Sasol respond to possible industrial action

Transformation, in the form of share ownership in Sasol South Africa by previously disadvantaged groups, is an important business, social and moral imperative for Sasol.

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The Bulletin Newspaper

Sasol responded to the Bulletin’s request in regards to the possible industrial action by Solidarity members.
Alex Anderson, Head of Group Media Relations confirmed to the Bulletin that they have not received notification of industrial action by Solidarity. Solidarity is only completing the voting process on Monday 27 August at the Sasolburg plant.
Background
Solidarity originally declared a dispute against Sasol in January 2018, objecting to the exclusion of White employees from Sasol Khanyisa Phase 2. After the second round of CCMA discussions, the CCMA issued a certificate of non-resolution in May 2018 after not being able to reach common ground. A certificate of non-resolution does not imply that Solidarity is correct or that Sasol is wrong, it means that the parties could not find any middle ground, and gives permission to Solidarity to withdraw labour and protest in a safe manner. We value Solidarity’s relationship with Sasol and will ensure that we keep the lines of communication open between us.
Sasol Khanyisa Context
On 1 June 2018, Sasol Limited officially launched Sasol Khanyisa after having received shareholder approval on 17 November 2017. Our intention is to create meaningful financial benefits for approximately 230 000 Black shareholders and qualifying employees and to achieve 25% direct and indirect Black ownership of Sasol South Africa Limited (SSA).
“We are aware of negative reports and sentiment expressed from different quarters of society against Sasol Khanyisa,” said Alex Anderson, “these reports are largely premised on a misunderstanding of elements of the transaction pertaining to employee participation.”
Qualifying Criteria
Employee participants in Sasol Khanyisa Phase 1 are ALL permanent Sasol employees, regardless of race, tenure or seniority, who were participants of Sasol Inzalo and still actively employed on 1 June 2018.
Phase 2 of Sasol Khanyisa is extended to our Black permanent employees (African, Indian, Coloured), as defined by the DTI Codes of Good Practice.
Qualifying employees in Sasol Khanyisa will receive equal shareholding across the organisation. The qualifying criteria for employees are as follows:
1. Sasol employees who participated in the Sasol Inzalo Employee Scheme, and who were permanently employed on 1 June 2018, will participate in Phase 1 and are eligible for R100 000 worth of Sasol Ordinary shares, or Sasol BEE Ordinary Shares which will vest in 2021. There were 6313 White employees and 11962 Black employees in this Phase at the start of the transaction.
2. All Black employees who were permanently employed on 1 June 2018, participated in Phase 2 and are eligible for 1240 Sasol Khanyisa rights to shares which will vest in June 2028 or the earlier of the settlement of funding obligations. This means that the rights to shares are fully funded through notional vendor financing and any dividends declared over the next 10 years will be used to service the funding obligations and create net value at the end of the empowerment period for participants. There were 18282 Black employees in Phase 2 at the start of the transaction.
Sasol’s Transformation Journey
Transformation, in the form of share ownership in Sasol South Africa by previously disadvantaged groups, is an important business, social and moral imperative for Sasol.
Sasol Khanyisa is not part of Sasol’s Employee remuneration or benefit structures. It was specifically designed to address the ownership component of the B-BBEE Codes and therefore Sasol Khanyisa primarily focuses on the inclusion of Black employees.

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