Stokes Criticizes “Foreign Marauders” at Final AGM
Kerry Stokes, during his last annual general meeting as Seven West Media chair, strongly condemned “foreign marauders” and criticized an unfair tax system contributing to the company’s declining revenues.
Financial Performance Decline
Seven West Media’s total revenue fell by 4% in the latest financial year. The group’s net profit after tax dropped significantly from $67 million in 2024 to $30 million in 2025.
“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.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Reaction
More than 35% of shareholders opposed the group’s remuneration report, showing dissatisfaction despite executives receiving no bonuses after missing targets.
Investors also expressed frustration over the absence of dividends for eight years. One shareholder highlighted the steep decline in the group's share price, which plunged from $5 with a 5% dividend at purchase to just 13.5 cents without any cash returns today.
Investor Concerns
- Long period without dividends
- Significant share price decline
- Disapproval of executive pay reports despite missed targets
Author’s summary: Kerry Stokes criticizes foreign competitors and tax challenges amid sharp profit declines at Seven West Media, while shareholders express strong dissatisfaction with pay and dividends.