Frank Stronach

Chairman of the Board

Mr. Stronach was born in Weiz, Austria and immigrated to Canada in 1954 with a working background in tool and machine engineering. In 1957 he formed a tool and die company, Multimatic Investments Limited, which subsequently expanded into the production of automotive components. In 1969, Multimatic Investments Limited merged with Magna Electronics Corporation Limited, and subsequently became Magna International Inc.

In 1971 Mr. Stronach introduced his management philosophy, known as Fair Enterprise, to Magna. Fair Enterprise is based on a business Charter of Rights that predetermines the annual percentage of profits shared between employees, management, investors and society, and makes every employee a shareholder in Magna. These rights are enshrined in a governing Corporate Constitution.

Mr. Stronach has served on numerous corporate, government and university boards and has provided assistance to a wide range of charitable and community service organizations. He is the recipient of a Doctor of Philosophy, Honoris Causa from Haifa University in Israel, a Doctor of Laws, Honoris Causa LL.D. from the University College of Cape Breton, a Doctor of Commerce, Honoris Causa from St. Mary's University in Halifax and an Honorary Professorship from the Graz University of Technology. In 1996, Mr. Stronach was inducted into the Canadian Business Hall of Fame. He won the 1997 "Business Leader of the Year Award" from the Richard Ivey School of Business and the 1998 "Entrepreneur of the Year Award" from the University of Michigan. In 1999 he was named a recipient of the Order of Canada and in 2000 he won the Ernst & Young "Entrepreneur of the Year Lifetime Achievement Award." In 2002, the Canadian Council for International Business named Mr. Stronach the 2001 "Canadian International Executive of the Year", and in that same year he received the Gold Medal for meritorious service from Austria. In 2004 he received the Yves Landry Foundation "Person of the Year" Award for his achievement in promoting technological education and technical skills training, and in 2005 he received the B'nai Brith Canada Award of Merit.