It was chaos at Sasol this week as climate activists protested the company’s annual general meeting (AGM). The protest by XR South Africa was due to the company’s controversial climate report and perceived failures in meeting emissions targets, reports Daily Investor.
We’ve been covering Sasol’s battles for some time. Like its R35-billion impairment earlier this year. And pressure over its heavily polluting, coal-fired plants – particularly Secuda in Mpumalanga – which has received support from EFF leader Julius Malema saying, “Without coal there would be no Mpumalanga.”
CHAOS AT SASOL
Protestors from XR SA somehow managed to enter the lavish Sasol head office building and proceeded to shout over soon-to-be-ousted Sasol CEO Fleetwood Grobler’s address. Efforts were made to remove the protestors but to no avail. In the end the AGM had to be cancelled.
This chaos at Sasol is due, in part, to several powerful entities publicly opposing Sasol’s climate action plan, which was due to be presented at the AGM. The companies in question include, Ninety One (SA’s biggest privately owned fund) and Old Mutual Investment Managers, which said Sasol’s, “Commitment to achieving stated targets with respect to climate is regressing.”
TOUGH AT THE TOP
Sasol is South Africa’s biggest company by revenue. And in the face of growing pressure to clean up its act, it has set a target of cutting emissions by 30% by 2030 and reaching so-called net zero by 2050.
The man tasked with turning Sasol around is Simon Baloyi, who will soon become the company’s new President and CEO on April 1, 2024. His successor, Fleetwood Grobler, will continue serving as an executive advisor until 31 December 2024 to ensure a smooth and handover, said the company.