Stokes Criticizes ‘Foreign Marauders’ at Final AGM as Pay Report Faces Rejection
Kerry Stokes, West Australian billionaire and outgoing chair of Seven West Media, used his last annual general meeting to sharply criticize “foreign marauders” and an unfair tax system, citing these as factors behind the company’s declining revenues.
Financial Performance Highlights
- Seven West Media’s total revenue fell by 4% in the latest financial year.
- Group net profit after tax decreased 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.”
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Response
More than 35% of shareholders voted against the company’s remuneration report, signaling dissatisfaction despite the absence of bonuses for executives who missed targets. Investor frustration was also fueled by the fact that the company has not paid a dividend in eight years.
One shareholder remarked on the steep drop in the company’s share price, which declined from $5 with a 5% dividend at purchase to just 13.5 cents without any cash return today.
Author's Summary
Kerry Stokes condemned external threats and tax issues for Seven West Media’s financial struggles, while shareholders expressed strong disapproval over pay and the long absence of dividends.