CANADA'S GREEDIEST MAN? REALLY? BY WHOSE STANDARD? THE RULES WERE NOT WRITTEN FOR HIS UNIQUE ACHIEVEMENTS
Frank Stronach’s big payout
For much of the past decade, the annual meetings of auto parts giant Magna International followed a rhythm as familiar as it was frustrating: a handful of shareholders would stand up and express outrage at founder and chairman Frank Stronach’s hefty annual pay packages; the Austrian-born Stronach, with the squinted eyes of a gunslinger at high noon, would respond by effectively telling everyone to go to hell. In 2003, for example, Stronach bluntly told reporters “I should get more” when asked whether he deserved the $58.1 million he pocketed a year earlier.
The following year he offered his personal philosophy on why company founders should continue to receive rich pay packages even if they’re no longer occupying the job of CEO—it helps foster an entrepreneurial spirit, he explained—but not because he felt the need to justify himself to critics. “I could say, ‘Look, if you don’t like it, sell your shares. It’s a free country.’ ”
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June 28, 2010
Posted by BEYOND RISK at 7/01/2010