2015 Minnesota Census of Women in Corporate Leadership

The 2015 Minnesota Census of Women in Corporate Leadership

How Minnesota’s Top 100 Public Companies Rank

Diversity Matters Reatha Clark King shares her views on the key to growth in corporate America (page 11).

Reatha Clark King mncensus.stkate.edu

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chairwoman of the National Association MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 0 of Corporate Directors

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LETTER FROM THE PRESIDENT

LETTER FROM THE PRESIDENT

The Challenge Before Us Women gain ground, but more investment is needed.

By Mary Ann Aufderheide, president, Minnesota Women’s Economic Roundtable

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015 marked the eighth year that St. Catherine University and the Minnesota Women’s Economic Roundtable have collaborated to publish the Minnesota Census of Women in Corporate Leadership. As in past years, progress has been made toward diversifying the corporate boards and executive suites by increasing the number of women in corporate leadership roles. We are pleased to see increases in women corporate directors, women executive officers, women directors of color, and companies with both women directors and women executive officers.

Minnesota’s 100 largest publicly held companies continue to compare favorably with national peers. ION, a national consortium whose mission is to increase the number of women appointed to corporate boards and executive suites, conducts an annual census of women board directors and executive officers across the nation (ionwomen.org). Based on data provided by GMI Ratings International, the ION Annual Census of Women Directors and Executive Officers draws on 2,862 Russell 3000 (R3000) companies and 438 Fortune 500 companies. 2015 data indicates that across U.S. companies, 14.1 percent of board appointments are held by women in R3000 companies, compared with 15.5 percent in Minnesota. Across U.S. companies, 14.2 percent of executive officer appointments are held by women in R3000 companies, compared with 19.4 percent in Minnesota.

To Maggie Wilderotter of Frontier Communications, a strong commitment to diversity begins with the CEO and is made pervasive throughout the company.

“My responsibility as chairman and CEO is to make sure we hire great people and attract terrific board members who together reflect the composition of our customers.

We have close to 4 million residential and business customers—every one different, with unique needs and wants. Having diverse points of view about how we make day-to-day decisions and board-strategic decisions is critical and a competitive advantage.”

—Maggie Wilderotter, executive chairman, Frontier Communications (National Association of Corporate Directors, 2012) It is my hope that the 16 Honor Roll companies (those with at least 20 percent women corporate directors and at least 20 percent women executive officers)—that have invested in women leaders and are committed to growing their ranks—continue to be a model for all companies in Minnesota. They value the voice that women bring to executive roles and should be commended for their leadership.

The challenge before us all is to keep these numbers growing! The Minnesota Women’s Economic Roundtable is proud to support this work and to provide a forum to discuss, encourage, and support the advancement of women leaders throughout our state. X

Table of Contents 1

Letter from the President

2

Census Highlights

3

Executive Summary

CENSUS RESULTS 5

Honor Roll and Special Distinction Companies

7

Women on Boards of Directors: Making Progress

9

Women Executives: Significant Progress

FEATURES 11 Growth That Sticks: Reatha Clark King on Corporate Diversity 13 Cultures of Excellence: Three Businesses Lead the Way 15 Own It!: Four St. Catherine's Professors Share Career Advice.

15 Bibliography MINNESOTA COMPANY RANKINGS 17 Women Corporate Directors 19 Women Executive Officers 21 Women Directors and Executive Officers by Company 22 Methodology

ON THE COVER: Reatha Clark King visited St. Catherine University in November.

Photograph: By Rebecca Studios LLC

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Photos: Rebecca Zenefski,

By Rebecca Studios LLC (pages 12, 13-14, 15-16)

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Census Highlights Women corporate directors and executive officers

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he 2015 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 2014 net revenue.

X Minnesota’s largest 100 public companies reported a net increase both in women corporate directors (five) and women executive officers (12) in 2015.

X The percentage of women directors (15.5 percent) and executive officers (19.4 percent) are the highest recorded in Minnesota in the last eight years and reflect significant gains over 2014.

X In 2015, 52 of Minnesota’s 100 largest publicly held companies had women corporate directors and women executive officers, an increase of four companies from 2014. Although encouraging, it’s important to note that in 2008, 63 companies had both women directors and executive officers.

X The number of women directors of color increased to 21 across 19 Minnesota companies.

X Minnesota companies reporting higher annual revenue are more likely than smaller companies to have women represented in both the boardroom and the executive suite, consistent with national trends.

ABOUT THE CENSUS

The report is produced

by St. Catherine University with research from the Master of Arts in Organizational Leadership program and is co-sponsored by the Minnesota Women’s Economic Roundtable (MWER).

X Companies with a net increase in women in 2015 tend to be those that already have women on their boards and in their executive offices.

X Twenty of Minnesota’s 100 largest publicly held companies have no women directors or executive officers in 2015, the same number as 2014. This remains the highest number of companies in the Census’s history with no women in corporate leadership roles.

