Magna Announces 2024 Annual Meeting Results
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.
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%
------------------------------- ----------- ------ -------------- --------
(END) Dow Jones Newswires
May 09, 2024 18:00 ET (22:00 GMT)
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