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.

The following table shows the material transactions that are included in the annual financial statements using the equity method for associates and joint ventures.

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 comprises of Executive and Non-executive Directors as well as other members of the Group Executive Committee (GEC)/Prescribed Officers.

Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.

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

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

Salary

funding

benefits

incentives²

2021¹

2020¹

2019¹

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

Total remuneration for the financial year excludes gains derived from the long-term incentive schemes which are separately disclosed.

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

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

Total

Total

fees

Meeting

2021

2020

2019

R’000

Non-executive Directors

24 996

707

6 878

959

33 540

39 743

32 455