St. Catherine University would like to thank the following sponsors of the 2015 Minnesota Census of Women in Corporate Leadership:

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EXECUTIVE SUMMARY EXECUTIVE SUMMARY

Progress Builds Hope that Company Cultures Are Changing Significant barriers to widespread change remain.

By Joann Bangs, Ph.D., dean, School of Business and Professional Studies & associate professor of economics

By Rebecca Hawthorne, Ph.D., associate professor and program director, Master of Arts in Organizational Leadership (MAOL) program St. Catherine University

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innesota’s percentages of women in corporate leadership improved significantly in 2015, but reflect a small pool of women leaders. Despite years of corporate diversity initiatives, women remain underrepresented at every level of the corporate pipeline in America.

Recent research by McKinsey (2015) identifies gender-based barriers to advancement and challenges obtaining senior leadership roles. The barriers include a preponderance of women in staff roles rather than at vice president levels and above; company practices and culture; and an “uneven playing field,” which ensures that gender parity remains elusive, especially at the top. Board searches that rely on personal networks, word of mouth, and a narrow definition of prerequisite leadership experience (e.g., primarily CEOs and experienced public company directors) tend to produce gender-based barriers to corporate governance. Women hold just 16 percent of the board seats at S&P 1500 companies, a proportion lower than the percentage of directors named John, Robert, James, and William in these same companies (Ernst & Young, 2015).

The business imperative for diversifying corporate leadership beyond directors named John, Robert, James, and William has been well-documented.

Improved competitiveness

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(Deloitte, 2013), stronger financial performance (Catalyst, 2013; McKinsey & Co., 2013), improved stakeholder relations (Rhode & Packel, 2010), and more effective decision-making and increased innovation (Catalyst, 2013) are all byproducts of diverse corporate leadership.

To remain competitive and forward-thinking, companies must diversify their boards and senior leadership teams to more accurately reflect their stakeholders, employees, and the shifting demographics of their customers.

The Minnesota Census of Women in Corporate Leadership annually identifies those public companies that have made strides in diversifying their boards of directors and senior leadership teams, to leverage the knowledge and skills of both talented women and men to competitive advantage. These companies drive the Minnesota economy and model diversity practices for others.

total number of available board seats across Minnesota’s 100 largest publicly held companies is smaller than in the past, the 2015 Census recorded the largest number of women directors to date. Despite strides forward, women stepped into only 14 of the 64 new independent director positions that opened up in 2015.

Number of Minnesota Companies with Women Leaders Number of Companies

Women Directors Three or more women directors

15

Two women directors

19

One woman director

32

No women directors

34 Number of Companies

Women Executive Officers Three or more women executive officers

16

Two women executive officers

16

One woman executive officer

34

No women executive officers

34

Strides forward The eighth annual Minnesota Census of Women in Corporate Leadership reveals the most significant progress to date in diversifying Minnesota’s boardrooms and senior executive suites. Minnesota’s largest 100 public companies, with annual revenue from $0.5 million to $130 billion, reported a net increase in both women corporate directors and women

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executive officers in 2015. These increases reverse last year’s back steps and represent the highest percentages of women directors and executive officers during the history of the Census.

Women hold 15.5 percent of the board seats of Minnesota’s 100 largest publicly held companies, up from 14.9 percent in 2014. Although the

Twenty-one women of color currently serve across 19 Minnesota public companies, an increase of two women and three companies from 2014.

Although encouraging, shifting demographics in Minnesota are still not reflected in the corporate leadership of 81 of Minnesota’s 100 largest publicly held companies.

Women executive officers increased by 12, and their representation in senior leadership roles (Section 16b positions) rose to 19.4 percent, the highest percentage of women executive officers on record in the survey’s tenure. The total pool of executive officer positions increased in 2015 from 630 to 638, the first increase in several years. In

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Reaching critical mass Research documents the positive impact of women leaders once a critical mass of three or more women—over 30 percent female representation—is reached (Credit Suisse, 2012; Catalyst, 2011; McKinsey & Co., 2007).

Numbers matter. One woman director or one woman executive officer—still a common practice in Minnesota companies—does not effectively change the face or alter the impact of corporate leadership.

In 2015, net increases in women directors and executive officers tended to occur in companies that already had women on their boards or their senior leadership teams. Fifteen Minnesota companies reported three or more women directors in 2015. Sixteen Minnesota reported three or more women executive officers.

According to Ernst & Young (2013), the portion of U.S. companies with two or more women board members has increased over the past seven years: “Boards that experience diversity recognize the value it brings to board decisionmaking and performance.”

Companies with women CEOs, women independent directors, or women nominating chairs tend to have a higher level of gender diversity on their boards

PHOTOGRAPH BY REBECCA STUDIOS LLC

total, 66 Minnesota companies reported having senior women executive officers in 2015, an increase of six companies. This reflects significant progress.

