How Sasol justifies rewarding two top bosses R75m
Earnings drop of 15% not a factor in chiefs’ reward for meeting targets
Despite a 15% drop in earnings and a weak share price performance by Sasol, the fuel and chemicals conglomerate has rewarded its two new joint CEOs althogether R73m for financial 2017. The combined pay is substantially higher than the generous packages awarded to previous CEO David Constable, who resigned on June 30 2016. The financial 2017 payouts were substantially bumped up by a number of exceptional payments enjoyed by the two CEOs. Steve Cornell is paid in dollars, so his R25.8m basic pay reflects the rand-dollar exchange rate. His package also includes a R2m sign-on bonus, an accommodation allowance of R1.3m and a settling-in payment of R1m. Bongani Nqwababa’s R16.7m basic includes R3m of a R9m sign-on payment, which is being paid out over three years. The sign-on payment partially compensates Nqwababa for incentives and benefits he forfeited when he resigned from his previous employer, Anglo Platinum. Nqwababa joined Sasol in 2015 as chief financial officer.In addition to gen...
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