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The Industrial Development Corporation (IDC) says it is “exploring its options” after former joint CEOs of Sasol received R36 million in “separation packages.”
Sasol reportedly paid Bongani Nqwababa and Stephen Cornell some R96 million in benefits and severance packages. The figures were contained in its annual report for the year ending June 2020.
Cornell received approximately R22m and Nqwababa approximately R14m as separation packages.
In a statement on Friday, IDC, which claimed to be “one of the largest institutional shareholders in Sasol Limited,” said it was outraged by the “way in which the board of directors of the energy and chemicals group failed to adequately consult shareholders on the separation packages ”.
“While questions about the separation were raised during Sasol’s annual general meeting in November last year, shareholders were informed at that time that they would be briefed on this matter by the end of the year. The generous mutual separation packages, amounting to an additional R36m on top of their approved compensation packages, do not align with Sasol’s operational and financial performance during his tenure, ”IDC said.
He said he was unhappy with the “how much of the separation packages ”. “The IDC is currently exploring its options in this regard,” he said.
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