Stokes Criticizes “Foreign Marauders” and Tax System at Last AGM
Kerry Stokes used his final annual general meeting as chair of Seven West Media to sharply criticize “foreign marauders” and the unfair tax system impacting the company’s declining revenues. The West Australian billionaire addressed shareholders in Sydney, expressing concerns about ongoing pressures in a challenging industry.
Financial Performance Highlights
- Seven West Media’s total revenue fell by 4% in the latest financial year.
- Group net profit after tax dropped 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
More than 35% of shareholders voted against the company’s remuneration report, showing dissatisfaction despite no bonuses being paid to executives who missed targets. Investors also expressed frustration over the lack of dividends for eight years. One shareholder highlighted the sharp decline in share price, noting it plunged from $5 with a 5% dividend at purchase to just 13.5 cents with no returns today.
Summary
Kerry Stokes condemned external threats and an unfair tax environment as factors in Seven West Media’s financial decline, while shareholders voiced strong disapproval over poor returns and executive pay.