2011 Minnesota Census of Women in Corporate Leadership

Cracking the Glass Ceiling The 2011 Minnesota Census of Women in Corporate Leadership: How Minnesota’s Top 100 Public Companies Rank

Report produced by St. Catherine University and the Minnesota Women’s Economic Roundtable ____ Sponsored by Financial Executives International and the National Association of Corporate Directors–MN

Stalled Progress: What Price?

Minnesota companies remain stalled on gender equity in top leadership.

2020 Vision: A Bold Goal

The global economy demands inclusion; an increasingly diverse consumer base deserves it. Women represent half the population and an inordinate amount of buying power. They should be shaping strategy.

By Paula J. King, Ph.D., and Pamela A. Wheelock Co-chairs, Minnesota Census of Women in Corporate Leadership In the four years that St. Catherine University and the Minnesota Women’s Economic Roundtable have been producing the Minnesota Census of Women in Corporate Leadership, our state’s top 100 public companies have made little progress in diversifying their boards of directors. In fact, the number of board seats held by women declined each year between 2009 and 2011.

Board-ready, qualified women are in the C-suite, sitting on boards and leading in the nonprofit arena. The key is to make diversity a priority.

Meanwhile, we offer the top 100 companies in Minnesota a bold goal: By the year 2020, Minnesota’s top public companies will have boards that include 20 percent women. What would it take to get there? 

Let’s face it: Women are losing ground.  The one bright spot in this year’s Census is the increase of women executives promoted to the C-suite despite an overall reduction of executive leadership positions.

Otherwise, the data reveal a lack of diversity that could hamper our business climate. Consider the facts:    

Out of 808 board seats available in 2011, only 115 were held by women.

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

Thirty-two of the top public companies have no women executive officers.

Only half as many companies (four instead of eight) had a net increase of women on their boards compared with last year.

Statewide, women too often are solo acts in company leadership ranks. Forty of the top 100 public companies have only one woman on their boards; 38 have only one woman executive officer.

The concerted efforts of board nominating chairs and CEOs. Public praise and consistent support for the companies — and we have many in Minnesota — that uphold and advance women’s work and worth.

This bold goal merits serious consideration.

Companies will benefit, consumers will benefit and, ultimately, Minnesota will benefit by assuming leadership in this important arena. We look forward to partnering with the state’s top companies to lead the nation in achieving fully diverse boards.

Paula J. King, Ph.D. Dean, School of Business and Leadership St. Catherine University

Pamela A. Wheelock Board member, Blue Cross and Blue Shield Member, Minnesota Women’s Economic Roundtable

Executive Summary ��������������������������������������������������������������������������������� 2

By Rebecca Hawthorne, Ph.D., and Joann Bangs, Ph.D., School of Business and Leadership, St. Catherine University

Women Corporate Directors ������������������������������������������� 4–7 The findings: limited progess; where women do well Roster of women directors in Minnesota’s top companies

Women Executive Officers �������������������������������������������� 8–11 The findings: some gains in the C-suite Roster of women executives in Minnesota’s top companies

Honor Roll and Special Distinction Companies ������������������������������������ 14–15 Kudos to CyberOptics, MTS Systems and Target

Showcasing Our Advertisers �������������������������������� 16–17 Support the businesses and organizations that support women’s advancement

Call to Action and Research Methodology �������������������������������������������������� 18–19 Learn more, then see what you can do

Reflections by the Census Researchers ��������� 20 International attention on lack of corporate diversity

Women Directors and Executive Officers ������������������������������������������������������������������� 12–13 The findings: a step backward from 2010 Roster of women directors and officers by company

Diversity Pays Off Research on women in leadership The economic impact of a diverse corporate leadership team is well documented and widely accepted. Recent research adds to the body of literature that connects gender diversity with improved company performance on a wide variety of metrics. Investors exhibit a positive response toward the appointment of independent women directors to corporate boards (Kang et al., 2009). Further studies in the United States and in the European Union identified higher returns on equity and total returns to shareholders from companies with a high representation of women executive officers (Terjesan et al., 2009; Catalyst, 2007).

Firm organizational innovation has been demonstrated to increase when a critical mass of at least three women is attained in the boardroom (Torchia et al., 2011). Three women — or approximately 30 percent — has been identified as the “tipping point” when the presence of women in corporate leadership positions will begin to impact decisions regarding how companies are run, how

they think and how they perform (Kramer et al., 2006).

In 2011, only six Minnesota Census companies had three or more women — the same six that had three or more women in 2010. No progress.

Global research into best companies for leadership (www. haygroup.com) reveals diverse corporate leadership pays off. Ninety percent of the Global Top 20 Companies for Leadership have a high proportion of women in senior leadership roles and actively seek greater gender, cultural and geographic diversity within their organizations as a competitive advantage. These same companies deliver over 36 times better shareholder returns than the S&P 500 over a five-year period.

Fundamentally, building a diverse corporate leadership team in the boardroom and in the executive suite is not a gender issue but a business imperative. Minnesota companies have work to do.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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TABLE OF CONTENTS

As lifelong Minnesotans, both of us are proud of our state and its history of innovation in business, healthcare, education, politics and civil rights. Given Minnesota’s reputation of being a leader and a risk-taker, we believe Minnesota can do better.

The 2011 Minnesota Census of Women in Corporate Leadership

Where Are the Women?

Minnesota’s top companies bypass opportunities for transformational change.

By Rebecca Hawthorne, Ph.D., and Joann Bangs, Ph.D.

Slight improvements

No Women on Board

Racial diversity in Minnesota board appointments presents an area of limited progress — two additional companies added women directors of color to their boards in 2011. Sixteen women directors of color currently serve across 14 Minnesota companies. They hold 2 percent of the available board seats across Minnesota’s 100 largest publicly held companies.

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

EXECUTIVE SUMMARY Rebecca Hawthorne, Ph.D.

Joann Bangs, Ph.D.

A lingering financial crisis has illuminated the results of poor corporate governance — high-risk investments, shortsighted decision making and a narrow view of stakeholders.

Despite the documented benefits to improved governance gained by appointing women to corporate leadership roles, little has changed across the state of Minnesota.

proves board ability to fulfill both control and strategic responsibilities. And yet in Minnesota, the total percentage of new board seats awarded to women in 2011 was 10.4 percent of all available appointments, a precipitous drop from the 19.4 percent of new appointments secured by women in 2010.

A limited number of senior executive women serve on the corporate boards and work in the executive suites of Minnesota’s largest 100 publicly held companies.

Minnesota companies continue to squander the competitive advantage of diverse governance. The net result: no progress. 

The 2011 Minnesota Census of Women in Corporate Leadership reveals squandered opportunities and uneven progress in diversifying Minnesota public company corporate leadership over the past year.

Squandered opportunities Fifty independent directors were appointed to corporate boards governing Minnesota’s 100 largest public companies in 2011. Only five of the 50, or 10 percent, of new independent directors appointed in Minnesota were women.

Each of these 50 appointments represented a unique opportunity to gain competitive advantage by diversifying a board through the appointment of a highly qualified woman.

Research shows that increasing gender diversity on corporate boards by appointing women directors im-

  

Women continue to hold 14.2 percent of the board seats of Minnesota’s 100 largest publicly held companies.

The percentage of women corporate directors has not noticeably changed since the Census began collecting data in 2008.

Only 14 percent of Minnesota’s top companies have any women directors of color.

Nineteen of the state’s top 100 public companies have no women on their boards or in their executive suites.

Given the evidence-based business case for diversity in the boardroom, the documented public acceptance of women in corporate leadership roles and the highly qualified pool of candidates, the lack of progress is striking. And, it can be remedied.

This percentage reflects both an increase in the number of women executive officers as well as a decrease in the total number of available positions. The economic recession has impacted company hiring at all corporate levels, and the “mancession” — a trend of higher unemployment among men than women — is reflected in the Census data.

Despite the loss of executive officer positions, the total number of women executive officers increased in 2011.

Eight companies reported a net increase in women executive officers in 2011. This encouraging trend suggests progress in diversifying corporate leadership teams — at least in the executive suite.

CEO

Aetrium Inc.

John J. Pollock*

Angeion Corp.

Gregg O. Lehman

Broadview Institute Inc.

Jeffrey D. Myhre

Digi International Inc.

Joseph T. Dunsmore

Digital Angel Corp.

Joseph J. Grillo

Electromed Inc.

Robert D. Hansen

Image Sensing Systems Inc.

Kenneth R. Aubrey

Insignia Systems Inc.

Scott F. Drill

IntriCon Corp.

Mark S. Gorder

Lakes Entertainment Inc.

Lyle A. Berman

MOCON Inc.

Robert L. Demorest

Multiband Corp.

James L. Mandel

Nortech Systems Inc.

Michael J. Degen

Northern Technologies Intl. Corp.

