CHANGES TO SASOL LIMITED BOARD OF DIRECTORS

Sasol Limited (JSE: SOL) announced changes to its board of directors, effective June 6 and 9, 2025, including the appointment of Xikongomelo Maluleke as an independent non-executive director and the resignation of Timothy Cumming as non-executive director and chairman of the Remuneration Committee for personal reasons. Consequently, Dr. Martina Flöel has been appointed as chairman of the Remuneration Committee, while Manuel Cuambe now chairs the Capital Investment Committee; these changes reflect ongoing board succession planning.

Analysis

Sasol Limited has announced several changes to its board of directors as part of its ongoing nomination and succession plan, effective early June 2025. Ms. Xikongomelo Maluleke, a Chartered Accountant with significant experience in finance roles, including at Shell Downstream South Africa and as CFO of Lumika Renewables, has been appointed as an independent non-executive director effective June 9, 2025. Her independence is affirmed under both South African and United States requirements, and she previously served on the Sasol South Africa Limited board as an appointee of the Sasol Khanyisa ESOP Trust, from which she has now resigned. Sasol Board Chairman, Ms. Muriel Dube, welcomed Ms. Maluleke, highlighting her experience as a strength for Sasol's future. Concurrently, Mr. Timothy Cumming resigned as a non-executive director and chairman of the Remuneration Committee for personal reasons, with his resignation accepted on June 6, 2025. Following this, Dr. Martina Flöel, the Lead Independent Director and an existing member of the Remuneration Committee, has been appointed its chairman. This has led to Dr. Flöel relinquishing her chairmanship of the Capital Investment Committee, which will now be chaired by Mr. Manuel Cuambe, an existing member of that committee. These adjustments indicate a structured approach to board refreshment and committee leadership transitions, aligning with corporate governance best practices.

Key Decisions for Investors

• Investors should view these board adjustments as routine governance enhancements aligning with Sasol's succession planning, rather than immediate catalysts for significant stock re-rating, consistent with the neutral to mildly positive sentiment indicated.
• The appointment of Ms. Maluleke, with her strong financial background, Chartered Accountant designation, and experience in the energy sector including renewables, is a positive development for the board's expertise and oversight capabilities.
• Investors should monitor for any subtle shifts in capital allocation strategies or remuneration policies following the new chairmanship appointments in the Capital Investment and Remuneration Committees, respectively, although major immediate changes are not anticipated based on this announcement.