Reports: Stronach Made Millions in Consulting Fees

Magna International chairman Frank Stronach earned $58.1 million (Canadian) last year, most of it from consulting fees from three European subsidiaries, according to newspaper reports in Canada.

The information is contained in a proxy for Magna's annual meeting, the Toronto Globe and Mail reported. The $58.1 million includes salary, consulting fees, and cash from exercising stock options in 2002.

The Toronto Star reported Stronach has received $231 million in compensation from Magna in the last five years, far more than any other Canadian executive. The newspaper said Stronach's 2002 pay is 6.6% of Magna's net profits for the year.

The newspapers also reported Belinda Stronach, the company's chief executive officer, received more than $9 million (Canadian) in compensation, up from less than $3 million the previous year.

Magna Entertainment, a subsidiary of Magna International, is the company's horse racing arm. It owns more than 10 racetracks in the United States and Canada.