Stokes Criticizes “Foreign Marauders” and Tax System at Final AGM
Kerry Stokes, West Australian billionaire and outgoing chair of Seven West Media, used his last annual general meeting to condemn “foreign marauders” and an unfair tax framework that he blamed for the company’s declining revenues.
Financial Performance Declines
Seven West Media’s total revenue dropped by 4% in the most recent financial year. The group’s net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
Stokes’ Remarks 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.”
Shareholder Discontent
More than 35% of shareholders voted against the company’s remuneration report, despite executives receiving no bonuses after missing performance targets. Investors also expressed frustration over the absence of dividends for eight years.
One shareholder highlighted the steep decline in the share price, stating the value had dropped from $5 per share with a 5% dividend at purchase to just 13.5 cents now, with no dividend payouts.
Author's Summary
Stokes criticized external threats and tax issues amid falling revenue and profits, as shareholders voiced strong disapproval over pay and a prolonged dividend drought.