Magna has adopted a number of leading corporate governance practices, which have primarily been formalized in our Board Charter. These practices include:
- an independent Board, at least 2/3 of the members of which must be independent;
- fully independent Board Committees;
- an independent Chairman of the Board;
- formal separation of Chairman and Chief Executive roles;
- written expectations of directors, including with respect to minimum attendance at Board and Committee meetings, maximum number of Boards on which they serve, limitations on interlocking directorships and other matters;
- voluntary adoption of a majority voting policy commencing in May 2012;
- voluntary adoption of “Say on Pay” commencing in May 2012; and
- a formal director education policy.
These formal corporate governance practices supplement Magna’s long-standing Corporate Constitution which, since adoption in 1984, has sought to balance the interests of Magna’s various stakeholders, as well as Magna’s Employee’s Charter and core operating principles. Click on the links below or to the left to learn more about different aspects of our corporate governance or to access our policies, charters and other governance documents.