SASOL LIMITED | Delivering |
Delivering with Purpose | |
INTEGRATED REPORT | FUTURE SASOL |
for the year ended 30 June 2022
IR
INTRODUCTION | ABOUT SASOL | STRATEGIC OVERVIEW | CREATING VALUE | DELIVERING | GOVERNANCE AND REWARDS | ADMINISTRATION |
ABOUT SASOL
Sasol is a global chemicals and energy company. We harness our knowledge and expertise to integrate sophisticated technologies and processes into world-scale operating facilities.
We strive to safely and sustainably source, produce and market a range of high- quality products globally.
OUR PURPOSE | Innovating for a better world
FUTURE SASOL | We are resetting, transitioning and reinventing Sasol to decarbonise | |||
and commit to achieving our Net Zero* ambition by 2050 | ||||
OUR AMBITION | Grow shared value while accelerating our transition to Net Zero | |||
OUR SUSTAINABILITY | Advancing chemical and energy solutions that contribute to a thriving planet, | |||
STATEMENT | society and enterprise | |||
- Net Zero for Sasol is to significantly reduce emissions to the point where only hard-to-abate emissions remain or are zero. Any residual emissions will be neutralised using carbon dioxide removal offsets.
Our prioritised Sustainable Development Goals (SDGs)
Delivering with Purpose
FUTURE SASOL
Our Purpose and strategy guide us in our work to reduce our GHG by 30% by 2030, and reach our 2050 Net Zero ambition while growing shared value. Our 2022 suite of annual reports reflects the clear actions taken to deliver progress as well as the plans and prospects ahead.
As we journey to becoming more sustainable, we continue to focus on contributing to the Sustainable Development Goals and fulfilling our commitments to the
Ten Principles of the United Nations Global Compact. Ensuring full integration across the Group from an execution and reporting perspective will enable value creation for all our stakeholders.
People | Planet | ||
Our Purpose compels us to deliver | FUTURE | ||
against the outcomes of People, | SASOL | ||
Planet and Profit; with the intent | |||
to be a force for good. |
Profit
Safe and enduring operations | Minimising our | Resilience in a | Growing | ||||||
environmental footprint | low-carbon future | shared value | |||||||
SDG 8: | SDG 9: | SDG 12: | SDG 13: | SDG 17: | |||||
Decent work and economic growth | Industry, innovation and infrastructure | Responsible consumption and production | Climate action | Partnerships for the goals | |||||
Enhancing safe and enduring operations | Building resilient infrastructure, | Remaining committed to minimising | Accelerating our transformational | Working to create positive and | |||||
is critical to value preservation and creation | promoting sustainable industries | the impact of our operations on | changes through partnerships, | measurable socio-economic impacts | |||||
in order to deliver on our strategy | and fostering innovation | the environment | technology and innovation | and responding to key societal challenges |
OUR VALUES | BE SAFE | BE CARING | |
We always place | We care deeply for our people, | ||
Capturing the essence of our 'can do' spirit as we transition | the safety of | planet, and our communities | |
to a more resilient, environmentally sustainable business. | people first | ||
BE INCLUSIVE | BE ACCOUNTABLE | BE RESILIENT |
We foster inclusivity in all we do, | We own our results | We boldly adapt to change |
our employees, our customers | and embrace agility | |
and stakeholders | ||
SASOL INTEGRATED REPORT 2022 | 1 |
INTRODUCTION | ABOUT SASOLSTRATEGIC OVERVIEWCREATING VALUEDELIVERINGGOVERNANCE AND REWARDSADMINISTRATION
CONTENTS | OUR SUITE OF REPORTS |
INTRODUCTION | ABOUT SASOL
About Sasol | 1 |
Our suite of reports | 2 |
Integrated thinking and related reporting | 3 |
Sasol at a glance | 4 |
About this report | 5 |
Our performance in 2022 | 6 |
Our Group structure | 7 |
Our brand and operational presence across the world | 8 |
Our distinctive value chains | 9 |
CREATING VALUE (CONTINUED)
Stakeholder issues informing our material matters
Risk management
Managing our material matters
DELIVERING
Performance overview | Performance at a glance
Sasol Chemicals at a glance
Sasol Energy at a glance
Sasol ecoFT at a glance
28
30
36
40
46
49
53
IR | Integrated Report |
Concise communication on Sasol's strategy, governance, performance | |
and outlook and how these lead to the preservation and creation of value | |
