SKILLS DEVELOPMENT
Plaudits for Sasol over investment hike in staff
Ahead of its 2017 annual general meeting (AGM) this Friday, one of Sasol’s longtime critics has praised the integrated energy group for the significant turnaround in its investment in skills development. During the 2016 AGM shareholder activist Theo Botha criticised the board for cutting back on investing in employee learning and reducing the number of employees receiving leadership training, as well as for reducing its bursary schemes. Remarkably, investment in black employees was also cut, from a high of R653m in 2014 to a low of R399m in 2016. The cutbacks were reversed in 2017, with investment in employee learning shooting up 43% to R970m from R678m. Investment in employee learning increased to 5.1% of payroll from 4.1% and investment in the bursary scheme rose to R53m from R49.22m. In addition, investment in black employees recovered to R500m. The group’s results have been hit hard by the dramatic and sustained slump in the oil price from a high of $100 a barrel in 2014. The pr...
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