Magna Announces 2019 Annual Meeting Results

AURORA, Ontario, May 09, 2019 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced voting results from its 2019 annual meeting of shareholders. A total of 244,128,107 Common Shares or 75.56% of our issued and outstanding Common Shares were represented in person or by proxy at the meeting. Shareholders voted by a show of hands in favour of each item of business other than the shareholder proposal. Voting results were as follows for the items of business addressed at the meeting:

a.         Election of Directors    

b.         Other Items of Business

Based on the voting results, each of the 11 nominees was elected with a substantial majority. Similarly, Deloitte was reappointed as Magna's independent auditors and the Say on Pay resolution was approved, in each case by a substantial majority. Finally, the shareholder proposal was rejected by a substantial majority. Detailed voting results are included as Appendix "A" to this press release.                                                                                                                                                                                                                                        

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
[email protected]  ?  905.726.7035

MEDIA CONTACT
Tracy Fuerst, Director of Corporate Communications & PR
[email protected]  ?  248.631.5396

OUR BUSINESS ⁽¹⁾
We are a mobility technology company. We have more than 169,000 entrepreneurial-minded employees and 338 manufacturing operations and 89 product development, engineering and sales centres in 28 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mirrors & lighting, mechatronics and roof systems. Magna also has electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

⁽¹⁾ _{Manufacturing operations, product development, engineering and sales centres and employee figures include certain equity-accounted operations.}

Appendix "A"

VOTING RESULTS - 2019 ANNUAL MEETING OF SHAREHOLDERS