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Related party transactions | 12 Months Ended
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Jun. 30, 2018
Related party transactions |
Related party transactions | 38 Related party transactions Parties are considered to be related if one party directly or indirectly has the ability to control or jointly control the other party or exercise significant influence over the other party or is a member of the key management of the reporting entity (Sasol Limited). In particular, this relates to joint ventures and associates. Disclosure in respect of joint ventures and associates is provided in note 20. Group companies, in the ordinary course of business, entered into various purchase and sale transactions with associates and joint ventures. The effect of these transactions is included in the financial performance and results of the group. Terms and conditions are determined on an arm’s length basis. Amounts owing (after eliminating intercompany balances) to related parties are disclosed in the respective notes to the financial statements for those statement of financial position items. No impairment of receivables related to the amount of outstanding balances is required. Material related party transactions The following table shows the material transactions that are included in the annual financial statements using the equity method for associates and joint ventures.
|  | 2018 |  | 2017 |  | 2016 |
for the year ended 30 June |  | Rm |  | Rm |  | Rm |
Sales and services rendered from subsidiaries to related parties |  |  |  |  |  |  |
Joint ventures |  | 965 |  | 1 088 |  | 1 079 |
Purchases by subsidiaries from related parties |  |  |  |  |  |  |
Joint ventures |  | 671 |  | 617 |  | 592 |
Associates |  | 88 |  | 120 |  | 88 |
|  | 759 |  | 737 |  | 680 |
Identity of related parties with whom material transactions have occurred Except for the group’s interests in joint ventures and associates, there are no other related parties with whom material individual transactions have taken place. Key management remuneration Key management comprises of Executive and Non-executive Directors as well as other members of the Group Executive Committee (GEC)/Prescribed Officers.
|  |  |  | Retirement |  | Other |  | Annual |  | Total |  | Total |  | Total |
|  | Salary |  | funding |  | benefits |  | incentives (1) |  | 2018 |  | 2017 (2) |  | 2016 (2) |
|  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |
Executive Directors |  | 25 508 |  | 3 892 |  | 14 320 |  | 23 088 |  | 66 808 |  | 77 333 |  | 69 041 |
| (1) |  | Incentives approved on the group results for the 2018 financial year and payable in the following year. Incentives are calculated as a percentage of total guaranteed package/ net base salary as at 30 June 2018.
| (2) |  | Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.
Gains on Long-term incentives and Share Appreciation Rights for the Executive Directors’ and former Executive Director were as follows:
|  |  |  | Share |  |  |  |  |  |  |
|  | Long-term |  | appreciation |  |  |  |  |  |  |
|  | incentive |  | rights, with |  |  |  |  |  |  |
|  | rights |  | and without |  | Total |  | Total |  | Total |
|  | vested(1) |  | CPTs exercised |  | 2018 |  | 2017 |  | 2016 |
|  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |
Executive Directors |  | 19 454 |  | 1 061 |  | 20 515 |  | 24 970 |  | 30 705 |
| (1) |  | Long-term incentives for the 2018 financial year represent incentives approved on the group results for the 2018 financial year, payable in the 2019 financial year.
Remuneration and benefits paid and short-term incentives approved for the Prescribed Officers were as follows:
|  |  |  | Retirement |  | Other |  | Annual |  | Total |  | Total |  | Total |
|  | Salary |  | funding |  | benefits |  | incentives (1) |  | 2018 |  | 2017 (2) |  | 2016 (2) |
|  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |
Prescribed Officers |  | 37 569 |  | 5 995 |  | 21 684 |  | 23 759 |  | 89 007 |  | 70 949 |  | 70 363 |
Number of GEC members |  |  |  |  |  |  |  |  |  | 10 |  | 10 |  | 10 |
| (1) |  | Incentives approved on the group results for the 2018 financial year and payable in the following year. Incentives are calculated as a percentage of total guaranteed package/net base salary as at 30 June 2018.
| (2) |  | Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.
Gains on Long-term incentives and Share Appreciation Rights for the Prescribed Officers were as follows:
|  |  |  | Share |  |  |  |  |  |  |
|  | Long-term |  | appreciation |  |  |  |  |  |  |
|  | incentive |  | rights, with |  |  |  |  |  |  |
|  | rights |  | and without |  | Total |  | Total |  | Total |
|  | vested(1) |  | CPTs exercised |  | 2018 |  | 2017 |  | 2016 |
|  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |
Prescribed Officers |  | 39 701 |  | 5 261 |  | 44 962 |  | 23 807 |  | 49 793 |
| (1) |  | Long-term incentives for the 2018 financial year represent incentives approved on the group results for the 2018 financial year, payable in the 2019 financial year.
The total IFRS2 charge for Executive Directors and the GEC in 2018 amounted to R33 million and R72 million, respectively. Non-executive Directors’ emoluments for the year was as follows:
|  |  |  |  |  |  |  | Ad Hoc |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Special |  |  |  |  |  |  |
|  | Board |  | Lead |  |  |  | Board - |  |  |  |  |  |  |
|  | meeting |  | Director |  | Committee |  | Committee |  | Total |  | Total |  | Total |
|  | fees |  | fees |  | fees |  | Meeting |  | 2018 |  | 2017 |  | 2016 |
|  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |  | R’000 |
Non-executive Directors |  | 19 914 |  | 607 |  | 6 462 |  | 840 |  | 27 823 |  | 23 079 |  | 22 645 |

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