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Related party transactions | 12 Months Ended
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Jun. 30, 2021
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 22. 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
for the year ended 30 June | ​ | Rm | ​ | Rm | ​ | Rm
Sales and services rendered from subsidiaries to related parties | ​ | ​ | ​ | ​ | ​ | ​
Joint ventures |  | 2 635 |  | 672 |  | 1 474
Purchases by subsidiaries from related parties |  |  |  |  |  |
Joint ventures |  | 8 |  | 691 |  | 718
Associates |  | 100 |  | 78 |  | 95
​ |  | 108 |  | 769 |  | 813
​ 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. ​
38 | Related party transactions continued
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 | ​ | incentives² | ​ | 2021 | ​ | 20201 | ​ | 20191
​ | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000
Executive Directors |  | 24 221 |  | 1 078 |  | 2 984 |  | 37 210 | ​ | 65 493 |  | 22 944 |  | 46 948
| 1 | Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.
| 2 | Short-term incentives approved based on the Group results for the 2021 financial year and payable in the 2022 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2021 multiplied by the Group STI performance and the Individual Performance Factor.
Gains on Long-term incentives previously awarded to the Executive Directors’ and former Executive Directors’ vested after the performance period ended 30 June 2021, are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Long | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | incentive | ​ | Total | ​ | Total | ​ | Total
​ | ​ | vested1 | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000
Executive Directors |  | 4 824 |  | 4 824 |  | 2 657 |  | 25 025
| 1 | Long-term incentives for the 2021 financial year represent incentives approved on the group results for the performance period ended 30 June 2021, settled in the 2022 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 | ​ | incentives2 | ​ | 20211 | ​ | 20201 | ​ | 20191
​ | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000
Prescribed Officers |  | 35 540 | ​ | 5 086 |  | 10 737 | ​ | 41 454 |  | 92 817 |  | 52 142 |  | 67 488
Number of Prescribed Officers |  |  |  |  |  |  | ​ | ​ |  | 7 |  | 6 |  | 8
| 1 | Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.
| 2 | Short-term incentives approved based on the Group results for the 2021 financial year and payable in the 2022 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2021 multiplied by the Group STI performance and the Individual Performance Factor.
Gains on Long-term incentives previously awarded to the Prescribed Officers vested after the performance period ended 30 June 2021, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Long-term | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | incentive | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | rights | ​ | Total | ​ | Total | ​ | Total
​ | ​ | vested1 | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000
Prescribed Officers |  | 6 735 |  | 6 735 |  | 4 201 |  | 68 559
1 Long-term incentives for the 2021 financial year represent incentives approved on the group results for the performance period ended 30 June 2021, settled in the 2022 financial year. Gains on Long-term incentives previously awarded to the former Joint CEOs and Presidents and vested after the performance period ended 30 June 2021, are as follows: ​
38 | Related party transactions continued
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​
​ | ​ | Long-term | ​ | ​ | ​ | ​
​ | ​ | incentive | ​ | ​ | ​ | ​
​ | ​ | rights | ​ | Total | ​ | Total
​ | ​ | vested1 | ​ | 2021 | ​ | 2020
​ | ​ | R’000 | ​ | R’000 | ​ | R’000
Former Joint CEOs and Presidents |  | 6 182 |  | 6 182 |  | 3 765
| 1 | Long-term incentives for the 2021 financial year represent incentives approved on the group results for the performance period ended 30 June 2021, settled in the 2022 financial year.
The total IFRS2 charge for LTI’s awarded to the Executive Directors and the Prescribed Officers in 2021 amounted to R26 million and R36 million. 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 | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000 | ​ | R’000
Non-executive Directors | ​ | 24 996 |  | 707 |  | 6 878 | ​ | 959 |  | 33 540 |  | 39 743 |  | 32 455
​

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- Definition The entire disclosure for related parties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2020-01-01 -Section Disclosures -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI -URIDate 2020-01-01 + Details
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