Two Minnesota companies added both women directors and women executive officers to achieve a net increase in both in 2015: Capella Education Co. and Mocon Inc. In 2015, over 50 percent of Minnesota’s largest publicly held companies have both women directors and women executive officers.

Joann Bangs and Rebecca Hawthorne

and in senior executive ranks, building the pool of qualified women board candidates (Ernst & Young, 2013; Matsa and Miller, 2011). Four of the Census’ 2015 Honor Roll companies—companies that have reached 20 percent or more women directors and 20 percent or more women executive officers—have women CEOs.

The role of the CEO Research by Bain (2014) and McKinsey (2015, 2013) suggests that CEOs and their executive teams must commit to gender diversity as a top strategic priority and must visibly establish and monitor transparent gender diversity indicators such as percentages of women recruits; women in various business lines and at each level of management; pay levels and attrition rates of women and men in comparable functions; ratio of promotions to women eligible

for promotion; training opportunities across gender; and satisfaction rates.

Recruitment, performance evaluation, and career management processes must be reengineered to ensure that both women and men receive equal opportunities for professional development through personalized, flexible career paths. Careers are rarely linear, and valuable employees require “active management” to ensure their return to the company workforce. Front-line supervisors must be educated on the value of inclusion and diversity and coached to identify biases that affect decisions about identification and support of highpotential leaders. Direct supervisors at the mid-management level are formative in shaping both women’s and men’s career aspirations and preparation.

Finally, aspiring women leaders must nurture their leadership

ambitions through networking, coaching, mentoring, and sponsorship. Most companies remain male-centric, and many women, as Kay and Shipman (2014) assert, tend to lack confidence, which holds them back from achieving at the highest levels.

Shaping the workplace culture necessary for women to ascend to corporate leadership roles in numbers sufficient to impact corporate governance requires both internal and external change—within aspiring women leaders themselves and within the companies in which they work. Cultural and structural change within companies must be personally driven by the CEO and supported company-wide as a competitive advantage to success. A number of Minnesota’s public companies, their CEOs, directors, and executive officers (both women and men) stepped forward to provide powerful role models in 2015. X

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LETTER FROM HONOR THE ROLL PRESIDENT

HONOR ROLL AND SPECIAL DISTINCTION COMPANIES

Leadership Matters Accountability drives culture and success.

Honor Roll and Special Distinction Companies (Special Distinction companies are in bold.)

Best Buy Co. Inc. (Fortune 500) ..................CEO Hubert Joly Buffalo Wild Wings Inc. ...................................CEO Sally Smith Christopher & Banks Corp. ...........................CEO LuAnn Via Deluxe Corp. .........................................................CEO Lee L. Schram Ecolab Inc. (Fortune 500) ...............................CEO Douglas Baker, Jr. Electromed Inc.....................................................CEO Kathleen Skarvan G&K Services Inc. ................................................CEO Douglas A. Milroy H.B. Fuller Co.........................................................CEO James J. Owens

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onor roll and Special Distinction companies attract and retain highly qualified women leaders. They provide the structural support and organizational culture necessary to encourage both women and men to advance successfully in their careers. Women leaders themselves, their male colleagues, and the companies where they work are all accountable for addressing the barriers that hold women back from attaining a critical mass of top corporate leadership positions—both internal barriers (Sandburg, 2013) and external, structural, and cultural barriers (McKinsey, 2015; Bain 2014). Structural and cultural change requires full stakeholder participation to succeed, from the CEO on down. The stakes are high—to compete globally, we must engage all Minnesotans—women and men—in corporate leadership roles.

Companies examined for the Minnesota Census in 2015 have boards ranging from three to 16 seats and report from one to 17 Section 16b executive officers. Therefore, Honor Roll criteria focus on the percentages of women corporate directors and women executive officers.

Honor Roll companies have at least 20 percent women corporate directors and at least 20 percent women executive officers.

Special Distinction companies have at least 30 percent women directors and at least 30 percent women executive officers.

Designations are based on SEC filings as of June 30, 2015. X

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HMN Financial Inc. ............................................CEO Bradley C. Krehbiel New Ulm Telecom Inc.......................................CEO Bill D. Otis Patterson Cos. Inc. ..............................................CEO Scott P. Anderson Select Comfort Corp..........................................CEO Shelly R. Ibach Target Corp. (Fortune 500)............................CEO John J. Mulligan (interim) Tennant Co. ............................................................CEO H. Chris Killingstad U.S. Bancorp (Fortune 500) ...........................CEO Richard K. Davis UnitedHealth Group Inc. (Fortune 500) ..CEO Stephen J. Hemsley

The total number of Honor Roll companies increased from 13 to 16 in 2015—a notable rise. Six joined the Honor Roll in 2015; three companies departed. In some cases, previous Honor Roll companies left Minnesota due to relocations or acquisition. In many cases, the movement of one woman on or off the board, or into or out of the executive office, dictated Honor Roll membership, revealing the tenuous progress Minnesota companies continue to make toward changing the face of their corporate leadership teams.

