The Fletcher family’s construction roots go back to new immigrant James Fletcher (later Sir) building a house in partnership with Albert Morris in Dunedin in 1909. Their first contract was a cottage at Broad Bay, on the Otago Peninsula. It is still there today, maintained by the Fletcher Trust and open to the public.
Fletcher Bros Ltd was formed in 1915 and the next year secured the Auckland City markets contract.
The company was subsequently managed by his son Jim (also later Sir James) and then grandson Hugh. These days, Fletcher Building no longer has any direct connection with the family in terms of ownership or control.
Hugh Fletcher stepped down from the board in 2012 but continues his involvement in business with long-term directorships with the likes of Vector and the insurer IAG.
In June Fletcher stepped down from the board of the NZX-listed Rubicon, a remnant of the former Fletcher empire and repository for largely unwanted assets.
The company received a public lashing late last year at a shareholders meeting after Rubicon announced a deal to buy half of Taupo-based Timber processor Clearwood, at the time owned by its 60% subsidiary Tenon, through a limited partnership with New Zealand and overseas investors.
Months later it transpired Rubicon had bought only 44.9%. The other 5.1% was bought by interests associated with members of Rubicon’s own board and management, although when this occurred, which Rubicon officers were involved and how much each bought was never clear. Fletcher refused to answer questions about it at the meeting.
A brother to Angus and the late Jim, Hugh is married to New Zealand’s just-retired chief justice, Dame Sian Elias, and fills his time as an adviser to private equity managers Knox Investment Partners, as well as being a trustee of the independent Fletcher Trust, chaired by Angus. It supports community groups and manages the archives and valuable art collection of the former Fletcher Challenge group.
Fletcher graduated with a bachelor of science and master of commerce, with honours, from the University of Auckland. He was the university's chancellor from 2004 to 2008.
2018: $105 million