2010 Minnesota Census of Women in Corporate Leadership

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The 2010 Minnesota Census of Women in Corporate Leadership How Minnesota’s Top Public Companies Rank

Report produced by St. Catherine University and the Minnesota Women’s Economic Roundtable

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APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

TIME TO TAKE ACTION

Increasing the number of women in corporate leadership is good governance.

The third annual Minnesota Census of Women in Corporate Leadership reveals that women have made little progress in joining the top leadership ranks of Minnesota’s largest 100 publicly held companies over the past year.

Consider the evidence: ■ Women hold 14.3 percent of the available board seats in Minnesota’s 100 largest publicly held companies; that’s 116 of the 814 board seats available in 2010. The number of seats held by women declined between 2009 and 2010 by three seats.

■ Twenty-eight of the top 100 public companies in Minnesota have no women board members.

■ Forty-one of the top 100 public companies have only one woman on their boards.

■ Eight companies showed a net increase of one woman on their boards. Four companies had a net decrease in the number of women on their boards.

■ Only 12 of the top 100 public companies in Minnesota include women of color among their women board members.

Lack of gender diversity in top corporate ranks — including the executive suite — is more than an issue of equity. Gender imbalance fundamentally shapes business performance and ultimately impacts the economic future of our state.

Women directors make substantive contributions to boards, according to the Harvard Business Review, including more collaborative approaches to leadership. Additional research suggests that the presence of at least three women on corporate boards correlates with improved financial performance.

To move our state forward, corporate leadership in Minnesota must draw upon the talents, skills and creativity of a more balanced representation of our population.

PAULA MEYER

LINDA HALL KELLER, Ph.D.

steering committee co-chair, The 2010 Minnesota Census of Women in Corporate Leadership

steering committee co-chair, The 2010 Minnesota Census of Women in Corporate Leadership

E-mail the steering committee co-chairs at wcdmsp@gmail.com

Where Are the Women?

Minnesota companies that include no women corporate directors or women executive officers (Section 16b) on their corporate leadership teams include:

CEO James Mandel

Broadview Institute, Inc.

CEO Jeffrey Myhre

Multiband Corp.

Cardiovascular Systems, Inc.

CEO David Martin

Nortech Systems, Inc.

CEO Michael Degen

Compellent Technologies, Inc.

CEO Philip Soran

Rimage Corp.

CEO Sherman Black

Digi International, Inc. Entrex Corp.

Image Sensing Systems, Inc. Insignia Systems, Inc.

CEO Joseph Dunsmore CEO Peter Hauser CEO Ken Aubrey CEO Scott Drill

Rochester Medical Corp.

Stratysis, Inc. Vital Images, Inc. Virtual Radiologic Corp.

IntriCon Corp.

CEO Mark Gorder

Winland Electronics, Inc.

Lakes Entertainment, Inc.

CEO Lyle Berman

WSI Industries, Inc.

Mocon, Inc.

CEO Robert Demorest

CEO Anthony Conway CEO Scott Crump CEO Michael Carrel CEO Rob Kill CEO Thomas dePetra CEO Michael Pudil Data based on SEC filings as of June 30, 2010.

Electronic copies of The 2010 Minnesota Census of Women in Corporate Leadership are available at: mncensus.stkate.edu

PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011

EXECUTIVE SUMMARY

By REBECCA HAWTHORNE, Ph.D. and JOANN BANGS, Ph.D. St. Catherine University, Master of Arts in Organizational Leadership

The 2010 Minnesota Census of Women in Corporate Leadership presents a tale of stalled progress and missed opportunities. Only eight of Minnesota’s top 100 publicly held companies experienced a net gain in women corporate directors in 2010. Four companies experienced a net loss. Of the 72 new board seats that became available in 2010, only 14 seats were awarded to women.

Lack of racial diversity is also an issue. Only 1.7 percent of the people who serve on Minnesota boards are women of color.

One Minnesota company — Granite City Food & Brewery, Ltd. — added six board seats in 2010 and appointed six white men to fill them.

Diversifying a corporate leadership team provides a competitive advantage. A handful of Minnesota’s Fortune® 500 companies are appointing highly qualified women of color to their boards. Others must follow their lead.

As in the two earlier versions of the Census, the 2010 Honor Roll is comprised of companies in which women make up at least 20 percent of the board and at least 20 percent of executive officers. “Special Distinction” is reserved for those companies in which women make up at least 30 percent of the board and at least 30 percent of executive officers.

This year’s Honor Roll reflects the tenuous progress companies have made toward diversifying their corporate boards and executive offices.

In several cases, the departure of one or two women removes companies from Honor Roll recognition because they lack the critical mass to maintain a diverse leadership team. Consider: ■ SUPERVALU, INC. departed the Honor Roll after losing one woman director.

■ UnitedHealth Group, Inc. left the Honor Roll after it added two executive officers to its senior leadership ranks, both men.

■ Famous Dave’s of America, Inc. added one board seat, filled by a man, which took it off the Honor Roll.

■ Select Comfort Corp. lost one woman director, which knocked it off the Honor Roll.

The movement of these companies off the Honor Roll underscores why Minnesota corporations must attain critical mass in their leadership ranks for progress to occur. One woman director and/or one woman executive is not enough.

Research on women in leadership A recent global survey by McKinsey & Company (2010) reveals that 72 percent of male and female executives believes gender diversity in corporate leadership leads to improved financial performance. Yet translating belief into practice continues to elude many companies, including the majority of Minnesota’s top 100 publicly held companies.

A body of widely recognized research links competitive advantage with boards that embrace diversity of gender, ethnicity and skill set (Deloitte, 2010; Ernst and Young, 2009; CalPERS, 2009; Catalyst, 2007). The presence of a critical mass of women in leadership improves the corporate bottom line in terms of both financial profits and effective decision-making.

A “critical mass,” according to Wellesley Centers for Women (2006), consists of three or more women — the number at which women directors and senior executives are perceived as individuals with unique skill sets and voices as opposed to representatives of their gender. The presence of three or more women also shifts the dynamics of how boards operate, research shows.

In 2010, only six Minnesota Census companies had three or more women directors. This is a decline from the nine companies with three or more women directors in The 2009 Minnesota Census.

Despite an increasing number of highly qualified women in the leadership pipeline (48 percent of the labor force and 51 percent of all management/professional positions, according to the White House Project, 2010), women’s progress beyond middle management has stalled.

Only in rare instances do we find three women on the board or in the senior executive offices of Minnesota’s top companies.

Women CEOs lead only six of the 100 companies in The 2010 Minnesota Census.

Engaging the talents, creativity and expertise of all highly qualified individuals — men and women working in partnership — will provide Minnesota with the strongest human capital upon which to build a resilient economic future.

Percent of Board Seats Held by Women Nationally Nationwide (497) California (51,400) Chicago (28,50) Florida (15,100) Georgia (13,150) Kansas/Missouri (10,43) Maryland (6,86) Massachusetts (11,100) Michigan (17,17) Minnesota (17,100) NYC Metro (64,100) Philadelphia (12,100) Tennessee (7,72) Texas (49,97) Wisconsin (8,50)

0%

5%

10%

% Fortune 500 director seats filled by women ®

15%

20%

25%

% director seats filled by women

The numbers in parentheses indicate the number of companies in each region designated Fortune® 500, followed by the total number of companies in that region’s sample.

