Synthetic fuels and chemicals producer Sasol is proposing a cut in directors' fees at its upcoming annual general meeting (AGM) on Friday.
The company, which faces financial difficulties, on Wednesday said it has included a proposal to pay the same fees to its non-executive directors from November 20, as approved by shareholders at the 2018 AGM.
“In view of the significant challenges still facing Sasol and in acknowledgment of the erosion of shareholder value over the past two years, the board has agreed to commit to a sacrifice of 20% on the board fees proposed for approval at the 2020 AGM. This fee sacrifice shall remain in place until a revised fee proposal is considered by shareholders at Sasol’s 2021 AGM,” Sasol said.
Sasol said the 20% “fee sacrifice” will apply to the chair and the board fees.
Sasol shares were up 4.43% at R118 on Wednesday. The stock has lost 61.12% of its value since the start of 2020.
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