over the short, medium and long term. |
SR | Sustainability Report |
Communication on Sasol's environmental, social and governance | |
(ESG) performance. |
STRATEGIC OVERVIEW | GOVERNANCE AND REWARDS | |||
Strategic direction | 10 | Governance | Governance at a glance | 56 | |
DeliverIng our strategy over horizons | 11 | |||
Governance | 57 | |||
Chairman's statement | 12 | |||
Remuneration report | | Remuneration at a glance | 62 | ||
President and Chief Executive Officer's statement | 14 | |||
Remuneration report | | Chairman's letter | 63 | ||
Our Group Executive Committee | 17 | |||
Remuneration report | 65 | |||
Chief Financial Officer's statement | 18 | |||
ADMINISTRATION | ||||
CREATING VALUE | ||||
Contact details | 74 | |||
Operating context | 20 | |||
Forward-looking statements | 74 | |||
Creating value using the six capitals | 23 | |||
Photography | 74 | |||
Trade-offs | 25 | |||
Abbreviations | 74 | |||
Engaging with stakeholders to deliver value | 27 | |||
CCR | Climate Change Report |
Information on Sasol's climate change risk management process, | |
response strategy and summary of work underway to address our | |
climate change risks and opportunities. | |
AFS | Annual Financial Statements |
A complete analysis of the Group's financial results, with detailed | |
financial statements, as well as the Remuneration Report and Report | |
of the Audit Committee. | |
20-F | Form 20-F |
Our annual report filed with the United States Securities and Exchange | |
Commission (SEC), pursuant to our New York Stock Exchange listing. | |
These reports are available on our website, www.sasol.com, or on | |
request from Investor Relations. Contact details are on page 74 of | |
this report. |
Reporting boundary for the Integrated Report
(risks, opportunities and outcomes)
Financial reporting entity (control and significant influence)
SASOL
Subsidiaries | Joint ventures | Other investments |
STAKEHOLDERS
Our suite of reports are informed by the following standards and initiatives.
We have sought alignment with key reporting expectations and compliance with all relevant legal requirements.
REPORTS | |||||
The International Integrated Reporting Framework | IR | AFS | |||
South African Companies Act 71 of 2008, as amended | IR | AFS | |||
Johannesburg Stock Exchange (JSE) Listings Requirements | IR | AFS | |||
King IV™ Report on Corporate Governance for South Africa, 2016 | IR | AFS | |||
International Financial Reporting Standards (IFRS) | IR | AFS | 20-F | ||
Global Reporting Initiative (GRI) Sustainability Reporting Standards | SR | CCR | |||
Task Force on Climate-related Financial Disclosure (TCFD) | IR | SR | CCR | ||
United Nations Advanced Reporting Criteria and Sustainable | SR | CCR | |||
Development Goals (SDGs) | |||||
United States Securities and Exchange Commission | 20-F | ||||
rules and regulations | |||||
Employees and organised labour | Shareholders and providers of capital | Customers
Governments and regulators | Communities and societies | Non-governmental organisations (NGOs)
Suppliers | Media | Organised business and industry
Sarbanes-Oxley Act of 2002 | 20-F | ||
JSE Sustainability and Climate Disclosure Guidelines | IR | SR | CCR |
SASOL INTEGRATED REPORT 2022 2
INTRODUCTION | ABOUT SASOL | STRATEGIC OVERVIEW | CREATING VALUE | DELIVERING | GOVERNANCE AND REWARDS | ADMINISTRATION |
INTEGRATED THINKING AND RELATED REPORTING
Our integrated reporting process
Integrated reporting brings together the material information and aspects of our strategy, governance, performance, opportunities, outcomes and future outlook of our activities reflected within the context of People, Planet and Profit. Our Integrated Report aims to articulate our value preservation and creation story and is relevant
to all our stakeholders. It supports integrated thinking at Sasol.
Our Integrated Report is prepared following a group-wide structured content gathering process led by the Sustainability and Reporting Team.
The robust process is ongoing and is underpinned by engaging with an extensive range of stakeholders to
recognise what they consider material. This is complemented with benchmarking and the consideration of
applicable reporting standards and frameworks we adhere to (outlined on page 2). Our process is further
enhancedby ongoing risk and opportunity assessment, analysis of our operating context and determination of ourmaterial matters as outlined on page 36.
