Subjects: ANNUAL MEETINGS, BOARD OF DIRECTORS
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
[email protected] ? 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice-President, Corporate Communications & PR
[email protected] ? 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.
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(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% |
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