Business
Magna Adopts Further Corporate Governance Enhancements
BUILDS UPON PRIOR INITIATIVES TO EVOLVE ITS CORPORATE GOVERNANCE PRACTICES AURORA, ON...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\n\n\nBUILDS UPON PRIOR INITIATIVES TO EVOLVE ITS CORPORATE GOVERNANCE\n PRACTICES\n\n\nAURORA, ON, Jan. 24, 2012 /CNW/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that its Board has adopted a number of further\n corporate governance enhancements as part of the evolution of its\n corporate governance practices.\n\n\n\"The changes adopted today underscore that the Board continues to be\n responsive to, and is fully aligned with, shareholder interests,\" said\n Magna Chairman Michael Harris. \"Since the completion of the plan of\n arrangement in August 2010, the Board has implemented a number of\n enhancements to its corporate governance practices while continuing to\n emphasize the key operating principles and Corporate Constitution that\n have been the cornerstone of Magna's historical success. During this\n same time, the Board has also approved several increases to Magna's\n dividend, bought back shares under a share buy-back program and\n overseen a number of acquisitions, while continuing to emphasize the\n strong financial discipline that has enabled Magna to have one of the\n strongest balance sheets in the industry. We believe that the Board's\n record demonstrates its continued commitment to building long-term\n shareholder value.\"\n\n\nThe shareholder-friendly enhancements adopted by the Board today\n include:\n\n\n\nSay on Pay:\n\n\n\nCommencing with Magna's 2012 annual meeting, shareholders will vote on\n an advisory resolution relating to the company's approach to executive\n compensation.\n\n\n\nFull Majority Voting::\n\n\n\nMagna's existing majority voting policy has been amended to clarify that\n a resignation delivered by a director who receives more \"Withhold\"\n votes than \"For\" votes, will be accepted unless there are extraordinary\n circumstances that would justify rejecting the resignation. After\n receiving the recommendation of the Nominating Committee, the\n independent directors of the Board who secure a majority of \"For\" votes\n will accept or reject a resignation no more than 90 days after the\n meeting at which the director election occurred. The decision made by\n the independent directors will be publicly disclosed by press release\n and reasons will be provided if a resignation under the policy is\n rejected.       \n\n\n\nDirector Stock...