Seven West Media, led by Kerry Stokes, experienced a significant shareholder revolt at its annual general meeting in Sydney on Thursday. More than 35 per cent of shareholders voted against the company’s 2025 remuneration report. The protest vote occurred despite the company not awarding bonuses to executives, as financial targets were unmet in the past financial year. Seven West Media is a major Australian media organisation with diverse assets in television, publishing, and digital media.
Kerry Stokes, who is potentially presiding over his last AGM as chairman pending the proposed acquisition by Southern Cross Media, addressed shareholder concerns. He stated the company had faced considerable challenges due to competition from “very large international companies stealing all our revenue”. Stokes acknowledged the difficult operating environment and its impact on the company’s financial performance.
One shareholder voiced their frustration regarding the significant decline in the value of their investment, which had dwindled from $1 million to $27,000. The shareholder urged the board to reinstate dividend payments. Stokes responded by indicating that dividends would be considered when the company’s financial situation improved. Seven West Media operates Channel 7 and publishes various newspapers.
The remuneration report strike adds pressure on Seven West Media’s board as it navigates the proposed merger with Southern Cross Media and aims to improve shareholder returns in a competitive media landscape. It remains to be seen how the company will respond to the concerns raised by shareholders and what steps it will take to address the issues surrounding executive compensation and dividend payments.
