Stokes blames 'marauders' as owners reject pay report
Australian media magnate Kerry Stokes used his final annual general meeting as chairman of Seven West Media to denounce foreign competitors and what he called an unfair tax framework, which he blamed for declining company revenues.
Seven West Media reported a four percent drop in total revenue for the latest financial year, while its net profit after tax fell from 67 million dollars in 2024 to 30 million dollars in 2025.
“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,” Mr Stokes told shareholders in Sydney.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
More than 35 percent of shareholders voted against the company’s remuneration report, voicing disappointment despite the absence of executive bonuses for missed performance targets. Many investors expressed frustration over going eight years without dividends.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” one shareholder said, adding that the company’s share price had dropped from five dollars with a five percent dividend at purchase to just 13.5 cents and no returns today.
The 85-year-old billionaire chairman acknowledged the shareholders’ disappointment, noting he personally understood their frustration over the lack of dividends.
Author’s Summary
Kerry Stokes criticized foreign media competitors and an unfair tax system as revenue and profits at Seven West Media fell sharply, sparking anger among shareholders over lost dividends.