06:00:37 EDT Tue 21 May 2024
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Magna International Inc
Symbol MG
Shares Issued 286,122,040
Close 2023-06-15 C$ 75.04
Market Cap C$ 21,470,597,882
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NP says Magna founder philosophizes on "moral rights"

2023-06-15 07:51 ET - In the News

The National Post reports in its Thursday edition that Magna International founder Frank Stronach believes that the "moral right" workers have to share in profits is being neglected in today's business landscape. The Post's Sam Riches writes that Mr. Stronach says: "It's an absolute must to do that. People have enormous potential, and if you create that environment, it's a totally revolutionary process." For large companies of more than 300 employees, Mr. Stronach says 20 per cent of profits should be shared among workers. However, he adds that small businesses should face far less red tape, with the exception of workplace safety and environmental regulations. He says: "That should be the two rules. Take all the other red tape away and businesses would flourish like crazy. There would be thousands of small businesses." According to Mr. Stronach, the Charter of Human Rights alone is not sufficient and needs to be "fortified" with an economic charter of rights. "An economic charter of rights will lead to economic democracies, and economic democracies are the basis for democracy itself." He says any society that "stifles its citizens' pursuit of productivity, ingenuity and creativity is a decaying society."

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