The founding family of Fletcher Building has spent another year watching as the company struggles to stabilise its business in the wake of major losses on big construction projects in Auckland and Christchurch. The company has lost nearly a billion dollars in the past 18 months.
Established in 1909 by Scottish migrant James Fletcher, and subsequently managed by his son Jim and then grandson Hugh, Fletcher Building no longer has any direct connection with the family in terms of ownership or control.
Now in his 70s, 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.
Fletcher also remains on the board of the NZX-listed Rubicon, a remnant of the former Fletcher empire and repository for largely unwanted assets.
Milford Asset Management once described it as "one of the most intransigent and stubborn NZX-listed companies" whose performance "has been dreadful, both in terms of profitability and sharemarket returns."
Earlier this year, Rubicon announced it had sold all its interests other than a shareholding in US-based forestry genetics company ArborGen.
In addition to a Rubicon holding worth about $1.3 million, the Fletchers maintain a portfolio of properties in Auckland and Wellington as well as sharing ownership of the 5000ha Lake Hayes Station in North Canterbury.
A brother to Angus and the late Jim, Hugh is married to New Zealand’s 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.