Stokes Criticizes "Foreign Marauders" at Final AGM
Kerry Stokes, in his last annual general meeting as Chair of Seven West Media, sharply criticized “foreign marauders” and the unfair tax system affecting the group’s declining revenues.
Financial Performance Decline
Seven West Media’s total revenue decreased by 4% in the latest financial year. The group’s net profit after tax dropped significantly from $67 million in 2024 to $30 million in 2025.
Chairman’s Statement 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
Shareholders expressed dissatisfaction with the financial outcomes.
- Over 35% voted against the company’s remuneration report despite no bonuses being awarded to executives who missed targets.
- Investors voiced frustration over the absence of dividends for eight years.
- One shareholder highlighted the dramatic fall in share price—from $5 at purchase (with a 5% dividend) down to 13.5 cents now, with no returns.
Summary
Kerry Stokes condemned external threats and systemic issues at Seven West Media as dwindling profits and shareholder discontent marked his final AGM as Chair.