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2015 Honor Roll Departures: X MTS Systems Corp. replaced one woman executive officer with a man. The company held Honor Roll status for seven years prior to 2015.

X Valspar Corp. replaced one woman executive officer with a man and also added a board seat that was filled with a male director.

X Enventis departed the Minnesota Census sample after being acquired by an out-of-state company.

X

BY THE NUMBERS

Minnesota Companies with Three or More Women Directors X General

X Best Buy Co. Inc. gained Honor Roll status because it reduced the size of its board by two directors.

X U.S. Bancorp added one executive officer position filled by a woman.

X UnitedHealth Group Inc. reduced the size of the company board by one seat.

X Buffalo Wild Wings Inc. earned Honor Roll status for the first time by adding a new board seat and appointing a woman.

X G&K Services Inc. reduced the number of executive officers by one position.

X Tennant Co. replaced one male executive officer with a woman.

2015 Special Distinction Addition: X Electromed Inc. added a new board seat and appointed a woman to fill it.

2015 Special Distinction Departure: X Patterson Cos. Inc. lost Special Distinction status after reducing executive officer positions by two and losing one woman executive officer.

X Hormel

Plc. ................................................................... wwww

Inc................................................................................. www

X Allete

X Ameriprise

Financial Inc. ................................................ www

X C.H.

Robinson Worldwide Inc. ...................................... www

X MTS

Systems Corp. ............................................................ www

X Otter

Tail Corp. ................................................................... www Cos. Inc. ............................................................ www

X Patterson X Select

Comfort Corp. ........................................................ www

X Target

Corp. ......................................................................... www

X U.S.

Bancorp ........................................................................ www

X Xcel

Energy Inc. ................................................................. www

Minnesota Companies with Three or More Women Executive Officers (Section 16b) X Buffalo

Wild Wings Inc. ............................................. wwwww

X Christopher

& Banks Corp. ...................................... wwwww

X Select

Comfort Corp. .................................................. wwwww

X Target

................................................................................ wwwww

Fuller Co. ................................................................... wwww

X H.B.

X Supervalu

Inc. .................................................................. wwww

Buy Co. Inc. ................................................................ www

Notable Honor Roll Longevity:

X Deluxe

Four Minnesota companies have retained Honor Roll status over the past eight years:

X Ecolab

These companies maintain a diverse corporate leadership team despite director and executive officer turnover. Research documents the positive impact of at least three or more women on the board or on the executive leadership team (Torchia et al., 2011).

Foods Corp. ....................................................... wwww

X Medtronic

X Best

X Christopher & Banks Corp.

X Deluxe Corp.

X HMN Financial Inc. X Target Corp.

& Banks Corp. .......................................... wwww

Inc............................................................................ wwww

X Ecolab

2015 Honor Roll Additions:

Mills Inc. .......................................................... wwwww

X Christopher

Corp. ........................................................................ www

X Donaldson

X Evine

Live Inc. .................................................................... www

X Hormel

Foods Corp. ......................................................... www

X Sunshine X TCF

Heart Inc. .......................................................... www

Financial Corp. ........................................................... www

X Toro X U.S.

Co. Inc. ............................................................ www

Inc. ............................................................................ www

Co. .................................................................................. www

Bancorp. ....................................................................... www

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BOARDS OF DIRECTORS BOARDS OF DIRECTORS

Women Make Progress After progress stalled in 2014, women show significant gains in 2015 at Minnesota’s top 100 public companies.

Women Corporate Directors

by Seats (Based on SEC filings as of June 30, 2015) X Women hold 15.5 percent (121) of the 780 available board seats in Minnesota’s 100 largest publicly held companies. This increase from 14.9 percent to 15.5 percent in 2015 represents growth after a year of no progress.

X A total of 40 companies appointed new directors in 2015. Seven appointed three or more new directors to their boards. Fifteen companies appointed two new directors to their boards. Eighteen companies appointed one new director. Despite multiple new appointments across 40 companies, only 14 women received new board appointments across fourteen companies.

Women Corporate Directors

by Company X Women serve on the boards of 66 of Minnesota’s 100 largest publicly held companies, a net decrease of two companies since 2014.

While there is an increase in the percentage of women directors, fewer companies have women in director roles.

X More Minnesota companies have no women on their boards than have the “one-woman show”—a board with a single woman director. Among the top 100 companies, 34 have multiple women corporate directors, 34 have none, and 32 have one.

X Of the 75 new board appointees in 2015, 64 were new independent directors, presenting companies with 64 opportunities to diversify their board by gender. Only 14 of the 64 new independent directors (21.9 percent) appointed in 2015 were women.

X Across all 100 Minnesota companies, 17.7 percent of all independent directors are women.

