Doctor of Commerce
Frank Stronach is the founder and Chairman of Magna International Inc., one of the world?s largest suppliers of automotive systems and components. Headquartered in Markham, Ontario, Magna employs over twenty-one thousand people at eighty-six manufacturing operations in ten different countries.
Born in Weiz, Switzerland, Stronach emigrated to Canada in 1954, with a working background in tool and machine engineering. Three years later, he formed a tool and die company, Multimatic Investements Limited. In 1969, this company merged with the Magna Electronics Corporation Limited, with Stronach as one of the controlling shareholders. Four years later, the corporation was transformed into Magna International Inc. Mr. Stronach is the Chairperson of its Board and coordinates global strategies with respect to technology, marketing, product development, and key management.
In 1971, Stronach introduced his management philosophy to the corporation. Called FAIR ENTERPRISE, it is based on a business Charter of Rights which gives investors, employees, and management the right to share in the profits that help produce. These rights are enshrined in a governing Corporate Constitution.
Over the years, he has served on numerous corporate, government, and university boards, and has provided assistance to a wide range of charitable and community service organizations. In 1994, he received a Doctor of Philosophy (Honoris Causa), from Haifa University in Israel, as well as Doctor of Laws (Honoris Causa) from the University College in Cape Breton.
Earlier this year, Stronach issued a challenge to university and college students around the country when he established a million dollar scholarship fund known as the Magna for Canada Scholarship Fund. This is used to award annual prizes to students with the best twenty-five thousand word essay describing how, if they were the Prime Minister, they would improve living standards and unify our country.