Stronach's Magna International Pay Raised $3 Million
Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.The sum is an increase of $3 million, or 9%, from the previous year, according to Bloomberg news agency. Stronach is paid consulting fees for services provided to Magna branches in Europe and for arranging the company's strategic plan. According to a company filing with regulators, Stronach's increase came as the fees he collects for "business development and other services" increased to $34.5 million.A compensation committee of independent directors said in the filing it "considers these arrangements are fair and in the best interests of the corporation and the fees involved continue to be justified by the value of the services provided."Magna International's net income dropped 5.8% to $522 million in 2003 but its stock rose 34% on the Toronto Stock Exchange.