Stokes Criticizes "Foreign Marauders" as Shareholders Reject Pay Report
Kerry Stokes delivered his final annual general meeting as chair of Seven West Media by condemning “foreign marauders” and the unfair tax system contributing to the company’s declining revenue.
Financial Performance Declines
Seven West Media experienced a 4% drop in total revenue in the latest financial year. Net profit after tax fell significantly, dropping from $67 million in 2024 to $30 million in 2025.
Stokes’ Remarks 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’ Response
- Over 35% of shareholders voted against the company’s remuneration report, despite no bonuses being awarded to executives who missed targets.
- Investors expressed frustration over the absence of dividends for eight years.
- One shareholder noted that the share price plunged from $5 with a 5% dividend at purchase to just 13.5 cents today, with no returns.
Summary: Kerry Stokes critiqued external threats and regulatory challenges amid declining profits, as shareholders expressed discontent by rejecting the company’s pay report and lamenting long dividend droughts.