G. Patrick Lynch

Rimage Corp.

Sherman L. Black

Rochester Medical Corp.

Anthony J. Conway

Stratasys Inc.

S. Scott Crump

Winland Electronics Inc.

In transition as of June 30, 2011

WSI Industries Inc.

Michael J. Pudil**

EXECUTIVE SUMMARY

Nationwide, women directors of color comprise a very small percentage of corporate directors, topping at 2.9 percent. The 86 Minnesota companies with no women directors of color offer great room for improvement.

On a more positive note: Minnesota companies showed significant progress in 2011 in the increase of women executive officers (Section 16b). Women hold 17.4 percent of the available executive officer positions, an increase of one percentage point over 2010.

Company

*Replaced by Joseph C. Levesque on November 28, 2011 **Replaced by Benjamin T. Rashleger on January 1, 2012

Leading the Way Target Corp. is one of only two Minnesota companies — the other being MTS Systems Corp. — that has achieved Special Distinction status on the Honor Roll (see page 14) for all four years of the Census.

Gregg Steinhafel, Target chairman, president and CEO

That means 30 percent or more of its executive officers and 30 percent or more of its corporate directors are women.

“At Target, diversity is an all-in commitment that extends from our sales floor to our boardroom,” says Gregg Steinhafel, Target chairman, president and CEO. “We believe diversity, including gender diversity, is vital in understanding and serving our guests and in making Target a great place to work. We’ve consciously developed a diverse, independent and balanced board and executive team, with strong women directors and executives whose perspectives are invaluable to Target.”

LEARN MORE

View this year’s report online, as well as the past three years of The Minnesota Census of Women in Corporate Leadership, at mncensus.stkate.edu.

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MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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Women Serving on Minnesota’s Corporate Boards A look at the state’s top 100 public companies Women Corporate Directors by Seats WOMEN DIRECTORS

(Based on SEC filings as of June 30, 2011)

 Women hold 14.2 percent (115) of the 808 available board seats in Minnesota’s 100 largest publicly held companies, a net decrease of one seat from the 2010 Minnesota Census. The overall percentage of seats held by women corporate directors has not noticeably changed over the past four years.

nationwide Fortune 500® (497)

15.4% 8.9% 10.0% 9.3%

georgia (13/136)

9.6% 6.4% 9.0% 18.4% 10.2%

massachusetts (10/100)

20.6% 11.1% 17.9%

michigan (18/100)

10.4% 19.7%

minnesota (17/100)

14.2% 16.9% 17.7%

nyc metro (68/100)

17.3%

philadelphia (9/100)

11.6% 8.1%

 Six of the top 100 companies have three or more women corporate directors, 26 companies have two women corporate directors, 40 have one woman corporate director and 28 have none. The “one-woman show” (one woman director) remains the most common representation of women on Minnesota boards.  Minnesota companies reporting larger revenues tend to have a greater number and percentage of women corporate directors than smaller companies.

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» Of the 17 Minnesota Fortune 500

compa- nies, three have three or more women corporate ®

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Comparisons with National Data The 14.2 percent of board seats held by women directors in Minnesota falls in the upper-middle range of the national data reported by ION (InterOrganization Network), a national nonprofit organization dedicated to advancing women in corporate leadership. However, Minnesota’s Fortune 500® companies outperform Fortune 500® companies across the country.  In the 14 regions reported in the national ION data, women hold between 8.1 percent and 17.7 percent of board seats. Minnesota weighs in with 14.2 percent.  In Fortune 500® companies nationwide, women hold 16.1 percent of the available board seats. Minnesota’s Fortune 500® companies have women directors in 19.7 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 10 percent to 50.7 percent.

Twenty-eight percent of Minnesota’s 100 largest publicly held companies have no women corporate directors; that figure is the same as it was in 2010.

Women Directors of Color

12.4% 10.6%

texas (48/94)

16.3% 14.4%

wisconsin (7/50)

 Women serve on the boards of 72 of Minnesota’s 100 largest publicly held companies.

10.6%

tennessee (7/65)

Women Corporate Directors by Company

Seven Minnesota Census companies added women directors in 2011. Four of those (*) had a net increase: Analysts International Corp. *, Cardiovascular Systems Inc. *, Christopher & Banks Corp., Imation Corp., MakeMusic Inc., Select Comfort Corp. * and TCF Financial Corp. *

Six Minnesota Census companies had three or more women directors, the critical mass that research shows is essential to change boardroom culture: ALLETE Inc. (4), General Mills Inc. (4), Hormel Foods Corp. (4), MTS Systems Corp. (4), Piper Jaffray Cos. (3) and Target Corp. (4)

16.6%

maryland (5/84)

 Across all 100 Minnesota companies, 16.1 percent of all independent directors are women. In Fortune 500® companies, 21.9 percent of their independent directors are women; in the remaining 83 Minnesota companies, 14.3 percent of their independent directors are women.

Women Doing Well

13.9%

florida (15/100)

Kansas/Missouri (13/47)

 Of the 67 new board appointees in 2011, 50 were new independent directors — presenting companies with 50 opportunities to diversify their board by gender.

Only five of the 50 new independent directors appointed in 2011 were women.

Four Minnesota Census companies had a net decrease in women directors in 2011: Angeion Corp., General Mills Inc., Navarre Corp. and Piper Jaffray Cos.

17.1%

California (51/400)

 The percentage of seats held by women corporate directors tends to increase with company size. Fortune 500® companies have 19.7 percent of their board seats held by women; the remaining 83 Minnesota companies have 12.7 percent of their board seats held by women.

A total of 67 board seats became available across Minnesota’s 100 largest publicly held companies in 2011. Seven of those seats — only 10.4 percent — went to women.

In 2010, women were appointed to 19.4 percent of the available board seats. This challenges the assumption that positive change will happen without intervention.

Of Minnesota’s largest 100 publicly held companies, only four companies achieved a net increase of one woman director in 2011. Four companies had a net decrease of one woman. Eighty-three companies experienced no change in the number of women corporate directors.

16.1%

Alabama (1/24)

Fewer Women Directors

WOMEN DIRECTORS

PERCENT OF BOARD SEATS HELD

BY WOMEN NATIONALLY

changes from 2010 to 2011: No progress

0

5%

10%

% of Fortune 500® director seats held by women

15%

20%

25%

% of all company director seats held by women

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

directors, 10 have two women corporate direc- tors, three have one woman corporate director and one (Nash Finch Co.) has none.

» Of the 83 other Minnesota companies in the

top 100, three have three or more women cor- porate directors, 16 have two women corporate directors, 37 have one and 27 have none.

For the second year, the Minnesota Census examined directors’ seats held by women of color. Progress was made in 2011. 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.

Fourteen of Minnesota’s 100 largest publicly held companies have women directors of color in 2011 compared with 12 companies in 2010. Two of the 14 companies have two women of color serving on their boards. 

Women of color hold 2 percent of board seats in Minnesota companies compared with 1.7 percent in 2010.



Eighty-six Minnesota companies have no women of color serving on their boards.



Sixteen women of color hold board seats. This represents 13.9 percent of seats held by women directors in Minnesota companies.



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

Comparisons with National Data Nationwide, women of color hold between 0.4 percent and 2.9 percent of board seats in the 14 regional samples. Minnesota has 2 percent women directors of color. Of the new 67 directors added to Minnesota’s largest 100 publicly held companies during 2011, one was a woman of color.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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Roster of Women Corporate Directors (as listed in SEC filings as of June 30, 2011)

Company Name 3M Co.

Alliant Techsystems Inc. American Medical Systems Holding Inc. Ameriprise Financial Inc. Analysts International Corp.

Brigid A. Bonner Brittany B. McKinney Apogee Enterprises Inc. Sara L. Hays Appliance Recycling Centers of America Inc. Glynnis A. Jones Arctic Cat Inc. Susan E. Lester Best Buy Co. Inc. Lisa M. Caputo Kathy J. Higgins Victor Buffalo Wild Wings Inc. Sally J. Smith C.H. Robinson Worldwide Inc. ReBecca Koenig Roloff Canterbury Park Holding Corp.

Carin J. Offerman Capella Education Co. Jody G. Miller Sandra E. Taylor Cardiovascular Systems Inc. Leslie L. Trigg Caribou Coffee Co. Inc. Sarah Palisi Chapin Christopher & Banks Corp.

Anne L. Jones Lisa W. Pickrum Clearfield Inc. Cheryl P. Beranek Communications Systems Inc. Luella G. Goldberg CyberOptics Corp.

Kathleen P. Iverson Irene M. Qualters

Datalink Corp.

Deluxe Corp.

Margaret A. Loftus Cheryl E. Mayberry McKissack Mary Ann O’Dwyer Cheryl F. Rosner Lauren Rich Fine

Digital River Inc. The Dolan Co. Donaldson Co. Inc. Ecolab Inc. FICO Famous Dave's of America Inc. Fastenal Co. G&K Services Inc. General Mills Inc.

