Sasol Annual Review and Summarised Financial Statements 2010 Oil & Gas South Africa 5 Maintenance Background: Sasol is an energy and chemicals company that adds value to coal, oil and gas reserves, using these feedstocks to make liquid fuels, fuel components and chemicals through the Sasol proprietary technologies. The Company has mines in South Africa, produces gas in Mozambique and oil in Gabon and thus their chemical manufacturing and marketing operations span the globe. annual review and summarised financial information 2010 focused and energised The Company vision is to be a respected global enterprise, harnessing talents in applying unique, innovative and competitive technologies to excel in selected markets in the energy, fuels, chemicals and related sectors in Southern Africa and worldwide. Through strong values, Sasol aspires to create an environment where teams of dedicated people with diverse talents can grow to their full potential. The Company explains how the adoption of the third King Code of Governance Principles (King III) in 2010, and its specific requirements for ‘integrated reporting’, has been reflected in the changes made to the narrative structure of their annual review. They state, “We believe that a more holistic articulation of a business – one that does not artificially split financial and non-financial disclosure – will provide a more complete analysis to satisfy the information needs of the broad range of stakeholders that use the annual review”. This is complemented by a separate Sustainable Development Report. Through our reporting process we continue to push the boundaries by moving beyond compliance to focus on entering into a more challenging dialogue with our entire stakeholder base, to further inform our strategy and to build mutual trust. content review: There is a clear commitment made to producing an integrated report from the offset and there are signposts to further information in other print publications and online. This commitment is maintained throughout the Report with sustainable development information provided within the group strategy, risk management and operating review sections. Sustainability is reported as an integral element of the group strategy with the presentation of the overall goal and principles which underpin the strategic direction of the Company. Interestingly, Sasol have reported on their principal risks at the beginning of their Report, choosing to leave the details regarding risk management processes until the governance section. A combination of financial and non-financial risks is presented and, for each, there is contextual detail provided to explain the risk as well as details given regarding mitigation activities in place. Sasol have also taken an interesting approach to reporting ‘Sasol group services’ which encompasses all those issues which are group-wide, such as: human resources; safety, health and environmental; legal compliance; corporate affairs; Sasol Inzalo Foundation; information management; and supply chain management. See page 58 for comment from Sasol Summary: The Sasol Report has made a significant attempt at presenting sustainable development issues throughout the Report, giving the reader the impression that sustainable development is central to the management approach, business operations and performance. Stakeholder engagement and relationships also come across as a central element of the business operations and the Report, and the Company has provided comprehensive information and relevant data where appropriate throughout the report. 22 The integrated journey
