He is married to Elfriede Sallmutter, also from Austria originally, and has two children: Belinda Stronach, a Liberal (formerly Conservative) MP and former CEO of Magna, and Andrew Stronach, who is recognized as one of the keenest analysts of horse bloodlines.
Recently, Stronach has been criticized for his multiple voting shares, which allow him to have majority voting power despite owning only 4% of Magna's equity. His pay packages in the past few years which have been around $30 to 50 million CAD have also aroused concern since he only holds the non-operational role of non-executive chairman, although he still wields vast power in this position (Brian Tobin quit as CEO of Magna's entertainment division, likely because Stronach would not give him autonomy to operate). As a result, Ontario Teachers Pension fund withheld their votes from Stronach and his close allies when it came time to re-elect Magna's board of directors. Some proponents of corporate governance have even made analogies between Stronach and Conrad Black's control of Hollinger Inc. Stronach's blunt response was to tell unhappy investors "if they don't like the restaurant, then don't eat there".
In Canada, Frank Stronach and/or his Stronach Stables has won the Sovereign Award for Outstanding Owner nine times. In the United States, Stronach earned the Eclipse Award for Outstanding Owner in 1998, 1999, and 2000.
In 2000, Frank Stronach won the Eclipse Award for Outstanding Breeder. He subsequently established Adena Springs Farms which owns horse breeding farms in Kentucky, Florida and Canada and won the Eclipse Award for Outstanding Breeder in 2004, 2005 and 2006.
These connections were most famously exhibited when Progressive Conservative Premier Ernie Eves and Finance Minister Janet Ecker delivered the 2003 Ontario budget from a Magna plant. This led to accusations that the government was violating centuries of parliamentary tradition, and is generally believed to have had a negative impact on the Progressive Conservatives in the next provincial election.
Stronach started to become a notable figure also in the Austrian public in the late 1990s. In 1997, he announced the project to build an amusement park in Ebreichsdorf, which would have included a giant globe representing the earth that would have been 110 m high and visible from every point in the Viennese Basin. The project failed due to severe public opposition.
In 1998, Magna took over Steyr Daimler Puch. In the newly merged company Magna Steyr, he successfully prevented the establishment of works councils, in violation of Austrian labor law by reprimanding workers who were cooperating with unions. In 2003, Stronach also planned to take over VOEST, but this project failed. In 2004, a leisure center and the horse racing site Magna Racino were inaugurated at Ebreichsdorf.
Besides horse racing, Stronach is also interested in football. He is the main sponsor of FK Austria Vienna, which, in spite of a budget three times larger than that of its strongest competitors and the fact that Stronach is at the same time the president of the Austrian Bundesliga, has failed to completely dominate the league, winning the Austrian Championship only twice since the club was taken over by Stronach in 1999. Stronach also founded the Frank Stronach Football Academy in Hollabrunn to train and educate adolescent players.
Due to opposition among prominent members of FK Austria Vienna, Stronach decided on November 21, 2005 to withdraw from the club. On November 24, he also decided not to seek re-election as president of the Austrian Bundesliga. However, the Frank Stronach Football Academy continues to operate.
Stronach also has close ties to many Austrian top politicians from various parties. Former finance minister Karl-Heinz Grasser (then member of the Austrian Freedom Party, supported by the Austrian People's Party) worked for Magna for some time after leaving politics following a dispute with his mentor Jörg Haider. Andreas Rudas, a former leading member of the Social Democratic Party of Austria, is currently employed by Stronach.