Graco Inc. H.B. Fuller Co. HMN Financial Inc. HickoryTech Corp.

Hormel Foods Corp.

Hutchinson Technology Inc.

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Janet M. Dolan Barbara J. Beck Victoria J. Reich Margaret L. Taylor Lisa A. Kro Reyne K. Wisecup Lynn Crimp-Caine Alice M. Richter Judith Richards Hope Heidi G. Miller Hilda Ochoa-Brillembourg Dorothy A. Terrell Marti A. Morfitt Juliana L. Chugg Karen L. Himle Susan K. Kolling Myrita P. Craig Diane L. Dewbrey Jody H. Feragen Susan I. Marvin Elsa A. Murano, Ph.D. Susan K. Nestegard Martha Goldberg Aronson

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Title President and Chief Executive Officer, Alvarado Construction Inc. Retired Partner Gibson, Dunn & Crutcher LLP Retired President and Chief Executive Officer, Midwest Cannon Falls Inc. Retired Vice President and Chief Risk Officer, FirstEnergy Corp.

Former Executive Vice President, Secretary and General Counsel, Florida East Coast Railway LLC Former Principal, Market Capital Partners LLC Former Executive Vice President of Global Government Affairs, Royal Dutch Shell PLC Former U.S. Ambassador to Hungary Chief Executive Officer, Salter Labs Former Senior Vice President, General Counsel and Secretary, and Chief Governance and Compliance Officer, General Mills Inc. Vice President of Digital Marketing for the Home Service Division, Schwan Food Co. President and Chief Executive Officer, Analysts International Corp.

Principal, SLH Advisors Former Vice President, Corporate Planning, Appliance Recycling Centers of America Inc. Private Investor Executive Vice President, Marketing and Communications, Travelers Cos. Inc. President, Centera Corp.

Chief Executive Officer and President, Buffalo Wild Wings Inc. Chief Executive Officer, Minneapolis YWCA Private Investor and Principal, Puppy Good Start Chief Executive Officer and President, Business Talent Group President and Chief Executive Officer, Sustainable Business International LLC Former Chief Business Officer and Senior Vice President, Sales and Marketing, AccessClosure Inc. Chief Executive Officer and Director, Hail Merry Snacks; Co-founder Chain Gang Chief Executive Officer, Jones Consulting Group Inc. Executive Vice President and Chief Operating Officer, RLJ Cos. President and Chief Executive Officer, Clearfield Inc. Board member, TCF Financial Corp.; Member of the Board of Overseers, University of Minnesota’s Carlson School of Management Chairman, President and Chief Executive Officer, CyberOptics Corp.

Lead Director, CyberOptics Corp.; Program Director, Office of Cyberinfrastructure of the National Science Foundation Independent Consultant President and Chief Executive Officer, Nia Enterprises LLC Senior Vice President, Finance and Operations and Chief Financial Officer, Wheels Inc. Consultant and advisor to various companies Practitioner-in-Residence, Kent State University’s College of Communication and Information; Executive Search Consultant, Howard & O’Brien Associates President, Act III Enterprises Chief Executive Officer, Learning Care Group Inc. Senior Vice President and Chief Financial Officer, United Stationers Inc. Managing Partner, B Cubed Ventures LLC Founding Partner and Managing Director, Mill City Capital L.P. Executive Vice President, Human Resources, Fastenal Co. Founder and Chief Executive Officer, Outsidein Consulting; Executive Vice President, Worldwide Operations and Restaurant Systems, McDonald's Corp.

Retired Certified Public Accountant, KPMG LLP Distinguished Visitor of Practice and Professor of Law, Georgetown University President, JPMorgan International, a Division of JPMorgan Chase & Co. Founder, President and Chief Executive Officer, Strategic Investment Group; Director, Emerging Markets Investment Corp.

Managing Director, First Cap Advisors Chief Executive Officer, Airborne Inc. Senior Vice President and President, Meals Division, General Mills Inc. Minnesota Supreme Court Appointee, Commission on Judicial Selection Senior Vice President, HMN Financial Inc. President, Blackbook Experience Management Group Vice Chair, HickoryTech Corp.; Chief Executive Officer and Director, Foundation Bank Executive Vice President and Chief Financial Officer, Hormel Foods Corp.

President, Marvin Windows and Doors Professor of Nutrition and Food Science and President Emerita, Texas A&M University President, Global Healthcare Sector, Ecolab Inc. Senior Vice President and President, North America Hill-Rom Holdings Inc.

MakeMusic Inc. Medtronic Inc. The Mosaic Co. NVE Corp.

Navarre Corp.

New Ulm Telecom Inc. Northern Oil and Gas Inc. Otter Tail Corp.

Patterson Companies Inc. Pentair Inc. Piper Jaffray Cos. Polaris Industries Inc. Regis Corp.

Select Comfort Corp.

SurModics Inc. St. Jude Medical Inc. SUPERVALU INC. Synovis Life Technologies Inc. TCF Financial Corp.

Target Corp.

Techne Corp.

Tennant Co. The Toro Co. U.S. Bancorp UnitedHealth Group Inc. Uroplasty Inc. The Valspar Corp.

Value Vision Media Inc. Winmark Corp.

Xata Corp.

Xcel Energy Inc.

Corporate Directors Rondi C. Erickson Trudy A. Rautio Marti A. Morfitt Laura B. Hamilton Emily M. Liggett Barb J. Samardzich Gail P. Steinel Karen T. van Lith Shirley Ann Jackson, Ph.D. Denise M. O’Leary Phyllis E. Cochran Patricia M. Hollister Kathleen P. Iverson Rosemary J. Dittrich Mary Ellen Domeier Lisa Meier Karen M. Bohn Joyce Nelson Schuette Ellen A. Rudnick Leslie Abi-Karam Glynis A. Bryan B. Kristine Johnson Lisa K. Polsky Jean M. Taylor Annette K. Clayton Susan S. Hoyt Brenda J. Lauderback Kathy Nedorostek Mary K. Brainerd Susan E. Knight Barbara B. Hill Wendy L. Yarno Susan E. Engel Kathi P. Seifert Karen Gilles Larson Luella G. Goldberg Karen L. Grandstrand Roxanne S. Austin Mary N. Dillon Mary E. Minnick Anne M. Mulcahy Karen A. Holbrook, Ph.D. Carol S. Eicher Janet K. Cooper Katherine J. Harless Victoria Buyniski Gluckman Olivia F. Kirtley Michele J. Hooper Gail R. Wilensky, Ph.D. Lee A. Jones Janel S. Haugarth Mae C. Jemison, M.D. Catherine Dunleavy Jenele C. Grassle Karen T. Beckwith A. Patricia Sampson Kim Williams

Title Co-owner, Nokomis Restaurant & Bar Executive Vice President, Chief Financial Officer and Chief Administrative Officer, Carlson Cos. Chief Executive Officer, Airborne Inc. Chair of the Board and Chief Executive Officer, MTS Systems Corp.

President and Chief Executive Officer, Novatorque Inc. Vice President of Global Product Programs, Ford Motor Co. Owner, Executive Advisors President and Chief Executive Officer, MakeMusic Inc. President, Rensselaer Polytechnic Institute Private Venture Capital Investor President, Parts Group, Navistar Inc. Chief Financial Officer, FSI International Inc. President and Chief Executive Officer, CyberOptics Corp.

Co-owner and Executive Secretary, D & A Trucklines Inc. Retired Chief Executive Officer and Chair, Frandsen Bank & Trust Co. Lead Independent Director, Northern Oil and Gas Inc.; Executive Financial and Accounting Consulting, SolomonEdwards Group LLC President, Galeo Group LLC Retired Managing Director and Investment Banker, Piper Jaffray & Co. Executive Director and Clinical Professor, University of Chicago Booth School of Business Executive Vice President and President, Mailing Solutions Management, Pitney Bowes Inc. Chief Financial Officer, Insight Enterprises Inc. President, Affinity Capital Management Executive Vice President and Chief Risk Officer, CIT Group Inc. Former President and Chief Executive Officer, Taylor Corp.

Vice President of Global Operations and Supply Chain, Dell Inc. Retired Executive Vice President, Human Resources, Staples Inc. Former President, Retail and Wholesale Group, Nine West Group Inc. President, North American Wholesale and Global Licensing Divisions, Coach Inc. President and Chief Executive Officer, HealthPartners, Inc. Vice President and Chief Financial Officer, MTS Systems Corp.

Retired Chief Executive Officer and Director, ValueOptions Inc. Chief Marketing Officer, HemoShear LLC Chief Executive Officer and President, PorteroLuxury Inc. Retired Executive Vice President, Kimberly-Clark Corp.

