Magna Announces 2023 Annual Meeting Results

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

b.         Other Items of Business

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.

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⁽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