is to grow the economy and support jobs, while also addressing massive wealth and income inequality largely linked to our past.

One important step to bring about a more inclusive economy, is through opportunities that enable previously disadvantaged groups to own shares in companies. In the case of Sasol, we are driving this through Sasol Khanyisa, our recently implemented Broad-Based Black Economic Empowerment (B-BBEE) ownership structure.

Sasol Inzalo, which preceded Khanyisa, did not create the value we expected. Many of our stakeholders, including our shareholders and you our employees, are angry and disappointed about this outcome.

We too are disappointed. Inzalo has been a painful and very costly lesson for us. We have taken these lessons on board and are confident that Sasol Khanyisa will lead to long-lasting, Black ownership of Sasol.

Sasol Khanyisa is part of our contribution to South Africa’s transformation imperative. It is about addressing deep wealth and income inequality that continues to persist in our country. As important, Sasol Khanyisa is about ensuring that we can remain a viable business that has a social and legal licence to operate and trade, for the benefit of each and every Sasol employee.

It is a fact that not all our employees are participating in Sasol Khanyisa, which may look unusual to some. However, unusual steps are required to address our unusual past. Transformation is far from complete and specifically targeting those that were previously disadvantaged remains a necessary, and regulated, objective for the country.

Sasol Khanyisa is not an employee benefit, neither does it form part of our conditions of employment or our remuneration policies and practices. When it comes to remuneration and benefits, however, we have a comprehensive employee value proposition, which all our employees receive. There are few employers in South Africa who offer as wide a range of benefits to its employees, such as we do. We are very proud to be able to do this and it is an area that we continue to look at to enhance for all.

We acknowledge that transformation is a difficult conversation for many people. For this reason, the leadership of Sasol is available for open and frank discussions on this topic and will continue to listen and engage with all parties, especially our employees.

As a company proudly rooted in our South African heritage, we are firm in our commitment to redressing the inequalities of our country’s past. This means that we need to work harder at doing things differently. Each and every one of us has a part to play, because it will take all of us to make a meaningful difference. We cannot change the past, but we can work together to change the future.

The implications of doing nothing to accelerate transformation are too ghastly to contemplate. The time has come for all of us to put South Africa first.

Best regards,

Bongani Nqwababa

 

Stephen Cornell

signature

  

signature

Joint Presidents and Chief Executive Officers

 

 

4 July 2018

Dear colleagues,

Staying the course on our transformation journey

South Africa has many serious challenges we need to address. One particular problem is to grow the economy and support jobs, while also addressing massive wealth and income inequality largely linked to our past.

One important step to bring about a more inclusive economy, is through opportunities that enable previously disadvantaged groups to own shares in companies. In the case of Sasol, we are driving this through Sasol Khanyisa, our recently implemented Broad-Based Black Economic Empowerment (B-BBEE) ownership structure.

Sasol Inzalo, which preceded Khanyisa, did not create the value we expected. Many of our stakeholders, including our shareholders and you our employees, are angry and disappointed about this outcome.

We too are disappointed. Inzalo has been a painful and very costly lesson for us. We have taken these lessons on board and are confident that Sasol Khanyisa will lead to long-lasting, Black ownership of Sasol.

Sasol Khanyisa is part of our contribution to South Africa’s transformation imperative. It is about addressing deep wealth and income inequality that continues to persist in our country. As important, Sasol Khanyisa is about ensuring that we can remain a viable business that has a social and legal licence to operate and trade, for the benefit of each and every Sasol employee.

It is a fact that not all our employees are participating in Sasol Khanyisa, which may look unusual to some. However, unusual steps are required to address our unusual past. Transformation is far from complete and specifically targeting those that were previously disadvantaged remains a necessary, and regulated, objective for the country.

Sasol Khanyisa is not an employee benefit, neither does it form part of our conditions of employment or our remuneration policies and practices. When it comes to remuneration and benefits, however, we have a comprehensive employee value proposition, which all our employees receive. There are few employers in South Africa who offer as wide a range of benefits to its employees, such as we do. We are very proud to be able to do this and it is an area that we continue to look at to enhance for all.

We acknowledge that transformation is a difficult conversation for many people. For this reason, the leadership of Sasol is available for open and frank discussions on this topic and will continue to listen and engage with all parties, especially our employees.

As a company proudly rooted in our South African heritage, we are firm in our commitment to redressing the inequalities of our country’s past. This means that we need to work harder at doing things differently. Each and every one of us has a part to play, because it will take all of us to make a meaningful difference. We cannot change the past, but we can work together to change the future.

The implications of doing nothing to accelerate transformation are too ghastly to contemplate. The time has come for all of us to put South Africa first.

Best regards,

Bongani Nqwababa

 

Stephen Cornell

signature

  

signature

Joint Presidents and Chief Executive Officers