Stokes Criticizes "Foreign Marauders" Amid Shareholder Rejection
Kerry Stokes, in his final annual general meeting as chair of Seven West Media, sharply criticized “foreign marauders” and the unfair tax system contributing to the company's declining revenues.
Financial Performance Decline
The West Australian billionaire highlighted that Seven West Media’s total revenue fell by 4% in the most recent financial year. Meanwhile, the group’s net profit after tax dropped significantly from $67 million in 2024 to $30 million in 2025.
Challenges Faced by the Industry
“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.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Reaction
- Over 35% of shareholders voted against the company’s remuneration report.
- No bonuses were awarded to executives who missed performance targets.
- Investors expressed frustration over the absence of dividends for eight years.
- One shareholder noted the share price plummeted from $5 with a 5% dividend at purchase time to only 13.5 cents now, without any cash returns.
Author's summary: Kerry Stokes condemns foreign competition and tax issues amid significant profit declines, while shareholders express dissatisfaction with pay policies and lack of dividends.