Magna announces 2012 annual meeting results

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May 10, 2012, 05:00 ET

AURORA, ON, May 10, 2012 /PRNewswire/ - Magna International Inc. (TSX: MG, NYSE: MGA) announced voting results from its 2012 annual meeting of shareholders held today. A total of 192,293,612 million Common Shares, or 82% of our issued and outstanding Common Shares, were voted in connection with the annual meeting. Shareholders voted in favour of all items of business, including election of each director nominee by a substantial majority as follows:

Scott Bonham	99.33%
Peter G. Bowie	99.33%
Hon. J. Trevor Eyton	98.40%
V. Peter Harder	97.36%
Lady Barbara Judge	89.35%
Kurt J. Lauk	99.73%
Frank Stronach	79.94%
Donald J. Walker	98.67%
Lawrence D. Worrall	99.22%
William Young	99.65%

Additionally, Magna's advisory "say on pay" vote received 80% support. Full results of the votes are included as Appendix A to this press release.

Immediately following the meeting, the independent directors elected at the meeting selected William (Bill) Young as the new Board Chair and approved the following committee appointments:

Audit Committee: Lawrence Worrall (Chair), Peter Bowie and Dr. Kurt Lauk.
Corporate Governance, Compensation and Nominating Committee: Bill Young (Chair), Trevor Eyton and Peter Harder. This Committee combines the respective oversight functions previously carried out separately by our Corporate Governance and Compensation Committee and our Nominating Committee.
Enterprise Risk Management Committee: Lady Barbara Judge (Chair), Scott Bonham and Lawrence Worrall. This Committee will be responsible for oversight of our environmental, health and safety activities which were previously carried out by our Health and Safety and Environmental Committee, as well as our overall enterprise risk management activities.

In accordance with our Board Charter, each Committee of Magna's Board is composed solely of independent directors. Committee Charters will be updated in due course to reflect the above changes to the Committee structure.

About Magna

We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; hybrid and electric vehicles/systems; as well as complete vehicle engineering and assembly.

We have over 111,000 employees in 294 manufacturing operations and 87 product development, engineering and sales centres in 26 countries.

APPENDIX A

VOTING RESULTS - 2012 ANNUAL MEETING OF SHAREHOLDERS

Resolution	Vote Type*	Voted	Voted (%)
Elect Scott Bonham as Director	For Withheld	186,805,447 1,254,907	99.33 0.67
Elect Peter G. Bowie as Director	For Withheld	186,808,661 1,251,694	99.33 0.67
Elect Hon. J. Trevor Eyton as Director	For Withheld	185,053,868 3,006,486	98.40 1.60
Elect V. Peter Harder as Director	For Withheld	183,095,586 4,964,768	97.36 2.64
Elect Lady Barbara Thomas Judge as Director	For Withheld	168,039,419 20,020,935	89.35 10.65
Elect Kurt J. Lauk as Director	For Withheld	187,548,509 511,845	99.73 0.27
Elect Frank Stronach as Director	For Withheld	150,327,030 37,733,324	79.94 20.06
Elect Donald J. Walker as Director	For Withheld	185,555,237 2,505,117	98.67 1.33
Elect Lawrence D. Worrall as Director	For Withheld	186,592,975 1,467,380	99.22 0.78
Elect William Young as Director	For Withheld	187,395,596 664,758	99.65 0.35
Appointment of Auditors	For Withheld	187,757,492 4,536,120	97.64 2.36
Advisory Resolution on Approach to Executive Compensation	For Against	150,937,745 37,122,606	80.26 19.74