Stokes Blames ‘Marauders’ as Shareholders Reject Pay Report
At his final annual general meeting as chair of Seven West Media, billionaire Kerry Stokes criticized what he called “foreign marauders” and an inequitable tax system that he said contributed to the company’s declining revenues.
“The past year has been typically eventful, unpredictable, and undeniably challenging for an industry dealing with ongoing pressures, regulatory uncertainty, and threats from foreign marauders intent on snapping at our heels and taking our heartland,”
Stokes told shareholders in Sydney that major digital platforms were “stealing” traditional business from Australian media companies.
Seven West’s total revenue fell by 4 percent during the latest fiscal year. Net profit after tax dropped from 67 million dollars in the 2024 financial year 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.”
More than 35 percent of shareholders voted against the group’s remuneration report, even though executives received no bonuses after failing to meet performance targets. Investors also voiced frustration over the absence of dividends for eight consecutive years. One investor noted the share price had collapsed from 5 dollars, when it offered a 5 percent dividend, to just 13.5 cents today, with no return.
Author’s Summary
Kerry Stokes, in his final AGM speech as Seven West Media chair, condemned foreign media rivals and tax policies amid profit declines and investor backlash over pay and dividends.