Fletcher Building Faces Criticism Over Leadership and CEO Compensation

Fletcher Building Limited (NZX: FBU) is under scrutiny as its leadership faces criticism ahead of the annual general meeting scheduled for October 23. The company's acting chair has been flagged by influential proxy adviser ISS for leading multiple boards, raising concerns about governance. Additionally, Fletcher Building’s new CEO, Andrew Reding, is reportedly receiving compensation above the industry norm, sparking further debate. The company has faced a challenging year, with significant leadership changes—including the exit of the chair, CEO, and CFO—amid growing financial losses, ongoing provisions for legacy construction projects, and shares hitting 20-year lows. These challenges have cast a shadow on the company’s efforts to rebuild trust and profitability.

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