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Magna Announces 2024 Annual Meeting Results

Magna International Inc.
Magna International Inc.

AURORA, Ontario, May 09, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced voting results from its 2024 annual meeting of shareholders held on May 9, 2024. A total of 230,328,916 Common Shares or 80.18% of our issued and outstanding Common Shares were represented in person or by proxy at the meeting. Shareholders voted in favour of each item of business, as follows:

a.  Election of Directors

Nominee

Votes FOR

Nominee

Votes FOR

Mary S. Chan

95.27%

Mary Lou Maher

98.16%

Hon. V. Peter Harder

98.97%

William A. Ruh

96.46%

Jan R. Hauser

99.73%

Dr. Indira V. Samarasekera

89.07%

Seetarama S. Kotagiri (CEO)

99.54%

Matthew Tsien

96.22%

Jay K. Kunkel

99.83%

Dr. Thomas Weber

95.08%

Robert F. MacLellan

97.63%

Lisa S. Westlake

95.29%

b.  Other Items of Business

Item

Votes FOR

Reappointment of Deloitte

99.65%

Say on Pay

85.36%


Based on the voting results, all 12 nominees were re-elected to the Board, Deloitte was reappointed as independent auditor, and the “Say on Pay” resolution was approved – in each case by a substantial majority. Detailed voting results are included as Appendix “A” to this press release.

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Following the annual meeting, Magna’s Board confirmed:

  • Robert F. MacLellan as Board Chair;

  • Hon. V. Peter Harder as Governance, Nominating and Sustainability Committee Chair;

  • William A. Ruh as Technology Committee Chair; and

  • Dr. Indira V. Samarasekera as Talent Oversight and Compensation Committee Chair.

Additionally, the Board appointed Mary Lou Maher as Audit Committee Chair.

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com │ 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice-President, Corporate Communications & PR
tracy.fuerst@magna.com │ 248.761.7004

OUR BUSINESS (1)

Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of 179,000(2) employees across 343 manufacturing operations and 105 product development, engineering and sales centres spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.

_________________________________

(1) Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method.

(2) Number of employees includes over 168,000 employees at our wholly owned or controlled entities and over 11,000 employees at certain operations accounted for under the equity method.


Appendix “A”

VOTING RESULTS - 2024 ANNUAL MEETING OF SHAREHOLDERS

 

 

 

Resolution

Votes For

Votes Withheld/Against



#



%



#



%

Elect Mary S. Chan as Director

210,757,008

95.27%

10,459,072

4.73%

Elect Hon. V. Peter Harder as Director

218,937,628

98.97%

2,278,451

1.03%

Elect Jan R. Hauser as Director

220,612,060

99.73%

604,019

0.27%

Elect Seetarama S. Kotagiri (CEO) as Director

220,191,583

99.54%

1,023,497

0.46%

Elect Jay K. Kunkel as Director

220,843,148

99.83%

372,931

0.17%

Elect Robert F. MacLellan as Director

215,972,307

97.63%

5,243,772

2.37%

Elect Mary Lou Maher as Director

217,156,631

98.16%

4,059,448

1.84%

Elect William A. Ruh as Director

213,392,737

96.46%

7,823,342

3.54%

Elect Dr. Indira V. Samarasekera as Director

197,029,150

89.07%

24,186,928

10.93%

Elect Matthew Tsien as Director

212,857,571

96.22%

8,358,062

3.78%

Elect Dr. Thomas Weber as Director

210,326,396

95.08%

10,889,683

4.92%

Elect Lisa S. Westlake as Director

210,793,229

95.29%

10,422,850

4.71%

Re-Appointment of Deloitte LLP as Auditor

229,513,189

99.65%

815,727

0.35%

Advisory Resolution on Executive Compensation

188,837,911

85.36%

32,377,922

14.64%