EDITORIAL: AGM a chance to have a crack at Sasol board
It has been a horrendous year, but Sasol’s problems predate the recent Lake Charles challenges by years
Given institutional shareholders’ preference for engaging behind closed doors with the board and management of their investee companies, it was hardly surprising there was no sign of any of the big hitters at last year’s Sasol annual general meeting (AGM). It was left to two small activist fund managers and a clutch of environmentalists to use the single most important date on the shareholder calendar to raise concerns with Sasol’s board.
Things may be a little different this year. The AGM has been pushed out by two weeks to accommodate the two-month delay in the release of the annual results. This means the end-November AGM might be the first opportunity even the large shareholders get to interrogate the board on what has been a truly horrendous year for the petrochemical giant. Hopefully, they will avail themselves of the opportunity; by now they must realise their “behind closed doors” engagement strategy isn’t working...
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