Kerry Stokes' Seven West Media Faces Shareholder Backlash
At the company’s annual general meeting, investors sent a clear message to billionaire Kerry Stokes: their patience is running out regarding Seven West Media’s executive pay plans and its declining market value.
Stokes' Likely Final AGM as Chairman
After five decades in the Australian media industry, largely as one of the country’s most powerful figures, the 85-year-old Stokes is expected to step down as chairman early next year. This will occur if the proposed merger with Southern Cross Austereo receives approval.
Steep Decline in Share Price
Seven West Media’s share price has plummeted over 99% from its 2007 peak of more than $14 per share when the broadcaster was at its height. Today, the price stands around $0.14, reflecting the company’s diminished influence.
Shareholder Frustrations at the AGM
- Discontent over executive remuneration policies
- Criticism for the absence of dividends in recent years
- Concerns about the plummeting share price
“Patience is wearing thin for Seven’s plans on executive pay, its failure to declare a dividend in years, and a share price circling the drain.”
At Thursday’s AGM, Stokes was confronted with growing shareholder dissatisfaction tied to the company’s steep market value decline.
Summary: Kerry Stokes’ final tenure as chairman of Seven West Media is marked by shareholder frustration over executive pay, lack of dividends, and a drastically fallen share price.