Magna Provides Additional Voting Information from 2011 Annual Meeting of Shareholders

About this update from Magna International Inc.

[{"type":"text","content":"\n\n\n\n\n\nAURORA, ON, Dec. 6, 2011 /CNW/ - Magna International Inc. (TSX: MG) (NYSE: MGA) today released additional voting information from its 2011 annual\n meeting of shareholders. Although not legally required to be disclosed,\n a number of Magna's institutional shareholders have requested this\n additional information concerning the 2011 annual meeting, including\n through a lawsuit which was filed with the Ontario Superior Court\n yesterday. Full results are included as Appendix A to this press\n release.\n\n\nSeven out of the ten directors elected received votes in excess of 84%\n of the votes cast.  Results for the three other directors - Michael\n Harris, Louis Lataif and Donald Resnick - were impacted by the voting\n recommendation of a major proxy advisory firm which recommended that\n its institutional shareholder clients withhold their vote in respect of\n these three directors. These three directors served on a Special\n Committee of Magna's Board, which some institutional shareholders\n questioned for not making a recommendation on the 2010 plan of\n arrangement (the \"Arrangement\") that ended Magna's former dual class\n share structure. Notwithstanding the absence of such a recommendation\n from the Special Committee, over 75% of Magna's disinterested\n shareholders approved the Arrangement, following which it was approved\n by a judge of the Ontario Superior Court of Justice as being fair and\n in the best interests of shareholders, a decision which was affirmed\n unanimously on appeal. Market reaction to the Arrangement was\n overwhelmingly positive and completion of the Arrangement was a\n significant factor in the 105% increase in the value of Magna's common\n shares on The New York Stock Exchange in 2010.\n\n\nSince the completion of the Arrangement, Magna's Board of Directors\n under the stewardship of Michael Harris, Magna's first independent\n Board Chair in over 40 years, has adopted a wide range of corporate\n governance best practices, including:\n\n\nvoluntary adoption of a majority voting policy, effective 2012;\n\n\nimplementation of a Board succession process which resulted in the\n election of two new independent directors in 2011;\n\n\nintroduction of a mandatory 2/3 Board independence requirement;\n\n\nimplementation of a 75% director attendance standard;\n\n\nformal separation of Board C...

More updates from Magna International Inc.