Magna Announces 2023 Annual Meeting Results

Magna International Inc.

Magna International Inc.

AURORA, Ontario, May 11, 2023 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today announced voting results from its 2023 annual meeting of shareholders held on May 11, 2023. A total of 226,558,449 Common Shares or 79.18% 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

Peter G. Bowie

99.05%

Mary Lou Maher

99.64%

Mary S. Chan

99.38%

William A. Ruh

95.29%

Hon. V. Peter Harder

99.08%

Dr. Indira V. Samarasekera

87.97%

Jan R. Hauser

99.64%

Matthew Tsien

99.74%

Seetarama S. Kotagiri (CEO)

99.65%

Dr. Thomas Weber

99.66%

Jay K. Kunkel

99.74%

Lisa S. Westlake

95.15%

Robert F. MacLellan

99.43%

b.         Other Items of Business

Item

Votes FOR

Reappointment of Deloitte

99.58%

Say on Pay

77.22%

Based on the voting results, each of the 13 nominees was elected, and Deloitte reappointed as independent auditor, with a substantial majority. Additionally, Magna’s Say on pay resolution was approved by a significant majority of votes cast. Detailed voting results are included as Appendix “A” to this press release.

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 with a global, entrepreneurial-minded team of 171,000(2) employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 341 manufacturing operations and 88 product development, engineering and sales centres spanning 29 countries.

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

_______________________________________________

(1) Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method.
(2) Number of employees includes over 160,000 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 – 2023 ANNUAL MEETING OF SHAREHOLDERS

Resolution

Votes For

Votes Withheld/Against

#

%

#

%

Elect Peter G. Bowie as Director

215,838,837

99.05

2,079,034

0.95

Elect Mary S. Chan as Director

216,558,282

99.38

1,359,589

0.62

Elect Hon. V. Peter Harder as Director

215,918,600

99.08

1,999,271

0.92

Elect Jan R. Hauser as Director

217,128,755

99.64

789,116

0.36

Elect Seetarama S. Kotagiri (CEO) as Director

217,162,151

99.65

755,720

0.35

Elect Jay K. Kunkel as Director

217,347,729

99.74

570,142

0.26

Elect Robert F. MacLellan as Director

216,686,409

99.43

1,231,462

0.57

Elect Mary Lou Maher as Director

217,125,346

99.64

792,525

0.36

Elect William A. Ruh as Director

207,655,388

95.29

10,262,483

4.71

Elect Dr. Indira V. Samarasekera as Director

191,705,980

87.97

26,211,891

12.03

Elect Matthew Tsien as Director

217,356,500

99.74

561,371

0.26

Elect Dr. Thomas Weber as Director

217,169,041

99.66

748,830

0.34

Elect Lisa S. Westlake as Director

207,339,296

95.15

10,578,575

4.85

Re-Appointment of Deloitte LLP as Auditor

225,599,042

99.58

959,407

0.42

Advisory Resolution on Executive Compensation

168,271,368

77.22

49,646,503

22.78

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