Stokes blames ‘marauders’ as shareholders reject pay report

Shareholders were unimpressed with the result and more than 35 per cent voted against the group’s remuneration report, despite a lack of bonuses for executives who failed to meet targets. Investors were also frustrated they hadn’t received a dividend in eight years, with one noting the group’s share price had tanked from $5 with a five per cent dividend at the time of purchase to 13.5 cents and no cash back today. “I believe that Seven West media is treating minority shareholders such as my wife and I with contempt, belittling us,” he said. The lack of dividends was something to which the 85-year-old billionaire chair could relate. “I’ve had no dividends either, so I am sympathetic to shareholders and dividends,” Stokes told the meeting.