Former President and Chief Executive Officer, Synovis Life Technologies Inc. Former Lead Director, Hormel Foods Corp.

Shareholder, Fredrikson & Bryon P.A. Former President, Chief Executive Officer and Director, Move Networks Inc. President, Chief Executive Officer and Director, United States Cellular Corp.

Partner, Lion Capital Chairman, Save the Children Federation Inc. Vice President of Research and Innovation, University of South Florida Business Group Vice President for Building and Construction, Dow Chemical Co. Former Senior Vice President and Treasurer, Qwest Communications International Inc. Former President and Chief Executive Officer, Idearc Inc. Retired Chairman and Chief Executive Officer, United Medical Resources Inc. Certified Public Accountant, Business Consultant President and Chief Executive Officer, Directors’ Council Senior Fellow, Project HOPE CEO-in-Residence, University of Minnesota Venture Center Executive Vice President, Merchandising and Logistics, SUPERVALU INC. President, Jemison Group Inc. Executive Vice President and Chief Financial Officer, NBC Universal Cable Entertainment and Production Studios Vice President of Merchandising, Carlson Marketing Worldwide Owner of MKB CEO, LLC CEO and President, Sampson Group Inc. Retired Partner, Wellington Management Co. LLP

WOMEN DIRECTORS

WOMEN DIRECTORS

ALLETE Inc.

Corporate Directors Linda G. Alvarado Aulana L. Peters Kathleen A. Brekken Kathryn W. Dindo Heidi J. Eddins Madeleine W. Ludlow Roxanne J. Decyk April H. Foley Jane E. Kiernan Siri S. Marshall

Company Name Ikonics Corp.

Imation Corp.

Life Time Fitness Inc. MTS Systems Corp.

NO WOMEN The following 28 companies on the Minnesota Census have all-male boards: Aetrium Inc.; Angeion Corp.; Broadview Institute Inc.; Digi International Inc.; Digital Angel Corp.; Electromed Inc.; 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.; Nash Finch Co.; Nortech Systems Inc.; Northern Technologies Intl. Corp.; Rimage Corp.; Rochester Medical Corp.; SPS Commerce Inc.; Stratasys Inc.; Urologix Inc.; Vascular Solutions Inc.; Winland Electronics Inc.; WSI Industries Inc. MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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women serving in Minnesota’s executive offices (Section 16b)

INSIDE THE C-SUITE Cents and Sensibility

A look at the state’s top 100 public companies

 Women hold 17.4 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies. This increase of one percentage point over 2010 levels reflects an increase in the number of women executive officers as well as a decrease in the number of available positions.  Seventeen of the top 100 public companies have three or more women executive officers, 13 of the top 100 public companies have two women executive officers, 38 have just one woman executive officer and 32 have none.

 Between 28 percent and 75 percent of companies included in ION’s sample have no women in their executive offices. Thirty-two percent of Minnesota companies have no women executive officers.

Learn more at www.ionwomen.org.

PERCENT OF executive officers who are WOMEN NATIONALLY nationwide Fortune 500® (497)

14.1% 9.6%

alabama (24) NA

california (400)

11.6%

florida (100)

 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: seven of the companies have three or more women executive officers, five companies have two women executive officers, four companies have one woman executive officer and one company (C.H. Robinson Worldwide Inc.) has none.  Fifty-two of the 83 remaining companies in the Census have women executive officers: 10 of the companies have three or more women executive officers, eight of the companies have two women executive officers, 34 of the companies have one woman executive officer and 31 of the companies have no women executive officers.

Comparisons with National Data Executive officers of companies are a potential pipeline for corporate board appointees. The increase in women executive officers noted in Minnesota Census companies attests to a growing pool of qualified board candidates across the state.  Women hold between 6.4 percent and 17.4 percent of all executive officer positions across the 14 regions represented in the national study by ION (InterOrganization Network), of which Minnesota is one of 14 regional members. Minnesota, with 17.4 percent, leads the regions.

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APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

9.8%

georgia (136)

8.0%

Kansas/Missouri (47)

Deb Schoneman, CFO, Piper Jaffray Cos.

Schoneman is one of four executive officers at Piper Jaffray and the only woman in the investment bank’s C-suite. An expanded leadership team, however, includes several women, and three women sat on Piper’s eight-person board of directors during the period covered by this year’s Census (that number now is four).

13.1%

maryland (84)

As a CFO, Schoneman is bottom-line focused. She sees the impact of gender and ethnic diversity in business terms. “Our client set is diverse,” she says. “Matching up

9.6%

massachusetts (100)

13.3%

michigan (100)

17.4%

minnesota (100)

“Seeking out women and diverse talent has to be deliberate.”

WOMEN OFFICERS

WOMEN OFFICERS

women executive officers (Based on SEC filings as of June 30, 2011)

Piper Jaffray Chief Financial Officer Deb Schoneman says her collaborative style contributes to her effectiveness.

She’s also convinced that diversity throughout the company is crucial to Piper’s success.

— Deb Schoneman, CFO, Piper Jaffray Cos.

our diversity with the diversity of our client set makes a difference in building relationships and trust.”

Like many women, she says emotional intelligence plays a role in her decision making. “I try to consider the impact of what I say and take into account other people’s perspective,” Schoneman says. “I may not change my stance on a topic, but if people feel they been heard, they’re more willing to partner with me.”

A paucity of senior women in investment banking has led Piper to focus on developing talent through training and intern programs. “We make a conscious effort to bring people through the pipeline,” Schoneman says.

15.4%

nyc metro (100) philadelphia (100)

10.1%

tennessee (65)

10.3% 6.4%

texas (94)

12.3%

wisconsin (50) 0

5%

10%

15%

20%

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

Women Doing Well Eight Minnesota Census companies had a net increase in women executive officers in 2011.

Some (*) added two women to the C-suite: Buffalo Wild Wings Inc. HickoryTech Corp.

Hormel Foods Corp. * Patterson Cos. Inc. Target Corp. * The Dolan Co. 3M Co. Value Vision Media Inc.

Fewer Women Executives Five Minnesota Census companies had a net decrease in women executive officers in 2011: Deluxe Corp.

Digital Angel Corp.

Hutchinson Technology Inc. SUPERVALU Inc. U.S. Bancorp.

Women in the C-Suite 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 2011 Minnesota Census examined the women executive officers holding the following titles: chief executive officer, president, chief operating officer, chief financial officer and chief technology officer. Twentyfive women hold these executive officer positions across the Minnesota Census companies. Financial expertise and leadership have provided an entrée for women into the executive suites of Minnesota companies. The distribution of top women executives across Minnesota’s 100 largest publicly held companies reveals twice the number of CFOs to CEOs.

Selected Positions

Percentage Minnesota Women

Chief Executive Officer President Chief Operating Officer Chief Financial Officer Chief Technology Officer

6% 6% 4% 12% 2%

LEARN MORE

Minnesota is one of 14 cities or regions that are part of ION (InterOrganization Network), a nonprofit organization that promotes gender diversity among boards across the United States.

Visit www.ionwomen.org.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

9

Roster of Women Executive Officers

Company Name MakeMusic Inc.

(as listed in SEC filings as of June 30, 2011)

Medtox Scientific Inc.

Executive Officers Julie L. Bushman Angela S. Lalor ALLETE Inc. Deborah A. Amberg Alliant Techsystems Inc. Karen Davies Christine A. Wolf American Medical Systems Holding Inc. Whitney D. Erickson Jeanne M. Forneris Ameriprise Financial Inc. Kelli A. Hunter Deirdre Davey McGraw Kim M. Sharan Analysts International Corp.

Brittany B. McKinney Apogee Enterprises Inc. Patricia A. Beithon Appliance Recycling Centers of America Inc. Rachel L. Holmes Arctic Cat Inc. Mary Ellen Walker Best Buy Co. Inc. Shari L. Ballard Susan S. Grafton Carol A. Surface Buffalo Wild Wings Inc. Kathleen M. Benning Emily Decker Judith A. Shoulak Sally J. Smith Mary J. Twinem Capella Education Co. Deborah Bushway, Ph.D. Sally B. Chial Caribou Coffee Co. Inc. Karen E. McBride-Raffel Christopher & Banks Corp.

Monica L. Dahl Michelle L. Rice Julie M. Rouse Clearfield Inc. Cheryl P. Beranek Communications Systems Inc. Karen Nesburg Bleick CyberOptics Corp.

Kathleen P. Iverson Deluxe Corp.

