Stokes blames 'marauders' as owners reject pay report

Stokes Blames 'Marauders' as Owners Reject Pay Report

Revenue Decline and Shareholder Discontent

Australian media magnate Kerry Stokes used his final annual general meeting as Seven West Media chair to criticize what he called foreign “marauders” and an unfair tax system for damaging the company’s performance. Seven West’s total revenue fell by four percent in the latest financial year, while net profit after tax dropped 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.”

Investor Frustrations

Over a third of shareholders voted against the company’s remuneration report, expressing disappointment despite the absence of executive bonuses for missed targets. Investors voiced concern over going eight years without a dividend.

Shareholders noted the company’s share price had fallen from $5 with a 5% dividend at purchase to 13.5 cents without any return.
One investor accused Seven West Media of showing contempt toward minority shareholders.

“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” he said.

Stokes, now 85, acknowledged understanding the frustration over the lack of dividends.

Author’s Summary

Kerry Stokes criticized global competitors and tax policies as Seven West Media endured a major profit decline, prompting strong backlash from dissatisfied shareholders.

Michael West Media — 2025-11-06