Johannesburg – Petrochemical giant Sasol paid its former presidents and chief executives Bongani Nqwababa and Stephen Cornell about R96 million in benefits and golden mutual separation packages, said the company in its annual report for the years ended June 2020.
According to the annual report, which was released late on Monday, Cornell’s total remuneration was R68.65 million and included a R20.8 million salary, R21.65 million mutual golden handshake and R1.86 million in long-term incentive compensation.
Nqwababa’s total pay package was R27.2 million and included an R14.3 million mutual separation package, a R8.7 million salary and a R1.9 million in long-term incentive compensation.
Remuneration committee chairperson Mpho Nkeli said the board mandated the remuneration committee to agree on the separation terms for these two executives.
She said the committee ensured the agreed separation packages were in line with market practice for executive separations.
“Both executives were placed on garden leave during the contractual six months’ notice period and we granted an additional two months’ employment on full salary to Cornell to accommodate his school-going children before their repatriation to the US,” said Nkeli.
She added that the committee agreed a separation package equal to 12 months’ salary for Cornell and Nqwababa.