Lynn Koldenhoven Julie Loosbrock Laura Radewald The Dolan Co. Vicki J. Duncomb Renee L. Jackson Donaldson Co. Inc. Sandra N. Joppa Mary Lynne Perushek Debra L. Wilfong Ecolab Inc. Susan K. Nestegard FICO Deborah Kerr FSI International Inc. Patricia M. Hollister Famous Dave’s of America Inc. Diana G. Purcel Fastenal Co. Reyne K. Wisecup General Mills Inc. Christina L. Shea Graco Inc. Caroline M. Chambers Karen Park Gallivan Granite City Food & Brewery Ltd. Monica A. Underwood H.B. Fuller Co. Ann B. Parriott HMN Financial Inc. Susan K. Kolling Hawkins Inc. Theresa R. Moran Keenan A. Paulson Kathleen P. Pepski HickoryTech Corp.

Mary T. Jacobs Carol Wirsbinski Hormel Foods Corp.

Deanna T. Brady Julie H. Craven Jody H. Feragen Lori J. Marco Whitney Velasco-Aznar Hutchinson Technology Inc. Connie L. Pautz Lawson Software Inc. Kristin Trecker MTS Systems Corp.

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

10

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Title Executive Vice President, Safety, Security and Protection Services Business Senior Vice President, Human Resources Senior Vice President, General Counsel and Secretary Senior Vice President and President, Armament Systems Senior Vice President, Human Resources Senior Vice President and General Manager, Men’s Health Senior Vice President and General Counsel Executive Vice President, Human Resources Executive Vice President, Corporate Communications and Community Relations President, Financial Planning, Retirement and Wealth Strategies, and Chief Marketing Officer President and Chief Executive Officer General Counsel and Secretary Vice President, Business Development and Environmental Affairs Vice President and General Manager, Parts, Garments and Accessories Executive Vice President and President, Americas Vice President, Controller and Chief Accounting Officer Executive Vice President, Chief Human Resources Officer Executive Vice President, Global Marketing and Brand Development Vice President, General Counsel Executive Vice President, Global Operations and Human Resources Chief Executive Officer, President and Director Executive Vice President, Chief Financial Officer and Treasurer Interim President, Capella University Senior Vice President, Capella Experience Vice President, Human Resources Senior Vice President, e-Commerce, Planning and Allocation and Strategy Vice President, Store Operations Senior Vice President, General Merchandise Manager President and Chief Executive Officer Vice President, Human Resources Chairman, President and Chief Executive Officer Senior Vice President, Sales and Marketing, Direct-to-Consumer Senior Vice President, Human Resources Vice President, Enterprise Brand, Customer Experience and Media Relations Vice President, Chief Financial Officer and Corporate Secretary Vice President and General Counsel Vice President, Human Resources Vice President and Chief Information Officer Vice President and Chief Technology Officer President, Global Healthcare Sector Executive Vice President, Chief Product and Technology Officer Chief Financial Officer and Assistant Secretary Chief Financial Officer and Secretary Executive Vice President, Human Resources Senior Vice President and External Relations President, General Mills Foundation Vice President and Controller Vice President, General Counsel and Secretary Vice President of Finance and Secretary Vice President, Human Resources Senior Vice President Vice President, Quality and Support Vice President, Water Treatment Group Vice President, Chief Financial Officer and Treasurer Vice President and Vice President, Human Resources Vice President and Chief Operating Officer Vice President, Foodservice Sales Vice President, Corporate Communications Executive Vice President and Chief Financial Officer Vice President, External Affairs and General Counsel Vice President, Marketing and Grocery Products Vice President, Human Resources and Corporate Communications Senior Vice President, Human Resources Chair and Chief Executive Officer Vice President and Chief Financial Officer Vice President, Human Resources and Strategy

Nash Finch Co. Navarre Corp.

New Ulm Telecom Inc. Otter Tail Corp.

Patterson Cos. Inc. Pentair Inc. Piper Jaffray Cos. Polaris Industries Inc. Regis Corp.

SPS Commerce Inc. Select Comfort Corp.

SurModics Inc. St. Jude Medical Inc. SUPERVALU INC. Synovis Life Technologies Inc. TCF Financial Corp.

Target Corp.

Tennant Co. The Toro Co. U.S. Bancorp UnitedHealth Group Inc. Urologix Inc. Uroplasty Inc. The Valspar Corp.

Value Vision Media Inc.

Vascular Solutions Inc. Winmark Corp.

Xcel Energy Inc.

Charlotte L. Sebastian Caroline Stockdale Cindy C. Redding Linda Thrasher Kathleen M. Mahoney Joyce Fleck Barbara A.J. Bornhoft Michelle L. Kommer Ranell Hamm Angela D. Lageson Debbra L. Schoneman Stacy L. Bogart Norma Knudsen Kimberly K. Nelson Shelly R. Ibach Karen R. Richard Kathryn V. Roedel Wendy L. Schoppert Jan M. Webster Angela D. Craig Pamela S. Krop Jane J. Song Julie Dexter Berg Janel S. Haugarth Sherry M. Smith Mary L. Frick Barbara E. Shaw Beth Jacob Jodeen A. Kozlak Tina M. Schiel Kathryn A. Tesija Laysha L. Ward Heidi M. Wilson Judy L. Altmaier Jennie P. Carlson Pamela A. Joseph Gail K. Boudreaux Lori K. Sweere Lisa Ackermann Susan Hartjes Holman Nancy A. Kolb Lori A. Walker Teresa Dery Beth McCartan Carol Steinberg Kelly Thorp Susan Christian Carrie Powers Charmaine Sutton Leah A. Goff Merry Beth Hovey Cathy J. Hart Teresa S. Madden Judy M. Poferl

Title Chief Operating Officer, Treasurer and Chief Financial Officer President and Chief Executive Officer Corporate Controller and Principal Accounting Officer Vice President, Quality Assurance and Regulatory Affairs, and Chief Operating Officer of Clinical Laboratory Operations Vice President, Human Resources Senior Vice President, Human Resources Vice President, Human Resources Vice President, Public Affairs Executive Vice President, General Counsel and Secretary President, Navarre Distribution Vice President, Chief Operating Officer and Corporate Secretary Senior Vice President, Human Resources Vice President and Chief Information Officer Senior Vice President, General Counsel and Secretary Chief Financial Officer Vice President, General Counsel, Compliance Officer and Secretary Executive Vice President, Merchandising Executive Vice President and Chief Financial Officer Executive Vice President, Sales and Merchandising Senior Vice President, Chief Human Resource and Strategy Officer Executive Vice President, Product and Service Senior Vice President, Chief Information Officer and Chief Marketing Officer Vice President, Human Resources Vice President, Corporate Relations, and Vice President, Human Resources Vice President, General Counsel and Corporate Secretary President, Atrial Fibrillation Executive Vice President, Chief Marketing Officer Executive Vice President, Merchandising and Logistics Executive Vice President and Chief Financial Officer Vice President, Regulatory, Clinical and Quality Affairs Senior Vice President and Director of Corporate Human Resources, TCF Financial Corp.; Executive Vice President, Corporate Human Resources, TCF Bank Executive Vice President, Technology Services, and Chief Information Officer Executive Vice President, Human Resources Executive Vice President, Stores Executive Vice President, Merchandising President, Community Relations and Target Foundation Vice President, General Counsel and Secretary Vice President, Operations Executive Vice President, Human Resources Vice Chairman, Payment Services Executive Vice President, UnitedHealth Group, and Chief Executive Officer, UnitedHealthcare Executive Vice President, Human Capital Vice President, Sales and Marketing Chief Operating Officer and Secretary Vice President, Global Marketing Senior Vice President and Chief Financial Officer Senior Vice President, General Counsel Vice President, Financial Planning and Analysis Executive Vice President, Internet, Marketing and Human Resources Senior Vice President, Human Resources Vice President, Sales Operations Vice President, Marketing Senior Vice President, Operations Vice President, Human Resources Vice President, Marketing Vice President and Corporate Secretary, Xcel Energy Inc. Vice President and Controller, Xcel Energy Inc. President, Director and Chief Executive Officer, NSP-Minnesota

WOMEN OFFICERS

WOMEN OFFICERS

Company Name 3M Co.

Medtronic Inc. The Mosaic Co.

Executive Officers Karen L. VanDerBosch Karen T. van Lith Angela M. Lacis Susan E. Puskas

NO WOMEN The following 32 companies on the Minnesota Census have all-male executive leadership teams: Aetrium Inc.; Angeion Corp.; Broadview Institute Inc.; C.H. Robinson Worldwide Inc.; Canterbury Park Holding Corp.; Cardiovascular Systems Inc.; Datalink Corp.; Digi International Inc.; Digital Angel Corp.; Digital River Inc.; Electromed Inc.; G&K Services Inc.; Ikonics Corp.; Image Sensing Systems Inc.; Imation Corp.; Insignia Systems Inc.; IntriCon Corp.; Lakes Entertainment Inc.; Life Time Fitness Inc.; MOCON Inc.; Multiband Corp.; NVE Corp.; Nortech Systems Inc.; Northern Oil and Gas Inc.; Northern Technologies Intl. Corp.; Rimage Corp.; Rochester Medical Corp.; Stratasys Inc.; Techne Corp.; Winland Electronics Inc.; WSI Industries Inc.; Xata Corp.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

11

Women Corporate Directors and Executive Officers (as listed in SEC filings as of June 30, 2011) / (Section 16b)

The number of Minnesota companies with both women corporate directors and women executive officers has decreased by one from 2010 to 2011, reflecting a step backward in women’s representation across top leadership ranks. 

