Another year, another $40.3 million US for Frank Stronach, the high-rolling auto parts magnate.

Stronach, founder and chairman of Ontario-based Magna International Inc., routinely ranks near the top of the Canadian executive pay standings. His 2007 pay package — up 45 per cent from 2006 — is likely to have few equals.

Magna chairman Frank Stronach regularly ranks high in executive pay standings.
(Adrian Wyld/Canadian Press)

His daughter, Belinda Stronach, who rejoined the company as executive vice-chairman in May, collected about $4.3 million U.S. for eight months work while keeping a foothold in the House of Commons. 

Having defected from the Conservatives to become a cabinet minister in a dying Liberal government, she remains a Liberal MP until the next election.

Her father's pay package consists of a $200,000 US base salary and $40.1 million US of "other" compensation, mostly fees paid by Magna subsidiaries.

This was for a year in which Magna's profit rose 26 per cent to $663 million US and the market value of its class A subordinate-voting shares, the kind held by public stockholders, fell 15 per cent, ending the year at $80.18 Cdn. In Toronto Stock Exchange trading on Friday morning, the price was down to $72.42 Cdn.

According to the compensation committee of Magna's board of directors, Stronach was worth every penny he received even though he didn't work for the company full time. His outside interests include horse-racing and gambling enterprises.

"As part of its review, the committee continued to recognize that Mr. Stronach continued to have business activities unrelated to Magna, but that this does not detract from the quality and value of his ongoing contribution to Magna," the committee's latest report says.