Seven West Media has faced a significant shareholder rebellion as investors overwhelmingly voted against the company's executive remuneration report during a heated annual meeting.
Shareholder Anger Boils Over
The media company witnessed substantial dissent from its investors, with nearly 42% of votes cast against the remuneration report at the November 2025 AGM. This represents one of the largest protest votes against an Australian company's pay policies in recent memory, highlighting growing investor frustration with executive compensation practices.
Chairman Kerry Stokes found himself defending the company's position to increasingly vocal shareholders, some of whom directly challenged the board's decisions regarding executive pay packages. The revolt comes amid ongoing financial challenges for the traditional media company, which has been navigating the difficult transition from legacy broadcasting to digital media.
Stokes Defends Position Amid Criticism
In a surprising move during the confrontational meeting, Kerry Stokes revealed that he too has suffered substantial financial losses from his investment in Seven West Media. The billionaire businessman attempted to align himself with ordinary shareholders by emphasising that all investors, including himself, were experiencing pain from the company's declining share price.
"I've lost more money than anyone in this room," Stokes told shareholders, though this claim did little to quell the anger in the room. Many investors remained unconvinced by this argument, pointing out that executive pay packages appeared disconnected from the company's financial performance and shareholder returns.
Broader Implications for Corporate Governance
The substantial protest vote against Seven West Media's remuneration report signals growing investor activism in Australian corporate governance. Shareholders are increasingly willing to use their voting power to challenge boards on executive compensation, particularly when pay outcomes appear misaligned with company performance.
This incident follows similar shareholder revolts across corporate Australia, as institutional investors become more assertive in holding company directors accountable. The 42% vote against the remuneration deal represents a clear warning to the Seven West Media board that significant changes to their executive compensation structure may be necessary to restore investor confidence.
The outcome places additional pressure on chairman Kerry Stokes and the board to reconsider their approach to executive pay and improve communication with shareholders about how remuneration decisions align with company strategy and performance metrics.
