AURORA, Ont.—Auto parts company Magna International Inc. paid founder Frank Stronach a total compensation package worth nearly $47.3-million in 2012, up from nearly $41-million in 2011.
Stronach, who resigned from the Magna board last year, was paid $44.3-million in a cash profit sharing bonus, a $2.3-million consulting fee, $107,000 for company vehicles and $609,000 for personal use of corporate aircraft, according to regulatory documents filed ahead of the company’s annual meeting.
That compared with $68,000 in salary, a $38.1-million cash profit sharing bonus, a $2.3-million consulting fee, $101,000 for company vehicles and $414,000 in personal use of corporate aircraft in 2011.
In 2010, Stronach gave up control of the company and became a consultant with Magna.
As part of the deal, he earns a percentage of the company’s profits.
The payments are being gradually phased out and will be eliminated at the end of 2014.
Meanwhile, the documents show that Magna chief executive Donald Walker earned a total of $16.9-million, up from $15-million.
In 2012, Walker earned a salary of $325,000, $5.4-million in share-based awards, $2.7-million in option-based awards and an $8-million cash bonus plus $376,000 in other compensation.
That compared with a salary of $310,500, $3.5-million in share-based awards, $3.9-million in option-based awards and a $6.9-million cash bonus plus $383,000 in other compensation.
Magna is one of the world’s largest auto parts suppliers with more than 300 factories and 88 product development, engineering and sales centres around the world.