Seven West Media Faces Shareholder Revolt at AGM
Seven West Media, led by Kerry Stokes, faced a substantial shareholder revolt during its annual general meeting in Sydney on Thursday. Over 35% of shareholders rejected the company's 2025 remuneration report.
Remuneration Report Rejected Despite No Bonuses
The protest vote took place even though no executive bonuses were paid, as financial targets were not met in the previous year.
Company Background and Leadership
Seven West Media is a prominent Australian media company with interests spanning television, publishing, and digital media. Kerry Stokes, potentially chairing his final AGM ahead of a proposed acquisition by Southern Cross Media, addressed concerns raised by shareholders.
Challenges Highlighted by Chairman
"We have faced significant challenges due to competition from very large international companies stealing all our revenue," Stokes said, acknowledging the tough operating environment affecting financial performance.
Shareholder Frustration Over Investment Losses
One shareholder expressed deep frustration about the drastic drop in their investment value, which fell from $1 million to $27,000. They urged the board to consider resuming dividend payments.
Summary: Seven West Media encountered strong shareholder opposition to its 2025 pay report amid tough market competition and significant investment losses, highlighting urgent financial and strategic challenges.