Stokes Criticizes Foreign Marauders and Tax System at Final AGM
West Australian billionaire Kerry Stokes used his final annual general meeting as chair of Seven West Media to condemn “foreign marauders” and an unfair tax system impacting the company’s declining revenues.
Financial Performance Highlights
Seven West Media’s total revenue fell by 4% in the recent financial year. The group's net profit after tax dropped significantly, from $67 million in 2024 to $30 million in 2025.
Stokes’ Address to Shareholders
“The past year has been a typically eventful one, unpredictable and undeniably challenging for an industry facing persistent pressures, regulatory uncertainty, and ongoing threats from foreign marauders intent on snapping at our heels and snatching away our heartland,” Stokes said in Sydney.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Reaction
More than 35% of shareholders voted against the remuneration report, reflecting dissatisfaction despite no bonuses being awarded to executives for missed targets. Investors expressed frustration over the absence of dividends for eight years. One shareholder highlighted a drastic fall in share price—from $5 with a 5% dividend at purchase to just 13.5 cents with no cash returns today.
Summary
Kerry Stokes condemned external threats and tax challenges amid Seven West Media’s declining profits and shareholder dissatisfaction over pay reports and lack of dividends.