TORONTO, ON—Frank Stronach, founder and honorary chairman of Magna International Inc., was honoured Wednesday night with the Fraser Institute's T. Patrick Boyle Founder's Award during a gala dinner at the Four Seasons Hotel in Toronto.
The Fraser Institute gives the award annually to recognize excellence and accomplishment in the promotion of entrepreneurship, philanthropy, and free-market ideas.
In accepting the award, Stronach gave a passionate speech about the dangers of increasing government levels of debt and how that hinders business in creating jobs.
He reiterated his belief that Canada needs to reform its education and health systems and suggested it’s time to simplify the country’s income tax system by considering a flat tax.
Magna is one of the world’s leading automotive parts manufacturers and one of Canada’s largest publicly traded companies. Under Stronach’s leadership, the company grew from a one-man tool and die shop in Toronto to a multinational manufacturing organization employing more than 100,000 people in 26 countries, with annual revenues of more than $24 billion in 2010.
“Mr. Stronach exemplifies the ideals of entrepreneurship and free-market enterprise,” said Brett Skinner, Fraser Institute president.
“His drive and dedication to growing his business here in Ontario and his efforts to build a company where employees share in the rewards of success have created good jobs for thousands of Canadians and helped bring prosperity to this country.”
Last year, the T. Patrick Boyle Founder’s Award was given in Toronto to Peter Munk, founder and chairman of Barrick Gold.