12

Nineteen companies have no women directors or executive officers, the same number as 2010.



No companies had a net increase in both women directors and women executive officers in 2011.

Fifty-nine of Minnesota’s 100 largest publicly held companies have both women corporate directors and women executive officers, one less than 2010.

2011 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39



Company Name UnitedHealth Group Inc. Target Corp.

Best Buy Co. Inc. SUPERVALU INC. 3M Co. U.S. Bancorp Medtronic Inc. General Mills Inc. Xcel Energy Inc. Ameriprise Financial Inc. C.H. Robinson Worldwide Inc. The Mosaic Co. Hormel Foods Corp.

Ecolab Inc. St. Jude Medical Inc. Nash Finch Co. Alliant Techsystems Inc. The Valspar Corp.

Patterson Cos. Inc. Pentair Inc. Regis Corp.

Fastenal Co. Donaldson Co. Inc. Polaris Industries Inc. The Toro Co. TCF Financial Corp.

Imation Corp.

Deluxe Corp.

H.B. Fuller Co. Otter Tail Corp.

Life Time Fitness Inc. ALLETE Inc. G&K Services Inc. Lawson Software Inc. Graco Inc. Tennant Co. Buffalo Wild Wings Inc. FICO Select Comfort Corp.

Total Directors 10 11 11 11 10 13 11 13 11 9 8 12 12 11 8 7 10 10 11 10 7 9 11 10 10 15 8 9 8 9 8 12 9 9 9 10 8 9 8

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Corporate Directors Women Percent Women Directors Directors 2 4 2 2 2 2 2 4 2 1 1 1 4 2 2 0 2 2 1 2 1 1 1 1 2 2 1 2 1 2 1 4 2 0 1 1 1 1 2

20.0% 36.4% 18.2% 18.2% 20.0% 15.4% 18.2% 30.8% 18.2% 11.1% 12.5% 8.3% 33.3% 18.2% 25.0% 0.0% 20.0% 20.0% 9.1% 20.0% 14.3% 11.1% 9.1% 10.0% 20.0% 13.3% 12.5% 22.2% 12.5% 22.2% 12.5% 33.3% 22.2% 0.0% 11.1% 10.0% 12.5% 11.1% 25.0%

Net Change from 2010

Total Officers

1 -1 -1 -1 0 0 0 -1 1 1 0 0 0 0 0 0 0 -1 1 0 0 0 0 1 1 2 -1 -1 1 0 0 0 0 0 1 0 1 0 0

12 12 13 11 16 13 10 13 12 12 7 10 32 15 13 8 10 4 8 7 5 9 10 13 12 16 7 10 8 5 5 7 5 12 12 8 8 10 8

Executive Officers Women Percent Women Officers Officers 2 5 3 3 2 2 1 1 3 3 0 2 5 1 3 1 2 1 1 1 1 1 3 1 1 1 0 3 1 1 0 1 0 1 2 1 5 1 4

16.7% 41.7% 23.1% 27.3% 12.5% 15.4% 10.0% 7.7% 25.0% 25.0% 0.0% 20.0% 15.6% 6.7% 23.1% 12.5% 20.0% 25.0% 12.5% 14.3% 20.0% 11.1% 30.0% 7.7% 8.3% 6.3% 0.0% 30.0% 12.5% 20.0% 0.0% 14.3% 0.0% 8.3% 16.7% 12.5% 62.5% 10.0% 50.0%

Net Change from 2010 0 2 0 -1 1 -1 0 0 0 0 0 0 2 0 0 0 0 0 1 0 0 0 0 0 0 0 0 -1 0 0 0 0 0 0 0 0 1 0 0

Company Name Apogee Enterprises Inc. Piper Jaffray Cos. Value Vision Media Inc. American Medical Systems Holding Inc. Navarre Corp.

Arctic Cat Inc. Christopher & Banks Corp.

Capella Education Co. MTS Systems Corp.

Digital River Inc. The Dolan Co. Hutchinson Technology Inc. Datalink Corp.

Caribou Coffee Co. Inc. Hawkins Inc. Techne Corp.

Multiband Corp.

Digi International Inc. HickoryTech Corp.

Famous Dave's of America Inc. Communications Systems Inc. Stratasys Inc. Appliance Recycling Centers of America Inc. Analysts International Corp.

Nortech Systems Inc. Medtox Scientific Inc. Granite City Food & Brewery Ltd. Rimage Corp.

FSI International Inc. Vascular Solutions Inc. Synovis Life Technologies Inc. Cardiovascular Systems Inc. SurModics Inc. Xata Corp.

Northern Oil and Gas Inc. IntriCon Corp.

CyberOptics Corp.

HMN Financial Inc. SPS Commerce Inc. Rochester Medical Corp.

Winmark Corp.

Digital Angel Corp.

Canterbury Park Holding Corp.

Image Sensing Systems Inc. MOCON Inc. New Ulm Telecom Inc. NVE Corp.

Insignia Systems Inc. Angeion Corp.

Clearfield Inc. Lakes Entertainment Inc. Broadview Institute Inc. WSI Industries Inc. Winland Electronics Inc. MakeMusic Inc. Electromed Inc. Ikonics Corp.

Aetrium Inc. Northern Technologies Intl. Corp.

Urologix Inc. Uroplasty Inc.

Total Directors 9 8 9 8 9 9 8 11 8 6 8 7 7 9 7 9 7 6 9 6 8 6 5 7 5 5 8 6 4 7 8 8 10 9 7 5 5 9 7 5 7 5 6 7 8 7 5 5 6 6 6 5 4 4 7 6 7 7 7 5 7

Corporate Directors Women Percent Women Directors Directors 1 11.1% 3 37.5% 1 11.1% 1 12.5% 1 11.1% 1 11.1% 2 25.0% 2 18.2% 4 50.0% 1 16.7% 1 12.5% 1 14.3% 1 14.3% 1 11.1% 0 0.0% 1 11.1% 0 0.0% 0 0.0% 2 22.2% 1 16.7% 1 12.5% 0 0.0% 1 20.0% 2 28.6% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 12.5% 1 12.5% 2 20.0% 1 11.1% 1 14.3% 0 0.0% 2 40.0% 2 22.2% 0 0.0% 0 0.0% 1 14.3% 0 0.0% 1 16.7% 0 0.0% 0 0.0% 2 28.6% 1 20.0% 0 0.0% 0 0.0% 1 16.7% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 14.3% 0 0.0% 1 14.3% 0 0.0% 0 0.0% 0 0.0% 1 14.3%

Net Change from 2010 0 -1 1 0 0 1 0 2 0 1 0 -3 0 0 0 0 1 0 0 0 1 0 1 0 0 0 1 0 -1 0 0 0 1 0 NA 0 0 0 NA 0 1 0 0 1 -1 0 0 0 -1 0 0 0 -1 -1 NA NA NA NA NA NA NA

Total Officers 5 5 11 10 5 8 6 7 4 3 6 6 3 7 7 3 5 4 7 2 8 3 8 2 5 7 6 4 4 8 6 8 8 4 4 6 3 5 5 6 7 2 4 3 5 3 2 5 3 3 2 2 3 1 2 3 5 8 2 5 7

Executive Officers Women Percent Women Officers Officers 1 20.0% 1 20.0% 4 36.4% 2 20.0% 1 20.0% 1 12.5% 3 50.0% 2 28.6% 3 75.0% 0 0.0% 2 33.3% 1 16.7% 0 0.0% 1 14.3% 3 42.9% 0 0.0% 0 0.0% 0 0.0% 2 28.6% 1 50.0% 1 12.5% 0 0.0% 1 12.5% 1 50.0% 0 0.0% 3 42.9% 1 16.7% 0 0.0% 1 25.0% 3 37.5% 1 16.7% 0 0.0% 1 12.5% 0 0.0% 0 0.0% 0 0.0% 1 33.3% 1 20.0% 1 20.0% 0 0.0% 2 28.6% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 33.3% 0 0.0% 0 0.0% 0 0.0% 1 33.3% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 2 100.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 20.0% 2 28.6%

Net Change from 2010 0 0 2 0 0 0 0 0 0 0 1 -1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NA 0 0 0 NA 0 0 -1 0 0 0 0 0 0 0 0 0 0 0 0 NA NA NA NA NA NA NA

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

13

DIRECTORS & OFFICERS

DIRECTORS & OFFICERS

(Ranked by 2010 revenue)

2011 Rank 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

Minnesota Census companies had boards ranging from four to 15 seats in 2011 and list from one to 32 Section 16b executive officers. Therefore, Honor Roll criteria focus on percentages of women corporate directors and women executive officers.

