Bond announced his international retirement on Tuesday following New Zealand Cricket's decision to terminate his central contract on account of his links with the Twenty20 tournament which is banned by the Board of Control for Cricket in India as it rivals its own Indian Premier League.
Bond, who played 17 Tests and 67 one-day internationals in which he took 79 Test and 125 ODI wickets, claimed he had been given permission by NZC to sign up for the ICL before they changed their stance.
But Fleming stressed the governing body's action should not have come as a shock to the 33-year-old.
"The devil was in the detail. It was how it went down and what the contracts said and perhaps some of the promises that were made and that's why it went down pretty badly," he told PA Sport.
"But I think each player that signed for the ICL understood the repercussions of what it could mean and were under no illusions that by playing in the ICL, you cut yourself short,
"Shane got a massive amount of money and at the stage of his career with injuries looming with every step he takes, it just makes sense to take that pathway.
"It's disappointing for New Zealand cricket and world cricket but I guess it's one of the negatives of what's now become a very financial market.
"You also have to respect the establishment and if at the moment the establishment deems that there's no room for two, you've got to respect that.
"That's not to say there won't be a pathway forward and in these situations there usually is, it's just how long it lasts. At the moment it's still a rebel competition without an ICC sanction and until that point, players know the consequences of joining.
"But I think we're all hopeful we can get some common ground there and get some of the younger players that have signed back into the fold."
Fleming brought the curtain down on a 15-year international career following the home series defeat to England in March, retiring as New Zealand's most successful captain.
Daniel Vettori was handed the reins in September 2007 and has enjoyed mixed fortunes, losing Test series to England both home and away and in South Africa but seeing off Bangladesh twice and faring much better in limited overs contests.
While recognising the Black Caps are in a transitional phase, Fleming also believes the way young players have so far been integrated into the national team leaves a lot to be desired.
"We've lost a bit of experience and with a country where resources are challenged that always makes it a tough time but there's some young players coming through," he added.
"Daniel Vettori's doing a great job and he's leading well from the front and that will inspire performance but it's just now how quickly we can develop players.
"The disappointing thing for me is that there's no real succession planning. You can put pressure on senior players, which we see is happening in India and Australia and to a degree with us, but you've got to have a plan in mind.
"Just to expose young players, to me, is not good enough. That's why I'm disappointed some of these players are exposed as they are but I just hope they get the support and guidance around them to become the players they should become."
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