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Mike Harris, the former premier of Ontario, will step down as chairman of Magna International Inc., alongside two other controversial board members who will also not seek re-election.

Harris said in a letter to shareholders Friday he made the decision to retire from the board after the company's traditional trading discount was "eliminated" by a decision to collapse its dual-class share structure in 2010.

"With these important benefits to Magna and its shareholders now fully realized, I will be retiring from the board, along with two of my longtime board colleagues, Donald Resnick and Louis Lataif," he said.

The move comes ahead of the company's annual general meeting in May where changes to Magna's corporate governance come into effect that would require nominees for the board to win a majority of the support from shareholders before being elected to the board.

Harris earned $684,930 in compensation in 2011 for his role on the board and as chairman, company filings show.