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

Investors are raising concerns over the substantial bonus awarded to Andrew Redding, the CEO of Fletcher Building, 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 caused by faulty crane equipment at a site in Vanuatu. This reduction aligns with the company's policy that penalizes senior executives when such incidents occur. Major shareholder ACC is seeking clarification on the bonus structure, emphasizing the need for a stronger focus on workplace safety.

In addition to the bonus controversy, the global dairy trade auction reports positive trends, with September marking a record month for milk collections, up 1.9%. The GDT index shows a significant increase, particularly for skim milk powder, which has reached its highest price in four years. This surge may be influenced by emerging dry conditions in North Island farms due to El Niño, prompting buyers to secure supplies ahead of potential shortages.

Market activity remains mixed, with fluctuations in oil prices following conflicting reports regarding negotiations between the US and Iran. Wall Street shows some gains, while commodity prices reflect varied trends. The dollar experiences slight appreciation against other currencies amid soft housing market 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.