Therelevant information is compiled and validated through our internal reporting and combined assurance
model,reviewed and signed off by the Group Executive Committee with ultimate approval by the Board.
This annual process strengthensour internal reporting systems, assists us in our integrated thinking, informs ourstrategic goals and shapes our value creation and preservation story.
Our Integrated Report
Produced and published annually and covers our financial year
PERIOD1 July to 30 June. Any subsequent material events up to the Board approval date in August every year are also included.
Report on the primary activities of the Group, our subsidiaries,
BOUNDARYjoint ventures and other investments where we have financial control and significant influence.
1 | 2 | REPORTING ON | |
PLAN: | CONSIDER: | ||
ESG METRICS | |||
• Stakeholder | • Risks and | ||
engagement | opportunities | ||
• Reporting frameworks | • Strategic objectives | ||
• Performance measuring | • Operatingcontext | ||
• Benchmarking | Reporting tothe | • Materialmatters | |
Group Executive | |||
Committee(GEC) | AUDIENCE | ||
AND KEY | |||
STAKEHOLDERS |
Our Integrated Report extends beyond financial reporting and includes key environmental, social and governance (ESG) performance metrics. Detailed sustainability and climate change performance is available in our Sustainability Report and Climate Change Report.
SR For more detail refer to our Sustainability Report and Climate Change Report CCRavailable on our website, www.sasol.com
Addresses the information requirements of our providers of capital. As we provide information on our opportunities, risk and outcomes attributable to our ability to create, preserve or erode value over the short, medium and long term,
this information is also relevant to other key stakeholders such as employees, customers, government and regulators, and the communities in which we operate.
4 | The Board | 3 |
VALIDATE: | ||
APPROVE: | • Internal reporting | |
• Combinedassurance | ||
• GEC sign-off | ||
model | ||
• Board approval | ||
• GEC review | ||
• Board review |
KEY STAKEHOLDERS:
Employees and | Customers | Communities | Business/joint | Organised business | ||||
organised labour | and societies | ventures (JV) | and industry | |||||
Shareholders and | Governments | Non-governmental | Suppliers | Media | ||||
providers of capital | and regulators | organisations (NGOs) | ||||||
• Ensures the integrity of our integrated reporting process. | |
INTEGRITY - | • Gives attention to management's evaluation of the |
effectiveness of the disclosure controls and procedures | |
THE BOARD | |
through the combined assurance model and internal control | |
framework and assessment. |
• Gives final approval for publication.
SASOL INTEGRATED REPORT 2022 3
INTRODUCTION | ABOUT SASOL | STRATEGIC OVERVIEW | CREATING VALUE | DELIVERING | GOVERNANCE AND REWARDS | ADMINISTRATION |
SASOL AT A GLANCE
Sasol is South Africa's leading chemicals and energy organisation with a global presence. We are purpose-driven and resolute in our transition to being a sustainable entity while creating shared value for all our stakeholders.
Turnover
R276 billion
Total assets
R420 billion
Market capitalisation
R234 billion
Reinvested to grow
and sustain operations
R50 billion
Significant contributor to South Africa's GDP
We partner with various organisations to develop and implement innovative solutions
Shareholders
Sasol ordinary sharesSasol BEE ordinary shares
(,) | (,) | Committed to | ||
, | , | |||
sustainability, | ||||
supporting the | ||||
Paris Agreement | ||||
(,) | (,) | and accelerating | ||
, | , | |||
Public | our transition to | |||
Non-public | Net Zero emissions | |||
ˇ Number of shares | ambition by 2050 | |||
Listed on the Johannesburg Stock Exchange (JSE) | ||||
and the New York Stock Exchange (NYSE) |
Value shared
R16,2 billion | R33 billion | R743,3 million | R1,2 billion | R1,2 billion | |||
in direct taxes | in wages and | on social investment | in research and | on skills | |||
benefits | initiatives | development | development | ||||
28 630 employees | Located in 22 countries and | ||||||
market products across 118 countries | |||||||
SASOL INTEGRATED REPORT 2022 | 4 | ||||||
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Sasol Ltd. published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2022 11:02:50 UTC.