Fletcher CEO $800k bonus questioned after workplace death and injuries - Wed 21 Oct

Investors are raising concerns over the substantial bonus awarded to Fletcher Building's CEO, Andrew Redding, following a year marked by workplace fatalities and serious injuries. Redding received a bonus exceeding $800,000, which was reduced by 10% due to a worker's death at a Vanuatu site caused by faulty crane equipment. This reduction aligns with the company's policy that penalizes senior executives when a death occurs on site. Major shareholder ACC has expressed a desire to review the bonus structure, emphasizing the need for accountability regarding workplace safety.

In addition to the controversy surrounding executive compensation, the global dairy trade auction reports positive trends, with September marking a record month for milk collections. The GDT index shows a 2.5% increase, with skim milk powder prices reaching their highest in four years. This surge is attributed in part to anticipated drier conditions in North Island farms due to El Niño, prompting buyers to secure supplies early.

Market activity reflects mixed signals, particularly in the oil sector, where reports of potential negotiations between the US and Iran have caused fluctuations. Wall Street experiences a slight uptick, while commodity prices, including oil, show some volatility. The dollar remains stable against other currencies, with ongoing discussions about the implications of recent economic data from the US.

Workplace death triggered bonus losses for Fletcher Building bosses, but institutional investor ACC wants to meet with the chair about how pay reflects safety. See omnystudio.com/listener for privacy information.