The Conversation (0)
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.
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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% |
Figure 1 – Compilation of all KalGold and historic drilling throughout the Lighthorse Corridor and surrounds, including Kirgella Gift and Providence, superimposed on aeromagnetic data. Lighthorse remains open to the north for 1,500 m up to the palaeochannel (hatched), and at least another 1,200 m further north. To the south, historic drilling is being evaluated, but at least some holes are deemed ineffective (i.e. have not penetrated to sufficient depth beneath transported cover) Assessment is ongoing. Lighthorse appears to be along strike from the historic T15 prospect (also currently under assessment). Projection: MGA 94 Zone 51.
Figure 2 – Opportunity map at and around the Lighthorse gold discovery along an approximate 6 km of strike. Areas further along strike to the north and south have not been assessed. Open undrilled areas along strike (green) will require first-pass aircore drilling as a priority. Conditional areas (yellow-green) will be drilled pending assessment, either of historic drill holes or of results to the north and south. Historic drilling at the T15 prospect (yellow) is being fully reassessed to determine where mineralisation is tested and/or remains open. See Figure 1 for legend. Projection: MGA 94 Zone 51.
Figure 1. Quartz vein hosting multiple zones of primary textured visible gold from the CUD-GPX01 target outcrop (Surface rock chip sample location 576,927 E and 6,968,276 N - Regional GDA2020 / MGA Zone 50 co-ordinates)
Figure 1 – New drill areas (pink labels) that are the focus of the new drill program at Pinjin. Projection: MGA 94 Zone 51.
Figure 2 – KalGold’s Pinjin Gold Project within the Laverton Tectonic Zone, showing current targets, work programs and other major deposits of the region. 50km grid. Projection: MGA 94 Zone 51.
Figure 1. Location map of reconnaissance samples, samples coloured by gold content. Map is in MGA GDA 94 zone 51.