Founder Stronach Wins Re-election to Magna Board

Several big institutional investors failed in their bid to block the re-election of several Magna International Inc. directors, including founder and former Chairman Frank Stronach.

The Ontario Teachers' Pension Plan was among those urging Magna shareholders not to vote for Stronach and directors who approved a deal in 2010 to pay the Stronach family $1 billion deal for voting control of the company.

Shareholders elected all 10 of the company's nominees at its annual meeting on Thursday, according to Magna. It says the candidate won by majorities ranging from nearly 100% to a low of 79.9% for Stronach.