Fletcher chairman Sir Ralph Norris was forced to shut down the company's annual meeting after protests over its Stonefield development were raised.

Around 50 people protested outside the meeting held at the Auckland museum this morning.

Some were workers upset at pay conditions while others were protesting the hertage of the land and its ownership.

Both issues were raised inside the meeting by people who also owned shares.


They received both boos and claps from the audience which was packed.

But when the questions got out of hand Norris called the meeting to a close.

Fletcher Building shares plunged by 5.3 per cent when the market opened this morning.

The shares opened at $7.55 on the back of new guidance for the 2018 financial year, which revealed the company's building and interiors unit would take a $160 million hit.

Two protests are volleying for attention outside Fletcher's AGM in Auckland today.

Striking Fletcher workers from First Union are picketing the meeting, after pay negotiations with the company broke down.

Another group of protesters are voicing their opposition to Fletcher's Ihumatao housing development.

Fletcher Building has revealed for the first time the projects causing the pain - outing the Justice Precinct in Christchurch and New Zealand International Convention Centre in Auckland.

The projects were widely thought to be the builds weighing on the company but before today the firm would not confirm it.

The Justice Precinct and the Convention Centre accounted for about $193 million of losses at the company's Building + Interiors unit in 2017.

Fletcher Building also expects they will also drag down the unit this financial year, hitting B+I by about $100m in 2018.

That accounts for about 80 per cent of the $125m project losses in 2018.

All directors on the board are to take a 20 per cent cut in fees for the next 12 months effectively immediately.

According to Fletcher's last annual report, chair Ralph Norris earned $435,000. Other directors earned roughly $200,000.