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APRIL 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Serving on Minnesota’s Corporate Boards A look at the state’s top 100 public companies

Women Corporate Directors by Company Size

Women Corporate Directors by Seats (Based on SEC filings as of June 30, 2010)

Percent and Number of Companies

4

■ Women hold 14.3 percent (116) of the 814 available board seats in Minnesota’s 100 largest publicly held companies, a net decrease of three seats from The 2009 Minnesota Census. The overall percentage of seats held by women corporate directors has not increased over the past three years.

■ The percentage of seats held by women corporate directors tends to increase with company size.

Women Corporate Directors by Company ■ Women serve on the boards of 72 of Minnesota’s 100 largest publicly held companies, a decrease of one company from 2009.

80%

6

Fortune® 500

70%

Other

50% 40%

32

27

30%

2 3

20% 10%

1

0%

13

1

2

■ Minnesota companies reporting larger revenues tend to have a greater number and percentage of women corporate directors than smaller companies.

3 or more

Companies with 3 or more women directors:

››› Of the 17 Minnesota Fortune® 500 companies, three have three or more women corporate directors, 10 have two women corporate directors, three have one woman corporate director and one (Nash Finch Co.) has none.

ALLETE, Inc. General Mills, Inc.

››› Of the eight Minnesota Fortune® 501–1000 companies, none have three or more women corporate directors, two have two women corporate directors and six have one.

Hormel Foods Corp.

››› Of the remaining 75 Minnesota companies in the Census (whose revenues range from $17 million to $1.5 billion), three have three or more women corporate directors, 13 have two women corporate directors, 32 have one and 27 have none.

Piper Jaffray Companies MTS Systems Corp.

Target Corp.

Changes in Women Corporate Directors from 2009 to 2010: Missed Opportunities A total of 72 new directors were added to the boards of Minnesota’s largest 100 publicly held companies in 2010. Only 14 of those 72 board seats went to women. Twelve companies added a total of 14 new women directors. These 14 new women directors represent only 19.4 percent of the new directors. This represents multiple missed opportunities to diversify boards.

3 0 3

0 0

■ Six of the top 100 companies have three or more women corporate directors (down from nine in 2009), 25 companies have two women corporate directors, 41 have one woman corporate director and 28 have none.

Companies with a 2010 net increase in women directors: ALLETE, Inc.

Of Minnesota’s largest 100 publicly held companies, only eight companies achieved a net increase of one woman director in 2010.

Four companies had a net decrease of one woman director. Eighty-eight companies experienced no change in the total number of women corporate directors.

Best Buy Co., Inc. Digital River, Inc. Hutchinson Technology, Inc.

Minnesota companies that added women directors in 2010: ALLETE, Inc. Alliant Techsystems, Inc. (added two women directors) Best Buy Co., Inc. Digital River, Inc.

Fortune® 501–1000

10

60%

Ecolab, Inc. Hormel Foods Corp.

Hutchinson Technology, Inc. MTS Systems Corp. (added two women directors)

MoneyGram International, Inc. Piper Jaffray Companies Xata Corp.

Xcel Energy, Inc.

MTS Systems Corp.

MoneyGram International, Inc. Piper Jaffray Companies Xata Corp.

Comparisons with National Data

Minnesota’s data on women directors are comparable to the national trends. The percentage of board seats held by women directors in Minnesota (14.3 percent) falls in the upper-middle range of the national data reported by ION, a national nonprofit organization dedicated to advancing women in corporate leadership. However, Minnesota’s Fortune® 500 companies out-perform Fortune® 500 companies across the country.

Companies with a 2010 net decrease in women directors:

■ In the 14 regions reported in the national ION data, women hold between 8.3 percent and 18.4 percent of the available board seats in all companies included in the research. Minnesota weighs in with 14.3 percent.

■ In Fortune® 500 companies nationwide, women hold 15.7 percent of the available board seats. Minnesota’s Fortune® 500 companies have women directors in 20.1 percent of the available board seats.

■ In the 14 regions reported in the national ION data, the percentage of companies with no women corporate directors ranges from 8 percent to 50.6 percent. Twenty-eight percent of Minnesota’s 100 largest publicly held companies have no women corporate directors; that figure is 1 percentage point higher than the percentage of companies with no women corporate directors in 2009.

Percent of Board Seats Held by Women of Color Nationally Nationwide (497)

SUPERVALU, INC. The Valspar Corporation Vascular Solutions, Inc.

Women Directors of Color For the first time, the Minnesota Census examined directors’ seats held by women of color. Women of color — as classified and named by the U.S. Census Bureau — include women identified as Black, Hispanic, Asian, Native Hawaiian and other Pacific Islander, and American Indian or Alaskan Native.

Chicago (50) Florida (100) Georgia (150)

Twelve of Minnesota’s 100 largest publicly held companies have women directors of color. Two of the 12 companies have two women of color serving on their boards. The 10 other companies each have one woman director of color.

Kansas/Missouri (43) Maryland (86)

■ Women of color hold 1.7 percent of the available board seats in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $17 million to $87 billion.

Massachusetts (100) Michigan (17)

■ Fourteen women of color hold board seats. This represents 12.1 percent of the total board seats held by women directors in Minnesota’s 100 largest publicly held companies.

Minnesota (100)

■ Of the 17 Minnesota Fortune® 500 companies, six companies have one or two women of color on the board; 11 companies have none.

NYC Metro (100) Philadelphia (100)

Comparisons with National Data: Missed Opportunities

Tennessee (72)

Women of color are scarce on corporate boards. Nationwide, women of color hold between 0.0 percent to 3.3 percent of the available board seats of companies in the 14 regional samples. Minnesota, with 1.7 percent women directors of color, is in the middle of the range. Of the new 72 directors added to Minnesota’s largest 100 publicly held companies during 2010, none were women of color.

Texas (97) Wisconsin (50)

0.0%

Select Comfort Corp.

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

The numbers in parentheses indicate the number of companies in that region’s sample.

PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 2011

Number of Women Corporate Directors by Company

Bold indicates companies with a 2010 net increase in women corporate directors.

Fortune® 500 Three or More Women Directors General Mills, Inc. (5) Hormel Foods Corp. (4) Target Corp. (4) Two Women Directors 3M Company Alliant Techsystems, Inc. Best Buy Co., Inc. Ecolab, Inc. Medtronic, Inc. St. Jude Medical, Inc. SUPERVALU, INC. U.S. Bancorp UnitedHealth Group, Inc. Xcel Energy, Inc.

Fortune® 501-1000

Remaining 75 Companies ALLETE, Inc. (4) MTS Systems Corp. (4) Piper Jaffray Companies (4)

One Woman Director Ameriprise Financial, Inc. C.H. Robinson Worldwide, Inc. The Mosaic Co.

Pentair, Inc. The Valspar Corporation

Capella Education Company Christopher & Banks Corp.

CyberOptics Corp.

Deluxe Corp.

G&K Services, Inc. Hickory Tech Corp.

HMN Financial, Inc. MoneyGram International, Inc. Navarre Corp.

New Ulm Telecom, Inc. Otter Tail Corp.

SurModics, Inc. The Toro Co.

Donaldson Co., Inc. Fastenal Co. Imation Corp.

Patterson Companies, Inc. Polaris Industries, Inc. Regis Corp.

ADC Telecomunications, Inc. AGA Medical Corp.

American Medical Systems Holding, Inc. Analysts International Corp.

Angeion Corp.

Apogee Enterprises, Inc. Appliance Recycling Centers of America, Inc. Arctic Cat, Inc. Buffalo Wild Wings, Inc. Canterbury Park Holding Corp.

Caribou Coffee Co., Inc.

Clearfield, Inc. Communications Systems, Inc. Datalink Corp.

Digital River, Inc. The Dolan Company ev3, Inc. FICO Famous Dave’s of America, Inc. Graco, Inc. H.B. Fuller Co. Hutchinson Tecnology, Inc.

Life Time Fitness, Inc. NVE Corp.

Select Comfort Corp.

Synovis Life Technologies, Inc. TCF Financial Corp.

Techne Corp.

Tennant Co. Value Vision Media, Inc. Winmark Corp.

Xata Corp.

ATS Medical, Inc. Broadview Institute, Inc. Cardiovascular Systems, Inc. Compellent Technologies, Inc. Digi International, Inc. Digital Angel Corp.

Entrx Corp.

FSI International, Inc. Granite City Food & Brewery, Ltd.

Hawkins, Inc. Image Sensing Systems, Inc. Insignia Systems, Inc. IntriCon Corp.

Lakes Entertainment, Inc. Lawson Software, Inc. Medtox Scientific, Inc. Mocon, Inc. Multiband Corp.

Nortech Systems, Inc. Rimage Corp.

Rochester Medical Corp.

Stratasys, Inc. Vascular Solutions, Inc. Virtual Radiologic Corp.

Vital Images, Inc. Winland Electronics, Inc. WSI Industries, Inc.

No Women Directors Nash Finch Co.

Women Executive Officers (Section 16b)

Minnesota Census:

(Based on SEC filings as of June 30, 2010)

A National Initiative

■ Women hold 16.3 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $17 million to $87 billion. This reflects a slight increase back to 2008 levels of representation of women executives.

■ Seventeen of the top 100 public companies have three or more women executive officers; 12 of the top 100 public companies have two women executive officers; 40 have just one woman executive officer; and 31 have none. In 2010, fewer companies had two or more women executive officers, reflecting a decrease in critical mass.

■ Minnesota companies reporting larger revenues tend to have a greater number and percentage of women executive officers than smaller companies. ››› Sixteen of the 17 Minnesota Fortune® 500 companies have women executive officers: eight of the companies have three or more women executive officers, three companies have two women executive officers, five companies have one woman executive officer, and one company (C.H. Robinson Worldwide, Inc.) has none. ››› Six of the eight Minnesota Fortune® 501–1000 companies have women executive officers: one company has three or more women executive officers, five of the companies have one woman executive officer, and two of the companies (Patterson Companies, Inc. and Imation Corp.) have no women executive officers. ››› Forty-seven of the 75 remaining companies in the Census have women executive officers: eight of the companies have three or more women executive officers, nine of the companies have two women executive officers, 30 of the companies have one woman executive officer, and 28 of the companies have no women executive officers.

Comparisons with National Data

Executive officers of companies are a potential pipeline for corporate board appointees.

■ Women hold between 5.1 percent and 16.3 percent of all executive officer positions across the 14 regions represented in the national ION study.

Minnesota, with 16.3 percent, leads the regions.

Minnesota is one of 14 states or geographic regions participating in ION (InterOrganization Network), a national nonprofit organization dedicated to advancing women as corporate directors and executive officers.

ION establishes research protocols and synthesizes data from its 14 members in a national report released every March.

ION members are women’s nonprofit organizations in each of the 14 states or regions.

Minnesota’s sponsoring organization is the Minnesota Women’s Economic Roundtable (MWER).

Learn more at www.ionwomen.org.

■ Between 5.9 percent and 74 percent of companies included in ION’s sample have no women in their executive offices. Thirty-one percent of Minnesota companies have no women executive officers.

Percent of Executive Officers Who are Women Nationally Nationwide (497)

The Top Executive Positions (Section 16b officers) Criteria for inclusion in the “executive officer” category vary by company. To be consistent, the Minnesota Census identifies only those individuals formally designated as Section 16b executive officers in SEC filings. The 2010 Minnesota Census examined the women executive officers holding the following titles: CEO, President, COO, CFO and CTO.

Chicago (50) Florida (100)

Twenty-two women hold these executive officer positions across the Minnesota Census companies. The distribution of top women executives across Minnesota’s 100 largest publicly held companies reveals more than twice the number of CFOs to CEOs. Financial expertise and leadership have provided an entrée for women into the executive suites of Minnesota companies.

Georgia (150) Kansas/Missouri(43) Maryland (86) Massachusetts (100)

Selected Positions Percentage of MN Women CEO 6% President 3% Chief Operating Officer 1% Chief Financial Officer 13% Chief Technology Officer 2%

Michigan (17)

Women Corporate Directors and Executive Officers

Minnesota (100) NYC Metro (100)

The number of Minnesota companies with both women corporate directors and women executive officers has not changed from 2009 to 2010, reflecting stalled progress in women’s representation in top leadership ranks.

Philadelphia (100) Tennessee (72)

■ Sixty of Minnesota’s 100 largest publicly held companies have both women corporate directors and women executive officers.

Texas (97)

■ Nineteen of Minnesota’s 100 largest publicly held companies have no women directors or executive officers, the same number as 2009 (with some shifts in companies).

Wisconsin (50)

0%

5%

10%

15%

The numbers in parentheses indicate the number of companies in that region’s sample.

20%

■ Minnesota companies reporting larger revenues are more likely than smaller companies to have women represented in both the boardroom and the executive suite, a reflection of national trends.

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APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Directors and Executive Officers (as listed in SEC filings as of June 30, 2010) Company Name

Directors

Title

Executive Officers

Titles

3M Company

Linda G. Alvarado Aulana L. Peters

President and Chief Executive Officer Alvarado Construction, Inc. Retired Partner, Gibson, Dunn & Crutcher LLP

Angela S. Lalor

Senior Vice President, Human Resources

Lois M. Martin

Senior Vice President and Chief Financial Officer, Capella Education Company

Kimberly Hartwell Laura N. Owen

Vice President, Global Go-to-Market Vice President, Chief Administrative Officer

Terry Allison Rappuhn

Project Leader and Consultant for the Patient Friendly Billing Project

Brigid A. Makes

Chief Financial Officer

Kathleen A. Brekken

Retired President and Chief Executive Officer, Midwest of Cannon Falls, Inc. Retired, Vice President and Chief Risk Officer of FirstEnergy Corporation Former Executive Vice President, Secretary and General Counsel of Florida East Coast Industries, Inc. Principal of Market Capital Partners LLC

Deborah A. Amberg

Senior Vice President, General Counsel and Secretary

Karen Davies Paula J. Patineau

Senior Vice President and President, Armament Systems Senior Vice President, Human Resources and Administrative Services

April H. Foley

Executive Vice President of Global Government Affairs for Royal Dutch Shell plc Former Ambassador to Hungary

Jane E. Kiernan

General Manager – Baxter IV Therapy, Baxter Healthcare Corporation

Whitney D. Erickson Jeanne M. Forneris

Vice President and General Manager, Men’s Health Senior Vice President and General Counsel

Siri S. Marshall

Former Senior Vice President, General Counsel and Secretary, and Chief Governance and Compliance Officer at General Mills, Inc.

Deirdre N. Davey

Executive Senior Vice President, Corporate Communications and Community Relations Executive Vice President, Human Resources President, Financial Planning, Retirement & Wealth Strategies and Chief Marketing Officer

ADC Telecommunications, Inc. AGA Medical Corp.

ALLETE, Inc.

Kathryn W. Dindo Heidi J. Eddins Madeleine W. Ludlow Roxanne J. Decyk

Alliant Techsystems, Inc. American Medical Systems Holding, Inc.

Ameriprise Financial, Inc.

Kelli A. Hunter Kim M. Sharan Brigid A. Bonner

Senior Vice President of Ecommerce for the Home Service Division of The Schwan Food Company

Paula R. Skjefte

President and Chief Executive Officer of Waterford Consulting, Inc

Sara L. Hays

Appliance Recycling Centers of America, Inc. Arctic Cat, Inc.

Analysts International Corp.

Angeion Corp.

Apogee Enterprises, Inc.

Brittany McKinney

Vice President of Strategy and Operations

Managing Director, Operations and General Counsel, Wrightwood Capital, LLC

Patricia A. Beithon

General Counsel and Secretary

Glynnis A. Jones

Former Vice President of Corporate Planning, Appliance Recycling Centers of America, Inc.

Rachel L. Holmes

Vice President, Business Development and Environmental Affairs

Susan E. Lester

Private Investor

Mary Ellen Walker

Vice President – General Manager, Parts, Garments and Accessories

Astrid M. Berthe

Director and Vice President, Regulatory Affairs and Quality Assurance

ATS Medical, Inc. Lisa M. Caputo Kathy J. Higgins Victor

Executive Vice President and Chief Marketing Officer for Citigroup, Inc. President, Centera Corporation

Shari L. Ballard Susan S. Grafton Carol A. Surface

Executive Vice President, President — Americas Vice President, Controller and Chief Accounting Officer Executive Vice President, Human Resources

Sally J. Smith

Chief Executive Officer and President, Buffalo Wild Wings, Inc.

Kathleen M. Benning Judith A. Shoulak Sally J. Smith Mary J. Twinem

Executive Vice President, Global Marketing and Brand Development Executive Vice President, Global Operations and Human Resources Chief Executive Officer and President, Buffalo Wild Wings, Inc. Executive Vice President, Chief Financial Officer and Treasurer

C.H. Robinson Worldwide, Inc.

ReBecca Koenig Roloff

Chief Executive Officer of the Minneapolis YWCA

Canterbury Park Holding Corp.

Carin J. Offerman

Private Investor and Principal in Puppy Good Start

Capella Education Company

Jody G. Miller Sandra E. Taylor

Chief Executive Officer and President of the Business Talent Group President and Chief Executive Officer of Sustainable Business International LLC

Sally B. Chial Lois M. Martin

Senior Vice President, Capella Experience Senior Vice President and Chief Financial Officer

Sarah Palisi Chapin

Chief Executive Officer of Hail Merry Snacks and co-founder of The Chain Gang

Karen McBride-Raffel

Vice President of Human Resources

Christopher & Banks Corp.

Anne L. Jones Lorna E. Nagler

Chief Executive Officer of Jones Consulting Group, Inc. President and Chief Executive Officer, Christopher & Banks Corp.

Susan C. Connell Monica L. Dahl Lorna E. Nagler

Executive Vice President and Chief Merchandise Officer Senior Vice President, Planning & Allocation and e-Commerce President and Chief Executive Officer

Clearfield, Inc.

Cheryl P. Beranek

President and Chief Executive Officer of Clearfield, Inc.

Cheryl P. Beranek

Chief Executive Officer

Communications Systems, Inc.

Luella G. Goldberg

Director, Communications Systems, Inc.

Karen Nesburg Bleick

Vice President, Human Resources

Kathleen P. Iverson

Chairman of the Board of Directors, President and Chief Executive Officer, CyberOptics Corp.

Program Director – Office of Cyberinfrastructure of the National Science Foundation

Kathleen P. Iverson

President and Chief Executive Officer

Lynn Koldenhoven Julie Loosbrock Joanne McGowan Laura Radewald

Vice President, Sales and Marketing Direct-to-Consumer Senior Vice President, Human Resources Segment Leader, Small Business Services Vice President, Enterprise Brand, Customer Experience and Media Relations

Lorraine M. Breece

Senior Vice President, Chief Financial Officer and Chief Accounting Officer

Best Buy Co., Inc. Broadview Institute, Inc. Buffalo Wild Wings, Inc.

Cardiovascular Systems, Inc. Caribou Coffee Co., Inc.

CyberOptics Corp.

Irene M. Qualters

Datalink Corp.

Margaret A. Loftus

Independent Consultant President and Chief Executive Officer, Nia Enterprises, LLC

Deluxe Corp.

Cheryl E. Mayberry McKissack May Ann O’Dwyer

Senior Vice President – Finance and Operations and Chief Financial Officer, Wheels, Inc.

Digi International, Inc. Digital Angel Corp.

Digital River, Inc.

Cheryl F. Rosner

Consultant to various companies

Lauren Rich Fine

Practitioner in Residence at Kent State University’s College of Communication and Information

Vicki J. Duncomb

Vice President, Chief Financial Officer and Corporate Secretary

Janet M. Dolan

President, Act III Enterprises

Sandra N. Joppa Mary Lynne Perushek Debra L. Wilfong

Vice President of Human Resources Vice President and Chief Information Officer Vice President and Chief Technology Officer

Barbara J. Beck Victoria J. Reich

Executive Vice President of Manpower, Inc. Senior Vice President and Chief Financial Officer of United Stationers, Inc.

Susan K. Nestegard

President – Global Healthcare Sector

Elizabeth H. Weatherman

Managing Director of Warburg Pincus LLC

Stacy Enxing Seng Julie D. Tracy

Executive Vice President and President, U.S. Peripheral Vascular Senior Vice President, Chief Communications Officer

Lisa A. Kro

Chief Financial Officer and Managing Director of Goldner Hawn Private Equity, L.P.

Diana G. Purcel

Chief Financial Officer and Secretary

Fastenal Co.

Reyne K. Wisecup

Executive Vice President of Human Resources, Fastenal

Reyne K. Wisecup

Executive Vice President, Human Resources and Director

FICO

Margaret L. Taylor

Managing Partner of B Cubed Ventures LLC

Deborah Kerr

Executive Vice President and Chief Technology Officer

Patricia M. Hollister

Chief Financial Officer and Assistant Secretary

The Dolan Company Donaldson Co., Inc. Ecolab, Inc. Entrx Corp. ev3, Inc. Famous Dave’s of America, Inc.

FSI International, Inc. G&K Services, Inc.

General Mills, Inc.

Graco, Inc.

Lynn Crimp-Caine Alice M. Richter

Chief Executive Officer, Outsidein Consulting Retired Certified Public Accountant with KPMG LLP

Judith Richards Hope

Distinguished Visitor from Practice and Professor of Law, Georgetown University President of JPMorgan International, a division of JPMorgan Chase & Co. Founder, President and Chief Executive Officer, Strategic Investment Group; Director, Emerging Markets Investment Corporation Founder and Chief Executive Officer, Tysvar, LLC Limited Partner First Light Capital

Christine L. Shea

Executive Vice President, External Relations President, General Mills Foundation

Marti Morfitt

Chief Executive Officer of Airborne, Inc., and President and Chief Executive Officer of River Rock Partners, Inc.

Caroline M. Chambers Karen Park Gallivan

Vice President and Controller Vice President, General Counsel and Secretary

Monica A. Underwood

Vice President of Finance and Secretary

Juliana L. Chugg

Senior Vice President, President, Pillsbury USA, General Mills, Inc.

Ann B. Parriott

Vice President, Human Resources

Theresa R. Moran Keenan Paulson Kathleen P. Pepski

Vice President – Quality and Support Vice President, Water Treatment Group Vice President, Chief Financial Officer, and Treasurer

Heidi G. Miller Hilda OchoaBrillembourg Lois E. Quam Dorothy A. Terrell

Granite City Food & Brewery, Ltd. H.B. Fuller Co. Hawkins, Inc. Hickory Tech Corp.

Myrita P. Craig Diane L. Dewbrey

Chief Executive Officer of Sapientia Consulting, Inc. Chief Executive Officer and Director of Foundation Bank

Mary T. Jacobs

Vice President of Human Resources

HMN Financial, Inc.

Karen L. Himle Susan K. Kolling

Vice President of University Relations, University of Minnesota Senior Vice President, HMN Financial, Inc.

Susan K. Kolling

Senior Vice President

Jody H. Feragen Susan I. Marvin Elsa A. Murano, Ph.D.

Hormel Senior Vice President and Chief Financial Officer President, Marvin Windows and Doors Professor of Nutrition and Food Science and President Emerita, Texas A&M University President, Global Healthcare Sector, Ecolab, Inc.

Deanna T. Brady Julie H. Craven Jody H. Feragen

Vice President, Foodservice Sales Vice President, Corporate Communications Senior Vice President and Chief Financial Officer

Former Senior Vice President and Corporate Officer for Medtronic, Inc.

Connie L. Pautz Kathleen S. Skarvan

Vice President of Human Resources Vice President and President of the Disk Drive Components Division

Hormel Foods Corp.

Susan K. Nestegard Hutchinson Technology, Inc. Image Sensing Systems, Inc.

Martha Goldberg Aronson

PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011

Women Directors and Executive Officers (as listed in SEC filings as of June 30, 2010) Company Name

Directors

Title

Imation Corp.

Linda W. Hart

Vice Chairman, President and Chief Executive Officer, Hart Group, Inc.

Martha (Marti) A. Morfitt

Chief Executive Officer of of Airborne, Inc.

Executive Officers

Titles

Kristin Trecker

Senior Vice President, Human Resources

Angela M. Lacis Susan E. Puskas Charlotte L. Sebastian

Corporate Controller and Principal Accounting Officer Vice President Quality, Regulatory Affairs and Human Resources Vice President, Human Resources

Caroline Stockdale

Senior Vice President of Human Resources

Insignia Systems, Inc. IntriCon Corp.

Lakes Entertainment, Inc. Lawson Software, Inc. Life Time Fitness, Inc. Medtox Scientific, Inc. Shirley Ann Jackson, Ph.D. Denise M. O’Leary

President, Rensselaer Polytechnic Institute

Ann Mather

Jean C. Benson Pamela H. Patsley

Senior Vice President, Controller Chairman of the Board and Chief Executive Officer

Pamela H. Patsley

Former Executive Vice President and Chief Financial Officer of Pixar Animation Studios, Inc. Chairman and CEO, MoneyGram International, Inc.

Phyllis E. Cochran

President of the Parts Group of Navistar, Inc.

Cindy C. Redding Linda Thrasher

Vice President – Human Resources Vice President – Public Affairs

Laura B. Hamilton Emily Maddox Liggett Barb J. Samardzich Gail P. Steinel

Chair of the Board and Chief Executive Officer, MTS Systems Corp.

President and Chief Executive Officer of Novatorque, Inc. Vice President of Powertrain Engineering of Ford Motor Company President and Owner of Executive Advisors

Laura B. Hamilton Susan E. Knight Kathleen M. Staby

Chair of the Board and Chief Executive Officer Vice President and Chief Financial Officer Vice President, Human Resources and Strategy

Kathleen M. Mahoney

Senior Vice President, Secretary and General Counsel

Deborah L. Hopp

Joyce Fleck

President, Navarre Distribution Services

Kathleen P. Iverson

Vice President for Publishing of MSP Communications, Inc. and Publisher, Mpls. St. Paul Magazine President and Chief Executive Officer of CyberOptics Corp.

Rosemary J. Dittrich Mary Ellen Domeier

Co-owner and Executive Secretary of D & A Trucklines, Inc. Board Chair of Bank Midwest

Barbara A. J. Bornhoft

Vice President and Chief Operating Officer/Secretary

NVE Corp.

Patricia M. Hollister

Chief Financial Officer, FSI International, Inc.

Otter Tail Corp.

Karen M. Bohn Joyce Nelson Schuette

President, Galeo Group, LLC Retired Managing Director and Investment Banker, Piper Jaffray Cos.

Michelle Kommer

Vice President of Human Resources

Ellen A. Rudnick

Executive Director and Clinical Professor, University of Chicago Graduate School of Business

Leslie Abi-Karam

Angela D. Lageson

Senior Vice President, General Counsel and Secretary

Glynis A. Bryan

Executive Vice President and President of Mailing Solutions Management, Pitney Bowes, Inc. Chief Financial Officer, Insight Enterprises, Inc.

Virginia Gambale B. Kristine Johnson Lisa K. Polsky Jean M. Taylor

Founder and Managing Partner of Azimuth Partners, LLC President of Affinity Capital Management CIT Group, Inc. President and Chief Executive Officer of Taylor Corporation

Debbra L. Schoneman

Chief Financial Officer

Piper Jaffray Companies Polaris Industries, Inc.

Annette K. Clayton

Vice President, Global Supply Chain, Dell Corporation

Stacy L. Bogart

Vice President — General Counsel, Compliance Officer and Secretary

Regis Corp.

Susan S. Hoyt

Retired Executive Vice President of Human Resources, Staples, Inc.

Norma Knudsen

Executive Vice President, Merchandising

Brenda J. Lauderback

Former President of the Retail and Wholesale Group for Nine West Group, Inc.

Shelly R. Ibach Karen R. Richard Kathryn V. Roedel Wendy L. Schoppert

Executive Vice President, Sales and Merchandising Senior Vice President, Chief Human Resource & Strategy Officer Executive Vice President, Product Development and Operations Senior Vice President and Chief Information Officer

Barbara B. Hill Wendy L. Yarno

Chief Executive Officer and Director of ValueOptions, Inc. Retired, Chief Marketing Officer, Merck & Co., Inc.

Angela D. Craig Pamela S. Krop Jane J. Song

Vice President, Corporate Relations Vice President, General Counsel and Corporate Secretary President, Atrial Fibrillation

Susan E. Engel Kathi P. Seifert

Chief Executive Officer and President of PorteroLuxury, Inc. Retired Executive Vice President of Kimberly-Clark Corporation

Julie Dexter Berg Janel S. Haugarth Pamela K. Knous Sherry M. Smith

Executive Vice President, Chief Marketing Officer Executive Vice President; President and Chief Operating Officer, Supply Chain Services Executive Vice President and Chief Financial Officer Senior Vice President, Finance

Medtronic, Inc.

Private Venture Capital Investor

Mocon, Inc. MoneyGram International, Inc. The Mosaic Co.

MTS Systems Corp.

Multiband Corp.

Nash Finch Co. Navarre Corp.

New Ulm Telecom, Inc. Nortech Systems, Inc.

Patterson Companies, Inc. Pentair, Inc.

Rimage Corp.

Rochester Medical Corp.

Select Comfort Corp.

St. Jude Medical, Inc. Stratasys, Inc.

SUPERVALU, INC.

SurModics, Inc. Synovis Life Technologies, Inc.

Target Corp.

Mary K. Brainerd Susan E. Knight

President and Chief Executive Officer of HealthPartners, Inc. Vice President and Chief Financial Officer of MTS Systems Corp.

Jan M. Webster

Vice President of Human Resources

Karen Gilles Larson

Former President and Chief Executive Officer, Synovis Life Technologies, Inc.

Mary L. Frick

Vice President of Regulatory/Clinical/Quality Affairs

Roxanne S. Austin Mary N. Dillon Mary E. Minnick Anne M. Mulcahy

President, Austin Investment Advisors President and Chief Executive Officer, United States Cellular Corporation Partner, Lion Capital Former Chairman of the Board of Xerox Corp.

Beth Jacob Jodeen A. Kozlak Kathryn A. Tesija

Executive Vice President and Chief Information Officer Executive Vice President, Human Resources Executive Vice President, Merchandising

Luella G. Goldberg

Director, TCF Financial Corp.

Barbara E. Shaw

Senior Vice President-Director of Corporate Human Resources of TCF Financial and Executive Vice President of Corporate Human Resources for TCF Bank

Karen A. Holbrook, Ph.D.

Vice President for Research and Innovation, University of South Florida

Carol S. Eicher

Business Director, Performance Monomers for The Dow Chemical Company, and Vice President/Global Business Director, Primary Materials and Process Chemicals, Rohm and Haas Company

Heidi M. Wilson

Vice President, General Counsel and Secretary

Janet K. Cooper

Judy L. Altmaier

Vice President, Operations

Katherine J. Harless

Former Senior Vice President and Treasurer, Qwest Communications International, Inc. Former President and Chief Executive Officer, Idearc, Inc.

Victoria Buyniski Gluckman Olivia F. Kirtley

Retired Chairman and Chief Executive Officer, United Medical Resources, Inc. Certified Public Accountant, Business Consultant

Jennie P. Carlson Pamela A. Joseph Diane L. Thormodsgard

Executive Vice President Vice Chairman Vice Chairman

Michele J. Hooper Gail R. Wilensky, Ph.D.

President and Chief Executive Officer of The Directors’ Council Senior Fellow, Project HOPE

Gail K. Boudreaux Lori K. Sweere

Executive Vice President, UnitedHealth Group and President of UnitedHealthcare Executive Vice President of Human Capital

Janel S. Haugarth

Lori A. Walker

Senior Vice President and Chief Financial Officer

Mae C. Jemison, M.D.

Executive Vice President, President and Chief Operating Officer of Supply Chain Services, SUPERVALU, INC. President, BioSentient Corporation

Catherine Dunleavy

Executive Vice President and Chief Financial Officer, NBC Universal Cable

Kris Kulesza Carol Steinberg

Senior Vice President—Merchandising Senior Vice President – E-Commerce, Marketing and Business Development

Susan Christian Carrie Powers Charmaine Sutton

Vice President of Sales Operations Vice President of Marketing Senior Vice President of Operations

Leah A. Goff Merry Beth Hovey

Vice President, Human Resources Vice President, Marketing

Cathy J. Hart Teresa S. Madden Judy M. Poferl

Vice President, Corporate Services and Corporate Secretary Vice President and Controller President & CEO, Northern States Power Co., Minnesota

TCF Financial Corp.

Techne Corp.

Tennant Co.

The Toro Co.

U.S. Bancorp

UnitedHealth Group, Inc.

The Valspar Corporation

Value Vision Media, Inc.

Vascular Solutions, Inc. Virtual Radiologic Corp.

Vital Images, Inc. Winland Electronics, Inc. Jenele C. Grassle

Vice President, Merchandising, Carlson Marketing Worldwide

Xata Corp.

Karen T. Beckwith

Co-owner of Beckwith Crowe, LLC

Xcel Energy, Inc.

A. Patricia Sampson Kim Williams

CEO and President of The Sampson Group, Inc. Retired Partner at Wellington Management Corp.

Winmark Corp.

WSI Industries, Inc.

7

8

APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Directors and Executive Officers in Minnesota’s 100 Largest Public Companies (Ranked by 2009 revenue) 2009 Rank

Company Name

Total Directors

Women Directors

% Women Directors

Net Change in Women Directors from 2009

Total Exec.

Officers

Women Exec.

Officers

% Women Exec.

Officers

1

UnitedHealth Group, Inc.

9

2

22.2%

0

11

2

18.2%

2

Target Corp.

12

4

33.3%

0

10

3

30.0%

3

Best Buy Co., Inc.

12

2

16.7%

1

15

3

20.0%

4

SUPERVALU, INC.

12

2

16.7%

-1

11

4

36.4%

5

3M Company

10

2

20.0%

0

14

1

7.1%

6

U.S. Bancorp

13

2

15.4%

0

14

3

21.4%

7

Medtronic, Inc.

11

2

18.2%

0

10

1

10.0%

8

General Mills, Inc.

14

5

35.7%

0

12

1

8.3%

9

Xcel Energy, Inc.

10

2

20.0%

0

13

3

23.1%

10

Ameriprise Financial, Inc.

8

1

12.5%

0

12

3

25.0%

11

C.H. Robinson Worldwide, Inc.

8

1

12.5%

0

7

0

0.0%

12

Hormel Foods Corp.

12

4

33.3%

0

31

3

9.7%

13

The Mosaic Co.

12

1

8.3%

0

10

2

20.0%

14

Ecolab, Inc.

11

2

18.2%

0

14

1

7.10%

15

Nash Finch Co.

7

0

0.0%

0

8

1

12.5%

16

Alliant Techsystems, Inc.

10

2

20.0%

0

9

2

22.2%

17

St. Jude Medical, Inc.

8

2

25.0%

0

13

3

23.1%

18

Patterson Companies, Inc.

10

1

10.0%

0

7

0

0.0%

19

The Valspar Corporation

11

2

18.2%

-1

5

1

20.0%

20

Pentair, Inc.

10

2

20.0%

0

8

1

12.5%

21

Regis Corp.

7

1

14.3%

0

7

1

14.3%

22

Fastenal Co.

9

1

11.1%

0

7

1

14.3%

23

Donaldson Co., Inc.

11

1

9.1%

0

11

3

27.3%

24

Imation Corp.

9

1

11.1%

0

5

0

0.0%

25

Polaris Industries, Inc.

9

1

11.1%

0

14

1

7.1%

26

The Toro Co.

9

2

22.2%

0

14

1

7.1%

27

TCF Financial Corp.

13

1

7.7%

0

16

1

6.3%

28

Deluxe Corp.

10

2

20.0%

0

10

4

40.0%

29

H.B. Fuller Co.

7

1

14.3%

0

10

1

10.0%

30

MoneyGram International, Inc.

9

2

22.2%

1

8

2

25.0%

31

ADC Telecommunications, Inc.

10

1

10.0%

0

9

2

22.2%

32

Otter Tail Corp.

9

2

22.2%

0

6

1

16.7%

33

G&K Services, Inc.

9

2

22.2%

0

5

0

0.0%

34

Life Time Fitness, Inc.

8

1

12.5%

0

6

0

0.0%

35

ALLETE, Inc.

12

4

33.3%

1

6

1

16.7%

36

Apogee Enterprises, Inc.

9

1

11.1%

0

5

1

20.0%

37

Lawson Software, Inc.

9

0

0.0%

0

11

1

9.1%

38

FICO

9

1

11.1%

0

9

1

11.1%

39

Tennant Co.

10

1

10.0%

0

8

1

12.5%

40

Graco, Inc.

8

1

12.5%

0

12

2

16.7%

41

Select Comfort Corp.

8

1

12.5%

-1

8

4

50.0%

42

Buffalo Wild Wings, Inc.

7

1

14.3%

0

6

4

66.7%

43

Navarre Corp.

9

2

22.2%

0

5

1

20.0%

44

Value Vision Media, Inc.

8

1

12.5%

0

9

2

22.2%

45

American Medical Systems Holding, Inc.

8

1

12.5%

0

11

2

18.2%

46

Piper Jaffray Companies

9

4

44.4%

1

11

1

9.1%

47

Christopher & Banks Corp.

8

2

25.0%

0

6

3

50.0%

48

Arctic Cat, Inc.

8

1

12.5%

0

7

1

14.3%

49

ev3, Inc.

9

1

11.1%

0

9

2

22.2%

50

Digital River, Inc.

5

1

20.0%

1

3

0

0.0%

PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011

Women Directors and Executive Officers in Minnesota’s 100 Largest Public Companies (Ranked by 2009 revenue) 2009 Rank

Company Name

Total Directors

Women Directors

% Women Directors

Net Change in Women Directors from 2009

Total Exec.

Officers

Women Exec.

Officers

% Women Exec.

Officers

51

Hutchinson Technology, Inc.

10

1

10.0%

1

8

2

25.0%

52

MTS Systems Corp.

8

4

50.0%

1

4

3

75.0%

53

Capella Education Company

9

2

22.2%

0

8

2

25.0%

54

Hawkins, Inc.

7

0

0.0%

0

8

3

37.5%

55

Multiband Corp.

6

0

0.0%

0

5

0

0.0%

56

Techne Corp.

9

1

11.1%

0

3

0

0.0%

57

The Dolan Company

8

1

12.5%

0

5

1

20.0%

58

Caribou Coffee Co., Inc.

9

1

11.1%

0

7

1

14.3%

59

AGA Medical Corp.

8

1

12.5%

NA

3

1

33.3%

60

Datalink Corp.

7

1

14.3%

0

4

0

0.0%

61

Digi International, Inc.

6

0

0.0%

0

3

0

0.0%

62

Analysts International Corp.

7

1

14.3%

0

4

1

25.0%

63

Hickory Tech Corp.

9

2

22.2%

0

6

1

16.7%

64

Famous Dave’s of America, Inc.

6

1

16.7%

0

2

1

50.0%

65

Compellent Technologies, Inc.

8

0

0.0%

0

5

0

0.0%

66

Virtual Radiologic Corp.

9

0

0.0%

0

5

0

0.0%

67

Communications Systems, Inc.

7

1

14.3%

0

6

1

16.7%

68

Appliance Recycling Centers of America, Inc.

4

1

25.0%

0

8

1

12.5%

69

Stratasys, Inc.

6

0

0.0%

0

3

0

0.0%

70

Granite City Food & Brewery, Ltd.

7

0

0.0%

0

4

1

25.0%

71

Medtox Scientific, Inc.

5

0

0.0%

0

7

3

42.9%

72

Rimage Corp.

6

0

0.0%

0

3

0

0.0%

73

Nortech Systems, Inc.

5

0

0.0%

0

6

0

0.0%

74

ATS Medical, Inc.

7

0

0.0%

0

8

1

12.5%

75

SurModics, Inc.

9

2

22.2%

0

11

1

9.1%

76

Vascular Solutions, Inc.

7

0

0.0%

-1

8

3

37.5%

77

Xata Corp.

9

1

11.1%

1

5

0

0.0%

78

Digital Angel Corp.

5

0

0.0%

NA

3

1

33.3%

79

HMN Financial, Inc.

9

2

22.2%

0

4

1

25.0%

80

FSI International, Inc.

5

0

0.0%

0

4

1

25.0%

81

Cardiovascular Systems, Inc.

8

0

0.0%

0

8

0

0.0%

82

Synovis Life Technologies, Inc.

8

1

12.5%

0

6

1

16.7%

83

Vital Images, Inc.

8

0

0.0%

0

6

0

0.0%

84

IntriCon Corp.

5

0

0.0%

0

7

0

0.0%

85

Canterbury Park Holding Corp.

6

1

16.7%

0

4

0

0.0%

86

Winmark Corp.

6

1

16.7%

0

7

2

28.6%

87

Rochester Medical Corp.

5

0

0.0%

0

6

0

0.0%

88

New Ulm Telecom, Inc.

7

2

28.6%

0

3

1

33.3%

89

Insignia Systems, Inc.

5

0

0.0%

0

5

0

0.0%

90

CyberOptics Corp.

5

2

40.0%

0

2

1

50.0%

91

NVE Corp.

5

1

20.0%

NA

2

0

0.0%

92

Mocon, Inc.

9

0

0.0%

0

5

0

0.0%

93

Lakes Entertainment, Inc.

6

0

0.0%

NA

2

0

0.0%

94

Angeion Corp.

7

1

14.3%

0

3

0

0.0%

95

Image Sensing Systems, Inc.

6

0

0.0%

NA

3

0

0.0%

96

Clearfield, Inc.

6

1

16.7%

NA

3

1

33.3%

97

Winland Electronics, Inc.

5

0

0.0%

0

3

0

0.0%

98

Entrx Corp.

5

0

0.0%

NA

3

0

0.0%

99

Broadview Institute, Inc.

5

0

0.0%

NA

2

0

0.0%

WSI Industries, Inc.

5

0

0.0%

NA

3

0

0.0%

100

9

10

APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Honor Roll and Special Distinction Companies Minnesota Census companies have boards ranging from four to 14 seats and list from two to 31 Section 16b executive officers. Therefore, Honor Roll criteria focus on percentages of women corporate directors and women executive officers.

Companies with both 20 percent or more women corporate directors and 20 percent or more women executive officers receive honor roll distinction. Special distinction is awarded to companies with 30 percent or more women directors and 30 percent or more women executive officers. Companies are listed by revenue category and by CEO, those in the best position to serve as catalysts for change.

(Special Distinction companies are in bold.)

FORTUNE® 500: Alliant Techsystems, Inc.* St. Jude Medical, Inc. Target Corp.

Xcel Energy, Inc.*

CEO Mark DeYoung CEO Daniel Starks CEO Gregg Steinhafel CEO Richard Kelly

OTHER COMPANIES: Capella Education Company Christopher & Banks Corp.

CyberOptics Corp.

Deluxe Corp.

HMN Financial, Inc. MoneyGram International, Inc.* MTS Systems Corp.

Navarre Corp.

New Ulm Telecom, Inc.

CEO J. Kevin Gilligan CEO Lorna Nagler CEO Kathleen Iverson CEO Lee Schram CEO Bradley Krehbiel CEO Pamela Patsley CEO Laura Hamilton CEO Cary Deacon CEO Bill Otis

*2010 addition

FORTUNE® 500 Alliant Techsystems, Inc. — ATK is undergoing a strategic transformation as it builds on market leadership positions in conventional munitions and rocket motors in order to grow as a premier aerospace and defense company. (New to the Honor Roll in 2010)

St. Jude Medical, Inc. — Advances the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient.

Target Corp. — Founded in Minneapolis in 1902 as the Dayton Dry Goods Company, Target is the second largest retailer in the United States. (Special Distinction company)

Xcel Energy, Inc. — As a leading combination electricity and natural gas energy company, Xcel offers energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers. (New to the Honor Roll in 2010)

Other Companies Capella Education Company — A national leader in online education and the parent company of Capella University, a regionally accredited online university.

Christopher & Banks Corp. — A Minneapolis-based retailer of women’s clothing with over 800 women’s specialty stores in 46 states.

CyberOptics Corp. — Provides industry-leading optical sensors and inspection systems for the electronics assembly equipment market. (Special Distinction company)

MoneyGram International, Inc. — MoneyGram offers a diverse array of products and services that enable consumers and businesses to make payments and transfer money around the world. (New to the Honor Roll in 2010)

MTS Systems Corp. — Delivers the resources that engineers, researchers and manufacturers need to excel in their businesses.

(Special Distinction company)

Navarre Corp. — A publisher and distributor of home entertainment PC software, video games and accessories, DVD videos and music.

Deluxe Corp. — A $1.5 billion company with locations in the United States, Canada, Ireland and China, Deluxe is one of the top check producers in North America.

HMN Financial, Inc. — A $1.1 billion asset, well-capitalized community bank with 16 branches located in Minnesota and Iowa.

New Ulm Telecom, Inc. — Provides value-enhanced communication solutions with superior service provided by customer-focused employees.

Call to Action Advancing women into corporate leadership positions is a competitive imperative. We hope these data prompt women and men in companies of all sizes across Minnesota to add women to their boards of directors.

■ This report lists the names of 119 women who are executive officers, many of whom are board-ready.

■ This report also lists the names of 113 women who currently serve on Minnesota boards and have the capacity to serve on others.

■ The Minnesota chapter of Women Corporate Directors has a directory of more than 30 Minnesota women who currently serve as directors of companies. Women Corporate Directors offers access to a global network of women with corporate board experience.

E-mail: wcdmsp@gmail.com.

■ The National Association of Corporate Directors (NACD) has a talented pool of director candidates available to boards seeking independent directors. For $1,000, an experienced search professional will identify eight to 10 highly qualified candidates for consideration. Contact Judith Smith at jasmith@nacdonline.com/registry.

■ Contact executive search firms, such as SpencerStuart, with a proven track record of placing women on corporate boards.

■ Encourage CEOs and board members to develop a goal for board diversity, including moving toward the optimum number of three or more women on the board.

PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011

Methodology The 2010 Minnesota Census of Women in Corporate Leadership examines the percentage of women in leadership roles at the 100 largest publicly held companies headquartered in Minnesota as ranked by 2009 net revenue in the Minneapolis-based Star Tribune 100: 19th Annual Report (April 2010) and the Minneapolis/St. Paul Business Journal top 100 list (April 2010).

Excluded from the list are closely held companies, cooperatives and fraternal benefits organizations, and over-the-counter stocks. Of Minnesota’s Fortune® 500 companies, three companies are not represented in the Minnesota Census data sample: Land O’Lakes, CHS, Inc. and Thrivent Financial for Lutherans. Although the Security and Exchange Commission (SEC) lists these as public companies with more than 500 shareholders, they are not publicly traded on a stock exchange.

Data for The 2010 Minnesota Census were collected from company filings with the SEC, including proxy statements (DEF 14A), annual reports (Form 10-K) and current reports (Form 8-K). Accessed online through EDGAR, the most recent SEC filings through June 30, 2010, were reviewed for data collection.

Resources for Information CalPERS (2009). “Board Diversification Strategy: Realizing Competitive Advantage and Shareowner Value.” www.calpers.ca.gov Catalyst (2007). “The Bottom Line: Corporate Performance and Women’s Representation on Boards.” www.catalyst.org Deloitte (2010). “Diversifying the American Board: Thought Leaders Collaborate on Current Challenges and Practical Solutions.” www.deloitte.com (Board Diversity Report, a PDF) Ernest and Young (2009). “Groundbreakers: Using the Strength of Women to Rebuild the World Economy.” www.ey.com/groundbreakers Kramer, V.W., Konrad, A.M.& Erkut, S. (2006).

“Critical Mass on Corporate Boads: Why Three or More Women Enhance Governance.” Wellesley Centers for Women, Report No. WCW 11. www. wcwonline.org/pubs/title.php?id=487

Data confirmation sheets were e-mailed or mailed to each company, requesting verification of the information and notification of any changes occurring before the Census cutoff of June 30, 2010.

Follow-up phone calls were made to the companies that had not responded by the requested deadline.

The company response rate was 67 percent. Changes that occurred in board membership, executive officer appointments, company ownership or bankruptcy filings after the period covered by the June 30, 2010, filings are not reflected in this analysis.

Criteria for inclusion in the “executive officer” category vary by company. To be consistent, the Census uses only those individuals formally designated as Section 16b executive officers in SEC filings.

All reasonable steps have been taken to verify the accuracy of Joann Bangs, Ph.D. the data. Any Associate professor, economics remaining errors St. Catherine University or omissions are the sole responsibility of Rebecca Hawthorne, Ph.D. the researchers.

Program director and assistant professor Master of Arts in Organizational Leadership St. Catherine University

The 2010 Minnesota Census was produced by St. Catherine University and the Minnesota Women’s Economic Roundtable. MWER is the Minnesota representative to ION (InterOrganization Network), a national organization that advocates for women’s participation in top leadership roles in business.

St. Catherine University A dynamic university educating students to lead and influence, St. Catherine prepares students to make a difference in their professions, their communities and the world. At the University’s heart is the largest, most innovative college for women in the nation. St. Kate’s also offers a range of graduate and associate programs for women and men at its two campuses in St. Paul and Minneapolis and within its four schools: the School of Business and Leadership; the Henrietta Schmoll School of Health; the School of Humanities, Arts and Sciences; and the School of Professional Studies.

Founded in 1905, St. Catherine University is the only college or university in the Minnesota Private College Council to offer degrees at the associate, baccalaureate, master’s and doctoral levels.

McKinsey & Company (2010). “Moving Women to the Top: McKinsey Global Survey Results.” www. mckinseyquarterly.com/Moving_women_to_the_ top_Mckinsey_Global_Survey_results_2686 The White House Project (2010) “The White House Project Report: Benchmarking Women’s Leadership.” Thewhitehouseproject.org/ documents/Report.pdf

Minnesota Women’s Economic Roundtable Founded in 1979, the Minnesota Women’s Economic Roundtable (MWER) is a forum for high-profile women leaders to become more knowledgeable about cutting-edge economic issues, to discuss the implications of the economy on professional and personal lives, and to contribute to the formation of economic policies.

Kudos and Contributions A special thank you to the organizing committee:

• LYNN CASEY, CEO, Padilla Speer Beardsley

• LINDA HALL KELLER, Ph.D., steering committee co-chair, The 2010 Minnesota Census of Women in Corporate Leadership; Minnesota Women’s Economic Roundtable, executive committee; Minnesota’s ION board member; and Women Corporate Directors, Minnesota chapter board

• AMY GAGE, director of marketing and communications, St. Catherine University

• PAULA MEYER, steering committee co-chair, The 2010 Minnesota Census of Women in Corporate Leadership, and Women Corporate Directors, Minnesota chapter board • ELLEN BREYER, Minnesota Women’s Economic Roundtable, executive committee

• REBECCA HAWTHORNE, Ph.D., program director and assistant professor, Master of Arts in Organizational Leadership (MAOL), St. Catherine University • BETH LABRECHE, CEO, LaBreche; and past president, Minnesota Women’s Economic Roundtable • SHEILA RONNING, president and CEO, Sharp UpSwing • DEE THIBODEAU, co-founder and co-CEO, Charter Solutions

Special thanks to the following individuals at St. Catherine University: • Marjorie Mathison Hance, vice president for external relations • Beth Lory and Mary Everett, MAOL research assistants • Maha El-Wailli, communications coordinator, Office of Marketing and Communications • Val Krech, program coordinator, MAOL

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