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X

BY THE NUMBERS

Companies Where Women Directors Made Gains Fifteen Minnesota Census companies had three or more women directors, achieving the critical mass that research suggests is essential to impact corporate governance. Three of these companies—marked with an asterisk—moved from three to four women directors in 2015.

Inc. .............................................................................. www

X Allete

Financial Inc. ............................................... www

X Ameriprise

X Christopher

PHOTOGRAPHS BY REBECCA STUDIOS LLC

Women Directors of Color For the seventh year, the Minnesota Census examined directors’ seats held by women of color. Progress was made in 2015 with the appointment of two additional women of color to director positions on Minnesota’s 100 largest publicly held companies. Women of color, as classified 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.

X In 2015, three more companies added women directors of color, bringing the total to 19. Of these 19, two have two women of color serving on their boards. The 17 other companies each have one woman director of color.

X Ecolab

Inc.* ........................................................................ wwww

X General

Mills Inc. ......................................................... wwwww

X Hormel

Foods Corp.* ..................................................... wwww

X Twenty-one women of color hold board seats. This represents 17.4 percent of the total board seats held by women directors in Minnesota’s 100 largest publicly held companies, an increase of 1.9 percentage points.

X Eighty-one Minnesota companies do not have any women of color serving on their boards.

Plc* ................................................................. wwww

X Medtronic X MTS

Systems Corp. ........................................................... www

X Otter

Tail Corp. ................................................................... www

X Patterson

Cos. Inc. ............................................................ www

X Select

Comfort Corp. ........................................................ www

X Target

Corp. ......................................................................... www

X U.S.

Bancorp ........................................................................ www

X Xcel

Energy Inc. ................................................................. www

Fourteen Minnesota Census companies added women directors in 2015. Nine of those—marked with an asterisk— had a net increase of one woman director.

X 3M

Co.* ...................................................................................... ww

X Buffalo

Wild Wings Inc.* ................................................... ww

X Capella

Education Co.* .......................................................ww

X Datalink

Corp. ...........................................................................w

X Donaldson X Ecolab

Co. Inc. ..................................................................w

Inc.* ........................................................................ wwww

X Electromed X HMN

Inc.* .................................................................... ww

Financial Corp. ........................................................... ww

X Hormel

X Two of the 75 new directors added to Minnesota’s 100 largest publicly held companies in 2015 were women of color. They now hold 2.7 percent of the 780 total available board seats, an increase of 0.4 percentage points from 2014.

& Banks Corp. ......................................... wwww

Robinson Worldwide Inc. ..................................... www

X C.H.

Foods Corp.* ..................................................... wwww

X Medtronic X Mocon

Plc* ................................................................. wwww

Inc.* .................................................................................w

X Nortech

Systems Inc.* ...........................................................w

X Pentair ........................................................................................ww X U.S.

Bancorp. ....................................................................... www

Losing Ground Two Minnesota Census companies had a net decrease of one woman director in 2015: Avalon Oil & Gas Inc. and Imation Corp. These companies now have no women directors.

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EXECUTIVE OFFICERS EXECUTIVE OFFICERS

Strides In the Executive Suite But no movement on zero-zero list.

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riteria for the 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.

X Women hold 19.4 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies. This is a significant increase of 1.6 percentage points from last year’s Census and reflects a net increase of 12 women executive officers.

X Thirty-two of the top 100 public companies have multiple women executive officers, 34 have just one woman executive officer and 34 have none.

Companies Where Women Executive Officers Made Gains Sixteen Minnesota Census companies had a net increase in women executive officers in 2015, an increase of six companies from 2014.

X All sixteen had a net increase of one woman executive officer.

X Five companies moved from zero to one woman executive officer in 2015.

X Five companies (marked with an asterisk) moved from two to three women executive officers, achieving critical mass on their senior leadership teams.

X Best Buy Co. Inc. (3)* X Bio-Techne Corp. (1) X Canterbury Park Holding Corp. (1) X Capella Education Co. (1) X Datalink (2) X Donaldson Co. Inc. (3)* X H.B. Fuller Co. (4) X Mocon Inc. (1) X Regis Corp. (2) X Select Comfort Corp. (5) X SurModics Inc. (1) X Target Corp. (5) X TCF Financial Corp. (3)* X Tennant Co. (2) X Toro Co. (3)* X U.S. Bancorp (3)*

Fewer Women Executives Seven Minnesota Census companies had a net decrease in women executive officers in 2015, five fewer companies than 2014. Valspar Corp. now has no women executive officers.

X Evine Live, Inc. (-2) X MTS Systems Corp. (-1) X Nortech Systems Inc. (-1) X Patterson Cos. Inc. (-1) X St. Jude Medical Inc. (-1) X Valspar Corp. (-1) X Vascular Solutions Inc. (-1)

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X

BY THE NUMBERS

Where Are the Women?

