Stokes blames ‘marauders’ as shareholders reject pay report
At his final annual general meeting as chair of Seven West Media, West Australian billionaire Kerry Stokes criticized what he called "foreign marauders" and an inequitable tax system, linking both 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 addressed shareholders in Sydney, noting the growing difficulties traditional media faces from online platforms. He remarked that digital competitors were “coming in and stealing our businesses.”
Declining Financial Performance
Seven West Media’s total revenue fell by 4 percent over the most recent financial year. Net profit after tax dropped sharply from $67 million in 2024 to $30 million in 2025, reflecting the company’s struggle with changing market conditions.
Shareholder Backlash
The challenging financial results stirred frustration among investors. More than 35 percent of shareholders voted against the group’s remuneration report, despite executives receiving no bonuses after missing targets. Some investors expressed discontent over the lack of dividends for eight consecutive years.
“One investor noted the group’s share price had declined from $5 with a five percent dividend at the time of purchase to just 13.5 cents and no cash return today.”
Author’s Summary
Kerry Stokes’ final address as Seven West Media chair highlighted deep shareholder frustration and his warning about global competition eroding Australia’s traditional media industry.