Stokes Criticizes 'Marauders' After Shareholders Reject Pay Report
At his final annual general meeting as Seven West Media chair, Australian billionaire Kerry Stokes denounced what he called “foreign marauders” and an inequitable tax system that, he argued, have 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 told shareholders in Sydney.
Seven West Media’s total revenue fell by 4 percent in the most recent financial year, with net profit after tax dropping from $67 million in 2024 to $30 million in 2025.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses,” he added.
More than 35 percent of shareholders opposed the company’s remuneration report, despite the absence of executive bonuses for unmet targets. Frustrated investors also pointed out that no dividends had been issued in eight years. One shareholder remarked that the company’s share price had plunged from $5 with a 5 percent dividend at purchase to just 13.5 cents today, with no cash return.
Author’s Summary
Kerry Stokes ended his tenure at Seven West Media criticizing global rivals and tax policies as revenues sank, while shareholders rejected executive pay amid long-standing dividend losses.