A Call to Action The Top Executive Positions: C-Suite The 2015 Minnesota Census identified women in top executive officer positions holding the following titles: CEO, president, COO, CFO and CTO. Twenty-six women hold these executive officer positions across Census companies, one more than 2014. The ranks of women CEOs remained constant at six in 2015. The percentage of women CFOs among companies in the Census grew from 15 percent to 19 percent in 2015, continuing a steady upward trend.

Selected Positions

Percentage of Women

Chief Executive Officer

6%

President

6%

Chief Operating Officer

1%

Chief Financial Officer

19%

Chief Technology Officer

0%

The number of Minnesota companies that include no women corporate directors or women executive officers on their corporate leadership teams remained at 20 in 2015.

According to Ernst & Young (2013), the number of companies with all male-boards has dropped nationally over the past seven years; however, Minnesota has yet to experience a drop in “zero-zero” companies. Granted, smaller companies move on and off the list annually, but the total number has remained constant.

Mocon departed the 2015 zero-zero list by appointing a woman director to an additional board seat and replacing one male executive officer with a woman.

The Zero-Zero List (* = companies new to this list for 2015) Currently, one-fifth of Minnesota’s 100 largest publicly held companies do not have any women in corporate leadership roles.

Women CEOs in 2015 Company

CEO

Buffalo Wild Wings Inc.

Sally J. Smith

Christopher & Banks Corp.

LuAnn Via

Clearfield, Inc.

Cheryl P. Beranek

Electromed Inc.

Company

CEO

American Church Mortgage Inc.

Philip J. Myers

ATRM Holdings Inc.

Daniel M. Koch

Avalon Oil & Gas Inc.*

Kent Rodriguez

Black Ridge Oil and Gas Inc.

Kenneth DeCubellis

Kathleen S. Skarvan

Proto Labs Inc.

Victoria M. Holt

Select Comfort Corp.

Shelly R. Ibach

Cachet Financial Solutions Inc.*

Jeffrey C. Mack

Dakota Plains Holdings Inc.

Craig M. McKenzie

Electro-Sensors Inc.

David L. Klenk

Famous Dave’s of America Inc.

Adam J. Wright

GWG Holdings Inc.*

Jon R. Sabes

Highwater Ethanol LLC

Brian Kletscher

Imation Corp.*

Mark. E. Lucas

Insignia Systems Inc.

Glen P. Dall

IntriCon Corp.

Mark S. Gorder

Juhl Energy

Daniel J. Juhl

Kips Bay Medical Inc.

Manny Villafana

Lakes Entertainment Inc.

Lyle Berman

Skyline Medical Inc.*

Joshua Kornberg

Table Trac Inc.

Brian Hinchley

Tile Shop Holdings Inc.

Chris Homeister

WSI Industries Inc.

Benjamin T. Rashleger

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ADVANCING WOMEN LEADERS FEATURE

Growth That Sticks Diversity is critical to solving corporate America’s complex problems.

By Pauline Oo

PHOTOGRAPH BY REBECCA STUDIOS LLC

do you know what’s happening in manufacturing companies? Or in other heavy industries like steel and coal?

I wasn’t aware until last fall that Caterpillar has marvelous diversity.

There are women in hardhats, women engineers, and women driving industrial-type vehicles in this organization. My point is: We have to consider the complexity of our nation’s economy—and not just keep an eye on one part of it— if we want to improve diversity and expand opportunities for people to serve on corporate boards.

Reatha Clark King, chairwoman of the National Association of Corporate Directors, talks about the changing face of boards, strategies to increase gender and racial diversity, and what she’s learned about board engagement and continuing education for corporate directors.

How are we doing as a nation in terms of board diversity?

We have gains and we’re making progress. I believe we will achieve 20 percent of women on the boards of directors of U.S. companies by 2020. However, there is still a lot to do, so we can be confident the growth will stick. Today, board diversity is uneven among industries, regions, and companies, and we tend to judge progress based on what’s happening in consumer-focused corporations. Procter & Gamble and Johnson & Johnson have great examples of board representation. But

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Last year, Forbes reported that the United States lags behind Europe when it comes to gender diversity on boards. Any thoughts on this?

We do see higher levels of gender diversity or percentages of women on boards in some countries because they have adopted quotas or government mandates. Personally, I do not favor having federal or state regulations to increase board diversity. Board representation should be decided by the company.

Publicly listed companies in the United States are now doing a much better job of disclosing their diversity principles in their proxy statements. Transparency and public disclosures set the stage for a conversation between shareholders and investors about diversity objectives and results, and how a company can be more accountable on this topic.

Where does Minnesota stand in the national picture?

Minnesota fares rather well. We are one of the leading states, with about 18 percent representation of women on corporate boards.

Compared to our situation in 1978, when I was first invited to serve on a board, Minnesota is now a good example of progress. But I would hasten to add that we can still do better. This is the main message I’m getting from St. Kate’s recent Census.

