Sasol Rejects Shareholder Resolutions on Climate

Sasol Rejects Shareholder Resolutions on Climate
(NOAA via AP)

Sasol Ltd., South Africa’s second-biggest producer of greenhouse gases, rejected a demand from shareholder activists that it table resolutions at its annual general meetings to align its climate-related goals with the Paris Agreement. The three resolutions from Just Share NPC and the Raith Foundation, which would also make elements of executive pay contingent on meeting the goals, won’ be considered by its shareholders at the Nov. 20 meeting, the company said in a letter to the activists sent to Bloomberg by Just Share. Sasol, whose Secunda coal-to-fuel plant is the world’s biggest single-site emitter of greenhouse gases, said the resolutions would impinge upon the authority of management, and in any event its target to cut emissions by 10% by 2030 is in line with the Paris Agreement. The international pact aims to keep the increase in global temperatures to below 2 degrees Celsius this century. “Shareholders cannot usurp the authority of the directors or interfere in the management of a company,” Sasol said in the letter dated Oct. 30. “It is our view that our target and the associated road map are aligned with the principles of the Paris Agreement that provide for such to be appropriate for the specific conditions of each of the countries as parties to the agreement.” The company declined to comment further.

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