Stokes Criticizes "Foreign Marauders" at Final AGM
Kerry Stokes, chair of Seven West Media, used his last annual general meeting to condemn what he described as “foreign marauders” and an unfair tax system impacting the company’s declining revenues.
Financial Performance Declines
Seven West Media’s total revenue fell by 4% in the most recent financial year. Meanwhile, the group’s net profit after tax dropped sharply 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,” Stokes said in Sydney.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholders Express Dissatisfaction
- More than 35% of shareholders voted against Seven West’s remuneration report.
- Executives received no bonuses due to missed targets.
- Investors voiced frustration over the lack of dividends for eight years.
- One shareholder highlighted the steep decline in share price from $5 with a 5% dividend at purchase to 13.5 cents today with no returns.
Summary
Kerry Stokes criticized foreign competition and tax challenges as Seven West Media faced shrinking profits, leading to significant shareholder frustration over pay and dividends.