Stokes Criticizes "Foreign Marauders" and Tax System at Final AGM
Kerry Stokes, in his last annual general meeting as Seven West Media chair, strongly criticized "foreign marauders" and 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 sharply 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 Reactions
More than 35% of shareholders voted against the company’s remuneration report, despite executives receiving no bonuses for missing targets. Investors expressed frustration over the absence of dividends for eight years.
One investor pointed out that the share price had collapsed from $5 with a 5% dividend at purchase to just 13.5 cents with no cash return today.
Summary
Stokes condemned external threats and fiscal challenges amid declining profits, while shareholders showed dissatisfaction with pay policies and long-standing dividend omissions.
Author's Note
Stokes’s final AGM highlighted deep challenges at Seven West Media rooted in competitive pressures and shareholder discontent over financial returns.