The Broad-Based Black Economic Empowerment (B-BBEE) Commission has raised issues related to Sasol’s new Khanyisa empowerment scheme, Sasol company secretary Vuyo Kahla said on Friday.
The commission raised questions about the structure of Sasol Khanyisa’s employee share ownership programme as well as whether the Sasol Foundation was an appropriate vehicle for getting ownership credits, he added.
“A number of BEE transactions before included participation of foundations, which had ownership in these companies,” Kahla said.
At a general meeting on Friday, Sasol and Inzalo shareholders backed the termination of the Inzalo deal – which has come under fire for providing black shareholders with no ownership in Sasol – as well as the creation of the replacement scheme Sasol Khanyisa.
However, the voting of the 23 resolutions involved in approving the deal showed unhappiness about Khanyisa, with 15 resolutions being voted against by 14% of the votes cast.
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