Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
$1.99
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
$1.99
per week
for 24 weeks
// //

Magna founder Frank Stronach, seen here delivering a speech during an election rally in Austria, March 1, 2013.

HEINZ-PETER BADER/The Canadian Press

Frank Stronach no longer sits on the board of Magna International Inc., but his compensation rose 15 per cent in 2012 to $47.3-million (U.S.).

Mr. Stronach founded the company in a Toronto garage in 1957, but has been slowly withdrawing from any role at the auto parts giant since 2010, when he sold multiple voting shares with which he controlled the company for decades. He resigned from the board last year and serves as honorary chairman.

Mr. Stronach's participation in profit-sharing bonuses will end next year as part of the agreement under which he gave up control.

Story continues below advertisement

There were raises across the board for senior executives of the auto parts giant after it posted profit of $1.43-billion in 2012, up 41 per cent from $1.018-billion in 2011.

Chief executive officer Don Walker received $16.9-million total compensation compared with $15-million a year earlier.

Base salaries rose slightly to $325,000 for the top five executives from $310,500, but the bulk of compensation for Magna's senior executives comes in the form of profit sharing.

Profit sharing bonuses ranged from $1.2-million for Jim Tobin, chief marketing officer and president of Magna Asia, to $8.1-million for Mr. Walker.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies