Stokes Criticizes Foreign Marauders and Tax System at Final AGM
West Australian billionaire Kerry Stokes addressed shareholders at his last annual general meeting as Seven West Media chair, sharply criticizing “foreign marauders” and an unfair tax environment amid the company's declining revenues.
Financial Performance Decline
Seven West Media’s total revenue dropped by 4% in the most recent financial year. Meanwhile, net profit after tax decreased significantly, falling from $67 million in 2024 to $30 million in 2025.
Stokes’ Statement 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.”
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholders’ Reaction and Dividend Issues
- Over 35% of shareholders voted against the group’s remuneration report, reflecting discontent despite executives not receiving bonuses due to missed targets.
- Investors expressed frustration over the absence of dividends for eight years.
- One shareholder highlighted the collapse in the group’s share price, falling from $5 with a 5% dividend at purchase to just 13.5 cents now, without any cash returns.
Author’s Summary
Kerry Stokes condemned foreign competition and tax challenges during his final AGM as Seven West Media chairman, amid shareholder dissatisfaction over profits, dividend droughts, and falling share value.