Fletcher drops bid for 25% hike to director pay

(Image: Getty)

Wed, 11 Oct 2023

Fletcher Building’s board has withdrawn a resolution for this month’s annual meeting to raise the pool for directors’ fees by 25%, in the face of shareholder pushback. The resolution to increase the pool to $2.5 million from $2m would give the board greater flexibility and assurance to directors, which the board thought was limited by the amount set 12 years earlier. Director fees are now $1.79m, meaning directors have $200,000 of headroom to cater to any change in strategy. Shareholders were to vote on the res...

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