Stokes blames ‘marauders’ as shareholders reject pay report
At his final annual general meeting as chair of Seven West Media, West Australian billionaire Kerry Stokes criticized what he called "foreign marauders" and an unfair tax system that he believes contributed to the company’s declining revenues.
“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 also pointed to digital platforms as major disruptors in the media landscape.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Financial Results
Seven West Media reported a 4 percent decline in total revenue over the last financial year. Group net profit after tax dropped sharply from $67 million in 2024 to $30 million in 2025.
Shareholder Response
Despite the leadership transition, more than 35 percent of shareholders voted against the company’s latest remuneration report. Investors voiced discontent that no dividends had been paid in the past eight years.
- Executives missed performance targets and received no bonuses.
- Investors noted the share price had fallen from $5 with a 5 percent dividend at the time of purchase to 13.5 cents with no payout.
Author’s Summary
At his final meeting, Kerry Stokes condemned foreign competition and heavy taxation as key hurdles for Seven West Media amid declining profits and growing investor dissatisfaction.