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Magna International has paid $ 47.3 million to Frank Stronach

The remuneration paid by the manufacturer of auto parts Magna International (TSX: MG) has its founder Frank Stronach has totaled nearly $ 47.3 million in 2012, up from the sum of nearly $ 41 million of previous year.

Mr. Stronach, who has resigned from the board of directors of Magna last year, got a bonus in cash profit sharing of $ 44.3 million, $ 2.3 million consulting fee, $ 107,000 for company vehicles and $ 609,000 for the use of a business aircraft for personal use, according to documents made public regulation in anticipation of the annual meeting of the society.

This compares to earnings of $ 68,000, the premium in cash profit sharing of $ 38.1 million in consulting fees of $ 2.3 million, the sum of $ 101,000 for vehicles the company and the amount of $ 414,000 was for personal use of a business unit achieved in 2011.

In 2010, Mr. Stronach has relinquished control of the company and became an advisor to Magna.

As part of the agreement with Magna, Stronach gets a percentage of the profits of the company.

Payments decrease gradual way and will be eliminated at the end of 2014.

Magna International has paid $ 47.3 million to Frank Stronach picture #1

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