6 questions lodged at 2025 Fletcher Building hybrid AGM
October 22, 2025
Below is the text of the 6 written questions submitted at the lively 90 minute Fletcher Building (FBU) hybrid AGM at 10.30am Auckland time on October 22, 2025 and via the excellent Computershare platform. They've got a rem vote, which is good. See notice of meeting and voting results with no protest votes. Market cap was $2.97b on AGM day. The proxies weren't disclosed early in the formal addresses.
Q1. Many thanks for once again voluntarily putting the remuneration report up for the vote today, unlike the vast majority of NZ registered companies. Last year we had an 11% vote against the rem report. Did any of the proxy advisers recommend against our remuneration report this year and has it lead to another double digit protest vote? If so, what was the issue investors were concerned about?
Answer: The chair Peter Crowley was pleased to say that everyone was in favour but he didn't reveal the data, which later showed 95%+ in favour of all resolutions. Watch video of exchange via Twitter.
Q2. How many full time equivalent staff do we currently have and is this likely to fall over the coming 12 months with the rapid roll out of AI? Which parts of our business and operations are the most prospective for AI productivity gains and how energetically are we embracing those opportunities?
Answer: The new CEO Andrew Reding gave a brief response saying implementation was out with the various GMs in their divisions. Watch video of exchange via Twitter.
Q3. Could our two new directors up for election today, Jacqui Coombes and James Miller, please comment on their experience of the recruitment process. Did either of them know any of our directors before engaging with the recruitment process?
Answer: Both gave a good response and appear to be excellent additions to the board. Watch video of exchange via Twitter.
Q4. Is chairman Peter Crowley intending to serve a full 3 year term and then recontest in 2028 and as a former building products CEO himself, how does he discipline himself to not overly micro-manage the CEO and wider management team Could the new CEO comment on how hands on the chairman has been so far during his time at the company?
Answer: The chair Peter Crowley said at 68 he probably wouldn't go again but he was throwing everything at it, including doing more than 20 site visits, which could be interpreted as micro management. The new CEO Andrew Reding seems an even tougher straight talking building products lifer than Peter and declared that no-one dares micro-manage him. Watch interesting video of exchange via Twitter.
Q5. There was a 22.7% vote against the re-election of independent director Cathy Quinn at last year's AGM. What was the issue and has there been any more director election protests today? Also,
Answer: The chair Peter Crowley was very happy to say this hadn't been repeated but didn't explain last year's protest and should have disclosed the proxies earlier so that such a question didn't have to be asked. Watch video of exchange via Twitter.
Q6. Why is the chair referring to "postal voting"? Surely the vast majority of proxy votes were done online? Also, could the chair please release the head count data in the poll showing how many shareholders voted for and against.
Answer: The chair Peter Crowley laughed off the postal vote element and point blank rejected the data request to show how retail shareholders whilst declaring there was big turnout and support without revealing the exact level from a headcount point of view. The latest annual report claims it has 30,896 shareholders, but how many of them voted? That's for chair Peter to know and us shareholders to find out. Watch video of exchange via Twitter.
Copyright © 2025 The Mayne Report. All rights reserved
