Stokes blames 'marauders' as owners reject pay report

Stokes Blames 'Marauders' as Owners Reject Pay Report

An Australian media mogul, Kerry Stokes, used his final annual general meeting as chair of Seven West Media to criticize "foreign marauders" and an unfair tax system impacting the company's declining revenue.

Seven West Media experienced a 4% drop in total revenue in the latest financial year. Net profit after tax fell 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," Mr 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."

Shareholders reacted negatively to the results, with over 35% voting against the remuneration report despite executives not receiving bonuses for missed targets. Investors expressed frustration over not receiving dividends for eight years, especially as the group's share price plummeted from $5 (with a 5% dividend) to 13.5 cents with no returns.

"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," one investor said.

This issue resonated with the 85-year-old billionaire chair, who acknowledged the significance of the lack of dividends to shareholders.

Summary: Kerry Stokes criticized foreign competitors and tax challenges as Seven West Media's revenues and profits declined, while shareholders expressed discontent over lack of dividends and fall in share value.

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The Canberra Times The Canberra Times — 2025-11-06

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