Sipho Nkosi steps down as Sasol chair

Sipho Nkosi has stepped down as the chair and non-executive director of JSE-listed chemicals and energy company Sasol to avoid his business interests entangling him in a perceived conflict of interest web.

On Monday, Sasol confirmed to investors that Nkosi’s resignation officially took effect on Friday, 10 November.

“Mr Nkosi came to the conclusion that, while he was comfortable that he would be able to comply with the conflict of interest requirements of the Companies Act, 2008 [Act No 71 of 2008] and of the company, he was concerned that some of his business interests may be perceived to place him in conflict with the interests of Sasol,” the company said in its Sens statement.

ALSO READ: Sasol, Nersa not on the same page about gas price hikes

Sipho Nkosi: Three decades of experience

Nkosi, appointed to the Sasol board in 2019, has over three decades of experience in the South African resources industry and served as CEO of Exxaro Resources between 2006 and 2016.

In 2022, Nkosi was also appointed by President Cyril Ramaphosa to head up a team responsible for cutting red tape across government.

Stephen Westwell elected as Sasol pro-term chair

Sasol’s board has elected Stephen Westwell – a current non-executive and lead independent director – as pro-tem chair, taking effect from 11 November. Westwell will hold the fort until Sasol’s Nomination and Governance Committee nominates a permanent successor.

“The board commends Mr Nkosi for the leadership he has provided to the board, leading to the determination of the future Sasol strategy and its implementation. The board of directors thank Mr Nkosi for his dedication during his tenure as chair of the board and wish him well for the future,” Westwell said.

This article is republished from Moneyweb under a Creative Commons licence. Read the original article.