Research documents a positive correlation between multiple women corporate directors and an increase in women executive officers (Matsa and Miller, 2011; Bilimoria, 2006). This trend is reflected in this year’s

Meet the Honor Roll 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. CEO Mark W. DeYoung St. Jude Medical Inc. CEO Daniel J. Starks Target Corp.

CEO Gregg W. Steinhafel

OTHER COMPANIES: Analysts International Corp.* CEO Brittany B. McKinney Christopher & Banks Corp.

CEO Larry C. Barenbaum CyberOptics Corp.

CEO Kathleen P. Iverson Deluxe Corp.

CEO Lee L. Schram HickoryTech Corp.* CEO John Finke HMN Financial Inc. President Bradley C. Krehbiel MTS Systems Corp.

CEO Laura B. Hamilton** New Ulm Telecom Inc. CEO William D. Otis Otter Tail Corp.* CEO John D. Erickson*** Piper Jaffray Cos.* CEO Andrew S. Duff Select Comfort Corp.* CEO William R. McLaughlin Valspar Corp.* CEO Gary E. Hendrickson *Indicates 2011 addition **Resigned August 25, 2011; interim CEO is William V. Murray ***Resigned September 8, 2011; interim CEO is Edward J. McIntyre

Tenuous progress Six companies joined the Honor Roll in 2011; three companies departed. In many cases, the movement of one woman on or off the board or into or out of the 14

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

The organizers of The 2011 Minnesota Census of Women in Corporate Leadership acknowledge the state’s 12 honor roll companies whose boards of directors and executive officer ranks include at least 20 percent women.

Special distinction companies — CyberOptics Corp., MTS Systems Corp. and Target Corp. — have boards and C-suites with at least 30 percent women.

Honor Roll, which highlights companies with both 20 percent or more women corporate directors and 20 percent or more women executive officers.

Special Distinction is awarded to companies with 30 percent or more women directors and 30 percent or more women executive officers — reflecting a diverse corporate leadership team that moves beyond the “token woman” on the board or in the executive suite.

Special Distinction Companies

CyberOptics Corp., a leader in the surface mount electronics industry, was founded in 1984 by University of Minnesota professor, engineer and inventor Steven Case. The company now has offices in the United Kingdom, Singapore and China, in addition to Oregon and its Minneapolis headquarters.

MTS Systems Corp. tests artificial spines for scoliosis patients, components in Rolls-Royce engines and wave simulators to teach us more about tsunamis.

These and other innovations are measured for accuracy, durability and reliability. Founded in 1966, MTS influences industries from energy to aerospace and civil engineering.

Target Corp. opened its first Target store in Roseville in 1962 and now has 1,750 stores in 49 states. Dayton-Hudson was the corporate parent until 2000, when the company was renamed Target Corp. The corporation divested Dayton’s department stores in 2004.

executive suite dictated Honor Roll membership, revealing the tenuous progress companies have made toward acquiring a critical mass of women on their corporate leadership teams.

2011 Departures: • Xcel Energy left the Honor Roll because the company increased the size of its board by adding one male director.

• Capella Education expanded the size of its board by two seats, both of which went to men.

• Navarre left the Honor Roll when a woman director left and was replaced by a man.

2011 Additions: • Analysts International joined the Honor Roll because it replaced an outgoing male director with a woman.

• HickoryTech added one additional executive officer, a woman.

• Otter Tail decreased the total number of executive offices by one man.

• Piper Jaffray decreased its executive officer positions by six, all men.

• Select Comfort returned to the Honor Roll by replacing a male director with a woman.

• Valspar decreased its directors by one man.

Seven Minnesota Census companies have retained Honor Roll status over the past four years: Christopher & Banks, CyberOptics, Deluxe, HMN Financial, MTS Systems, St. Jude Medical and Target. Three of those (CyberOptics, MTS Systems and Target) are Special Distinction companies.

HONOR ROLL Companies

Alliant Techsystems Inc., one of the nation’s largest aerospace and defense companies, was founded in 1990 after being spun off from Honeywell.

Honeywell supplied defense products and systems to the United States and its allies for 50 years, including the first electronic autopilot that enabled B-17 aircraft to accomplish pinpoint bombing missions during World War II. Analysts International Corp. was founded in 1966 and works in the broad informational technology (IT) sphere. AIC’s IT services consist of IT staffing; managed teams; project-based solutions comprising custom application and systems integration; and enterprise resource planning enhancement, implementation and management services.

Christopher & Banks Corp. sells specialty women’s clothing to baby boomer women in more than 700 stores located in 46 states. In 2000, retailer Braun’s Fashions, then 44 years old, was renamed Christopher & Banks.

Deluxe Corp. was founded in 1915 on the idea of a personalized flat-pocket checkbook and holder. Deluxe still makes checks, but today it balances its checkbook offerings with products and services to help small businesses market themselves.

Hickory Tech Corp., a telecom company founded in 1898, has 3,250 route miles of fiber in Minnesota, Iowa, North Dakota and South Dakota and serves both businesses and residential customers. In 2010, it garnered $16.8 million in federal stimulus money to expand its broadband network in rural Minnesota and has grown its services and customer base recently through mergers and acquisitions.

HMN Financial is the $818 million holding company for Home Federal Savings Bank. Founded in 1934, the company provides community-banking services in southern Minnesota and Iowa. In November 2011, HMN announced a purchase agreement to buy Pinnacle bank of Marshalltown, Iowa.

New Ulm Telecom Inc., aka NU-Telecom, offers network and data services to businesses, as well as TV, Internet and telephone services to residential customers. Started by a group of New Ulm farmers and businessmen in 1905 who were motivated to bring better phone service to the area, NU-Telecom now serves customers throughout southwestern Minnesota.

Otter Tail Power Co. was founded more than a century ago in Fergus Falls.

It now has offices in Minnesota and the Dakotas. About 14 percent of its electrical power is generated by wind power, and the company says it is on track to meet Minnesota’s requirement of 25 percent renewable energy production by 2025.

Piper Jaffray Cos. is a middle-market investment bank with deep roots in the community. Founded in 1895, Piper Jaffray evolved from a commercial paper brokerage to a full- service investment firm. In 2007 it sold its retail brokerage network to USB Financial Services and since has become an investment banking-focused firm with offices in the United States, London, Zurich and Hong Kong.

Select Comfort Corp. manufactures and sells Sleep Number beds, a line of adjustable-firmness mattresses featuring air-chamber technology that is said to improve sleep and back pain. The line is sold through 400 company-owned stores, other retailers and direct sales. The company was founded in 1987 and employs 2,200 people across the United States.

St. Jude Medical Inc. was founded in 1976 as a pioneering manufacturer of bi-leaflet implantable mechanical heart valves. The valve became the “gold standard” for mechanical heart valves. Today, St. Jude offers numerous devices for cardiac, neurologic and chronic pain conditions.

Valspar Corp. is one of the largest coating manufactures in the world. Valspar’s products include industrial coatings for wood, metal and plastic for original equipment manufacturers and paints, varnishes and stains for do-it-yourselfers.

Valspar was founded in 1806. It has 9,500 employees in more than 25 countries.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

15

HONOR ROLL

HONOR ROLL

Honor Roll and SPECIAL Distinction Companies

Ads 16

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Ads MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

17

CALL TO ACTION

METHODOLOGY

Advancing women into corporate leadership positions is a competitive imperative. The data presented in this report should prompt women and men — in companies of all sizes across Minnesota — to develop a strategy to add women to their boards of directors and executive suites.

The 2011 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 2010 net revenue in the Minneapolis-based Star Tribune 100: 19th Annual Report (April 2011) and the Minneapolis/ St. Paul Business Journal top 100 list (April 2011).

Consider these actions:

 Encourage CEOs and board members to develop a goal for executive suite and board diversity, including moving toward the optimum number of three or more women in executive leadership positions and on the board.  Urge current board members and executive officers to identify and remove barriers to the advancement of qualified women into corporate leadership roles within their companies.

“If you’re a woman on a board and the company has no women executive officers, you may be able to help all kinds of qualified people advance.”

— Associate Professor Joann Bangs, St. Catherine University

 Contact executive search firms, such as SpencerStuart (www.spencerstuart.com), that have a proven track record of identifying highly qualified women executives and placing women on corporate boards.  Pages 12 and 13 of this report list the names of 115 women who are executive officers; many of them are board-ready. Solicit those women for board service.  Pages 6 and 7 of this report also list the names of 115 women who currently serve on Minnesota boards.

