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Press release from PR Newswire

Magna announces 2012 annual meeting results

Thursday, May 10, 2012

Magna announces 2012 annual meeting results17:00 EDT Thursday, May 10, 2012 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 * No invalid proxies were submitted.   SOURCE Magna International Inc.For further information: <p> For further information, please contact Vince Galifi, Executive Vice-President and Chief Financial Officer at 905-726-7100. </p>