Seven West Media Faces Shareholder Revolt Over Remuneration
Seven West Media, under the leadership of Kerry Stokes, confronted a strong shareholder backlash at its annual general meeting in Sydney on Thursday. Over 35% of shareholders voted against the company's 2025 remuneration report.
This protest took place despite the company withholding bonuses from executives due to unmet financial targets in the prior year.
Company Overview and Leadership
Seven West Media is a prominent Australian media group with extensive holdings across television, publishing, and digital sectors. Kerry Stokes, who may be chairing his final AGM given the potential acquisition by Southern Cross Media, addressed shareholders’ concerns during the meeting.
"We have faced considerable challenges due to competition from very large international companies stealing all our revenue," Stokes said.
He recognized the tough market conditions and their negative impact on the company’s recent financial results.
Shareholder Concerns
A shareholder expressed deep disappointment over the drastic fall in their investment’s value, which dropped from $1 million to just $27,000. They called on the board to resume dividend payments to shareholders.
Key Points
- More than one-third of shareholders opposed the 2025 remuneration report.
- No executive bonuses were paid due to financial shortfalls.
- Kerry Stokes highlighted fierce international competition.
- Investor frustration grew over steep loss in investment value.
Author's Summary
The shareholder revolt at Seven West Media highlights deep dissatisfaction with the company’s financial struggles, executive pay practices, and the impact of global competition on local media.