Many of them have the capacity to serve on more corporate boards.  The Minnesota chapter of Women Corporate Directors (WCD) has a directory of more than 30 Minnesota women who currently serve as directors of companies. Women Corporate Directors offers access to 18

APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

“It’s not enough to bring women on boards. Corporations need to engage them and allow them to impact governance.”

— Associate Professor Rebecca Hawthorne, St. Catherine University

a global network of women with corporate board experience. Email: wcdmsp@gmail.com.  The National Association of Corporate Directors (NACD) has a talented pool of director candidates who are available to boards that seek 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.org.

Getting Ahead “When women were most proactive in making their achievements visible they advanced further, were more satisfied with their careers and had greater compensation growth than women who were less focused on calling attention to their successes.”

Source: Catalyst, “The Myth of the Ideal Worker: Does Doing All the Right Things Really Get Women Ahead?” by Nancy M. Carter, Ph.D., and Christine Silva, 2011; www.catalyst.org

Global Talent Business executives worldwide cite intellectual stimulation, inspiration, participatory decision making and setting expectations/rewards as the most important leadership attributes — traits more commonly found among women leaders.

Source: McKinsey & Co., “Unlocking the Full Potential of Women in the U.S. Economy,” by Joanna Barsh and Lareina Yee, 2011; www.mckinsey.com

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 Securities and Exchange Commission (SEC) lists these as public companies with more than 500 shareholders, they are not publicly traded on a stock exchange.

Process for data collection Data for The 2011 Minnesota Census were collected from company filings with the SEC, including proxy statements (DEF 14A), annual reports (Form 10K) and current reports (Form 8-K). Accessed online through EDGAR, the most recent SEC filings through June 30, 2011, were reviewed for data collection.

Data confirmation sheets were emailed or mailed to each company, requesting verification of the information and notification of any changes occurring before the Census cutoff of June 30, 2011. Follow-up phone calls were made to the companies that had not responded by the requested deadline. The company response rate was 58 percent. Changes that occurred in board membership, executive officer appointments, company ownership or bankruptcy filings after the period covered by the June 30, 2011, 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

“We need more diversity in boardrooms so we can think through challenges — and we will be more successful as a result of hearing different viewpoints.”

METHODOLOGY

CALL TO ACTION

— Kitty Iverson, president and CEO, CyberOptics Corp.

those individuals formally designated as Section 16b executive officers in SEC filings.

All reasonable steps have been taken to verify the accuracy of the data. Any remaining errors or omissions are the sole responsibility of the researchers.

About the report The 2011 Minnesota Census of Women in Corporate Leadership 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.

Learn more at www.ionwomen.org.

The two academic researchers for the Census are Joann Bangs, Ph.D., and Rebecca Hawthorne, Ph.D. Dr. Bangs is associate professor and chair, Department of Economics, and an associate professor in the Master of Arts in Organizational Leadership (MAOL) program at St. Catherine University.

Dr. Hawthorne is an associate professor and program director of the MAOL program and a frequent media spokesperson about issues of women in corporate leadership.

LEARN MORE The School of Business and Leadership at St. Catherine University is founded on four pillars: sustainability for people and the planet, innovative spirit, global justice and preparing practice-ready graduates. Visit www.stkate.edu/sbl.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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Cautious Optimism

REFLECTIONS

The percentage of women in corporate leadership is small, but inching forward.

In the four years they’ve conducted research for The Minnesota Census of Women in Corporate Leadership, St. Catherine University associate professors Joann Bangs and Rebecca Hawthorne have seen less progress than they’d like in the percentages of women serving on the boards or in the executive suites of the state’s largest public companies.

The good news: A growing body of research supports their view that greater gender diversity makes good business sense.

The following is culled from interviews with the professors.

Why should corporations care about gender diversity?

It’s a business issue, not a women’s issue. Studies in the United States and in the European Union have identified higher returns on equity and total returns to shareholders from companies with a high representation of women corporate directors. And organizational innovation has been demonstrated to increase when at least three women are in the boardroom.

What’s the good news in the 2011 Census data?

Minnesota’s percentage of women executive officers continues to lead the nation. We’ve seen a rise in the percentage of women executive officers from 15.2 percent in 2009 to 17.4 percent in 2011. This rise happened while the raw number of executive officers dropped. This suggests a positive trend, which we find hopeful for women in corporate leadership.

Is there a correlation between the number of female executives and the number of female directors in companies?

Research indicates a positive association between women corporate directors and the number of women on companies’ leadership teams. You can assume that women achieving top levels have experience that prepares them to be directors. The pool of female talent is broadening and deepening.

What particular experience are companies seeking in directors?

As women are moving into leadership roles they are demonstrating operational P&L (profit and loss) experi-

LEARN MORE

Increase Board Diversity  Look for executives in the nonprofit sector.  Identify talent from within the company.  Use a search firm to recruit board members. ence, and that is a key criterion for board service. Not coincidently, many women serving on Minnesota boards are chief financial officers.

What will help women achieve more executive and director roles?

The role of the CEO is critical. He or she must make diversity a visible goal through strategies and methods of accountability and integrate those throughout the corporate culture. Companies need to define for themselves the value of more women as employees, customers and leaders.

Why aren’t more women recruited for corporate boards?

When boards are looking for board members, they typically look for someone with board experience. The traditional director is a retired or active CEO. Few women have reached the CEO level so few women have gained public board experience.

What will jump-start women’s stalled progress?

Internationally, there is a lot of movement toward quotas and regulations. Quotas aren’t likely in the United States — nor would we argue for them — but the Securities and Exchange Commission (SEC) requires companies to tell shareholders how diversity factors into their nominations. However, the SEC has left it up to each company to define diversity as it wishes.

How can companies become more inclusive?

Diversity and inclusion need to be embedded through all the policies and practices of a corporation to create an inclusive culture. It’s not enough to bring women on board. We have to engage them and allow them to impact governance.

View this year’s report online, as well as the past three years of The Minnesota Census of Women in Corporate Leadership, at mncensus.stkate.edu.

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APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Resources for Information

Credits and Contributions

Bilimoria, D. (2006), “The Relationship Between Women Corporate Directors and Women Corporate Officers,” Journal of Managerial Issues 18.1 (spring), 47.

The 2011 Minnesota Census of Women in Corporate Leadership was produced by St. Catherine University and the Minnesota Women’s Economic Roundtable (MWER).

Catalyst (2007), “The Bottom Line: Corporate Performance and Women’s Representation on Boards,” www.catalyst.org.

• Co-chairs: Paula J. King, Ph.D., dean of the School of Business and Leadership, St. Catherine University; and Pamela A. Wheelock, member, MWER

Deloitte (2010), “Diversifying the American Board: Thought Leaders Collaborate on Current Challenges and Practical Solutions,” www.deloitte.com (Board Diversity Report, a PDF).

• Researchers: Rebecca Hawthorne, Ph.D., associate professor and director, Master of Arts in Organizational Leadership (MAOL), St. Catherine University; and Joann Bangs, Ph.D., associate professor of economics and MAOL, St. Catherine University

Ernst & Young (2009), “Groundbreakers: Using the Strength of Women to Rebuild the World Economy,” www.ey.com/groundbreakers.

• Research assistants: Kimberly Popp and Cassandra Sawerwein, MAOL graduate students

Hay Group (2010), “Report of the 2010 Best Companies for Leadership Study,” www.haygroup.com/ bestcompaniesforleadership.

Kang, E., Ding, D.K. and Charoenwong, C. (2009), “Investor Reaction to Women Directors,” Journal of Business Research 63 (2010), 888–894.

Kramer, V.W., Konrad, A.M.& Erkut, S. (2006), “Critical Mass on Corporate Boards: Why Three or More Women Enhance Governance,” Wellesley Centers for Women, Report No. WCW 11, www.wcwonline.org/ pubs/title.php?id=487.

• Editor: Amy Gage, director of marketing and communications, St. Catherine University • Research and editorial coordinators: Maha El-Wailli, communications specialist, St. Catherine University; and Valerie Krech, MAOL program coordinator • Writer: Elizabeth Child, principal, Elizabeth Child & Company • Special thanks to Marjorie Mathison Hance, vice president for external relations, St. Catherine University, and Deborah Hopp, vice president of publishing, MSP Communications, and member, MWER

Matsa, D. and Miller, A. (2011), “Chipping Away at the Glass Ceiling: Gender Spillovers in Corporate Leadership,” The American Economic Review, 101 (3), 635–639.

Terjesan, S., Sealy, R. and Singh, V. (2009), “Women Directors on Corporate Boards: A Review and Research Agenda,” Corporate Governance: An International Review 17(3), 320–337.

Torchia, M., Calabro, A. and Huse, M. (2011), “Women Directors on Corporate Boards: From Tokenism to Critical Mass,” Journal of Business Ethics 102: 299–317.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012

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Report produced by:

Minnesota Women’s Economic Roundtable