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Sasol Khanyisa under fire

FIN24.COM / 19 NOVEMBER 2017 - 06.07 / JUSTIN BROWN

The Broad-Based Black Economic Empowerment (B-BBEE) Commission has raised issues related to Sasol’s new Khanyisa empowerment scheme, Sasol company secretary Vuyo Kahla said on Friday.

The commission raised questions about the structure of Sasol Khanyisa’s employee share ownership programme as well as whether the Sasol Foundation was an appropriate vehicle for getting ownership credits, he added.

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“A number of BEE transactions before included participation of foundations, which had ownership in these companies,” Kahla said.

At a general meeting on Friday, Sasol and Inzalo shareholders backed the termination of the Inzalo deal – which has come under fire for providing black shareholders with no ownership in Sasol – as well as the creation of the replacement scheme Sasol Khanyisa.

However, the voting of the 23 resolutions involved in approving the deal showed unhappiness about Khanyisa, with 15 resolutions being voted against by 14% of the votes cast.

On Friday, City Press sent department of trade and industry spokesperson Sidwell Medupe questions regarding the BBBEE Commission position on Sasol Khanyisa. Medupe did not respond by late afternoon on Friday.

Sasol also held its AGM, where the company was roasted for the increased number of fatalities to five, the increase in the number of days lost to strike action and the corporation’s poor compliance with air-quality laws.

Sasol joint CEO Steve Cornell said that the company had made “good progress” in putting a roadmap together to meet the pollution limits for its existing plants and also the limits for new plants that come into effect in 2020.

Cornell said the cost of complying with the air-quality and environmental standards would be in the order of “tens of billions of rands”.

Sasol and Eskom are the biggest local polluters.

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LINK - https://www.fin24.com/Companies/Industrial/sasol-khanyisa-under-fire-20171117

Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER

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