Stokes Blames 'Marauders' as Shareholders Reject Pay Report
West Australian billionaire Kerry Stokes used his final annual general meeting as chair of Seven West Media to criticize what he called “foreign marauders” and an inequitable tax system for contributing to the group'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’s total revenue dropped by 4 percent over the last financial year, while net profit after tax fell from $67 million in 2024 to $30 million in 2025. Stokes said the company has faced “pretty public challenges,” including competition from global platforms that “come in and steal our businesses.”
More than 35 percent of shareholders voted against the company's remuneration report, expressing disappointment over declining returns and the absence of executive bonuses linked to missed targets. Investors were also frustrated that the group has not paid a dividend in eight years.
One investor noted that Seven West Media’s share price had plunged from $5, when it yielded a five percent dividend, to just 13.5 cents today, offering no cash returns.
Author’s Summary
Kerry Stokes ended his tenure at Seven West Media with sharp criticism of foreign competition, falling profits, and shareholder discontent over withheld dividends.