Stokes Criticizes ‘Foreign Marauders’ Amid Shareholders’ Rejection of Pay Report
Kerry Stokes, in his final annual general meeting as chair of Seven West Media, strongly criticized "foreign marauders" and an unfair tax system affecting the company’s declining revenues.
Financial Performance Highlights
- Seven West Media’s total revenue dropped by 4% in the latest financial year.
- Net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
Stokes’ 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.”
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholders’ Reaction
- Over 35% of shareholders voted against the company’s remuneration report.
- No executive bonuses were paid as targets were not met.
- Investors expressed frustration over the absence of dividends for eight years.
- One investor highlighted the dramatic fall in share price, from $5 with a 5% dividend at purchase to 13.5 cents with no returns currently.
Summary: Kerry Stokes attributes the company’s financial struggles to external threats and systemic challenges as shareholders express dissatisfaction with pay reports and prolonged lack of dividends.