What’s needed to increase board diversity?

First, companies must be intentional about increasing diversity in the workforce, management, executive levels, and the boards of directors.

Leadership by both the board and management is critically important. Today, there is widespread emphasis on talent development within companies in order to strengthen the workforce. Also, there is emphasis on broadening the pool of candidates for board recruitment to attract strong talent.

A board and the management team need to constantly ask this question: “What should we be doing to have a top-notch company with long-term value creation for our shareholders and communities?”

The principle of diversity then becomes an important consideration in responding to it.

Secondly, leadership should open doors to opportunities for women and minorities to participate. Thirdly, we should encourage women and minorities to pursue continuing education so they can be informed about board cultures and how to become an effective board member.

Board cultures are unique, and it takes skill and confidence to par-

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Reatha Clark King (right) discusses gender and racial diversity and board engagement with Pauline Oo, St. Catherine University staff writer/editor.

Reatha Clark King Reatha Clark King was elected to her first corporate board, H. B. Fuller Co., in 1978. Since then, she has served on many corporate and nonprofit boards including Exxon Mobil, Wells Fargo, Minnesota Mutual Cos., Lenox Group Inc., Allina Health System, the American Council on Education, and the Commission on National and Community Service.

Currently, she serves on the National Association of Corporate Directors, the Board of Overseers of the Malcolm Baldrige National Quality Award Program, the Minnesota Council of Churches Foundation Board, and the University of Chicago’s Board of Trustees (as Trustee Emerita).

King, a chemist by training, is a former president and board chair of the General Mills Foundation, and a former vice president of General Mills. She served for 11 years as president of Metropolitan State University in St. Paul and associate dean at York College of the City University of New York. King began her career as a research chemist at the National Bureau of Standards in Washington, D.C.

ticipate effectively. You won’t get many chances to speak before people form an impression or opinion about you. Corporate boards have a fast-moving agenda. Initially, speaking out—or board engagement, as we call it—may be hard if you are the only woman or minority at the table. However, after you’ve been there for a while, and you’ve offered good ideas to improve governance, fellow board members will respect your ideas and your point of view.

But we don’t want to just fill seats with a token woman or minority . . .

You are correct. Increasing diversity is really about making workforces and boards more effective. We need different perspectives and expertise to solve complex problems and address perplexing issues. It’s also about attracting good talent. Demographic trends suggest that companies must have workforce, management, and board diversity to ensure future success. Ignoring these trends can result in competitive and strategic disadvantages, as well as a decline in the company’s reputation, especially among its customers or consumers.

Board work seems to fuel you and fire you up. What inspires you about being on a board?

I’ve always had a passion to do good things for society. I was introduced to corporate boards in 1977, in my last MBA course at Columbia Business School. Our professor, who was then serving on a corporate board of directors, talked about the nature of board service and how it was a satisfying activity. I immediately saw board participation as an opportunity to help a company or organization live up to its mission, vision, and purpose. It was also a special way for me to make a difference for society. So I was very pleased when I received an invitation to join the H. B. Fuller Co. board the following year.

What are the main challenges facing boards today?

There are many, and the list is growing. In the past, the problems were more focused within the organization. We were concerned about auditing and fiduciary responsibilities, succession of the CEO, and compensation, so we could vouch for the company’s credibility and trustworthiness, especially the accuracy and quality of financial information.

But the financial downturn spotlighted the importance of enterprise risk management—anticipating what might go wrong and preparing to mitigate risks. Risk oversight became another huge board responsibility. Then regulatory issues became more demanding and compliance oversight developed into one more critical task for the board of directors.

Today, all boards—corporate, non-private, and universities— should be paying attention to cyber-risk and information security.

The concern has escalated from data privacy to information security. Over the past year, we [the National Association of Corporate Directors] have sponsored numerous symposia, forums, and seminars to help boards learn how to oversee these newer concerns, and future issues we do not yet know about.

Any parting words for women?

Board service is a great way to help companies, communities, and society. I encourage you to serve. Don’t be afraid to let others know if you’re interested in serving on a corporate board. In addition, I encourage you to strengthen your commitment to continuing education after you join a board. Keeping up with leading board issues and challenges is important so you can better understand new and emerging issues for your company and its industry, and thus be better prepared to be helpful to the board of directors and the company. X

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IN THE WORKPLACE FEATURE

Cultures of Excellence Three businesses share their approach to successfully elevating women to corporate leadership.

By Suzy Frisch

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At some Minnesota businesses, it’s a deeply embedded tradition to have numerous women serving on their boards or leading as executives. These companies become fruitful ecosystems where female leaders mentor other women who rise through the ranks of management. As a result, outside female candidates gravitate toward these businesses and their strong records of hiring women for key roles.

So how do companies develop this rich culture of nurturing, hiring, supporting, and retaining talented women in corporate leadership?

Often, it comes down to creating a culture of respect and communication, with a strong legacy of developing all employees to work to their greatest potential.

These three companies, all repeat honorees on the Minnesota Census of Women in Corporate Leadership, reveal their recipes for success.

Buffalo Wild Wings Women's Leadership Group

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Buffalo Wild Wings Buffalo Wild Wings employees don’t have to look far to find women in critical positions throughout the company. With CEO Sally Smith and four other women holding five of the top eight senior leadership positions, the restaurant demonstrates that it values women and gives them ample opportunity to rise to the occasion.

“It shows people throughout the organization that the sky is the limit, and that women continue to be successful here,” says Judy Shoulak, executive vice president and president of Buffalo Wild Wings North America, based in Golden Valley. “That naturally attracts more women to our organization.”

Once women start working at Buffalo Wild Wings, they tend to stay. That can be partly attributed to rapid growth at the company, which expanded from fewer than 200 locations to 1,100 in the 14 years Shoulak has worked there. That gave all employees opportunities to develop new skills and move up as the company added business units and went global.

Buffalo Wild Wings also offers ways for women to obtain additional training and development through its Women’s Field Leadership Forum. Instituted four years ago, the program added a mentoring component this year. It opens the door for women to interact with and watch female executives in action, while gaining tools for overcoming challenges. Mentors offer personal advice, answer questions, and provide feedback

on challenges.

“Sometimes [participants] look at women in high-level positions and think they have it all together,” Shoulak says. “They hear our stories and hear that we had struggles throughout our careers. It makes them feel like they can overcome their struggles and not give up when they have bumps in the road.”

A culture of direct communication and close collaboration among the senior leadership team also makes Buffalo Wild Wings a productive and supportive place for women leaders, Shoulak says. The team meets for a full day every other week; various collaborative and cross-functional work units do the same. Employees receive 360-degree feedback from peers, bosses, and direct reports. They create detailed development plans that help them lay out paths to achieving goals.

“The respectful environment in which we work makes it appealing to stay for a long period of time,” Shoulak says.

“People are able to perform at their maximum, on work that feels important. We make it appealing for women and men to do great work.”

HMN Financial HMN Financial has a long history of welcoming women to its leadership ranks, a tradition that goes back almost as far as its 80-year history. The parent company of Rochester-based Home Federal Savings Bank, HMN is known for offering all employees opportunities to move into positions of increasing responsibility.

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HMN Financial's women leaders

Senior vice president Sue Kolling exemplifies this practice.

A 46-year veteran of the bank, Kolling began as a teller after high school while she was deciding what to do with her life.

Turns out she wanted to spend her career in banking, and she has held a wide variety of uppermanagement roles at HMN. She rose from loan officer to branch manager, then took leadership positions in human resources and new branch development.

Kolling also served for 12 years on HMN’s board.

Kolling’s story isn’t unique at HMN. Many of the bank’s female leaders have had long tenures that have culminated in senior positions, including the current heads of commercial lending, mortgage lending, internal audit, credit administration, and account recovery. In addition, two of the eight board members are women, as are three of the 10 members of the senior management group.

“We are well-represented by women, and it’s just evolved over the years. As an organization, we believe in career-pathing and organically growing our own.

Women were given a chance, and they met those opportunities and then some,” Kolling says. “We take it for granted that every company is like this, but I know it’s not.”

Another key to the bank’s success is informal mentoring among women, who pay it forward to the next generation of leaders.

HMN also has strong continuing

education and training programs to prepare women for management and leadership, Kolling says.

For example, if an employee aims to become a branch manager, HMN lays out the steps, skills, and classes that the person must complete to achieve that goal. It helps women see their future at the bank and makes them want to stay, she adds.

“Opportunities exist here.

We have a respect for all and for hiring the person who is most qualified to serve [in] that job,” Kolling says. “It becomes a part of the fabric of our bank when that mindset comes from the board and CEO on down, and it’s not just a message that’s sung in one area.”

development, and a cohesive corporate staff. To help women attain leadership positions, the company offers online learning and other opportunities for training and professional development. Managers work with employees to create individual development plans, including stretch assignments and setting concrete goals.

Christopher & Banks stands out for low turnover in a high-turnover industry, which Stemper credits to CEO LuAnn Via’s leadership style. Via is a communicator who fosters a

Christmas Eve—often unheard of in retail. Plus, an employee activity committee plans events like food-truck visits, blood drives, and charity projects that build a strong team.

“It’s a big company, but a small-company atmosphere.

You know everybody who works in this building, and many people are attracted to that,” Stemper says. “All of the senior leaders are very involved in the business. You really know what’s going on and you’re very involved. I think that’s a plus.”

Senior leaders, including

Christopher & Banks At clothing retailer Christopher & Banks, women dominate the employee ranks. Eight of 12 senior leaders are women, as are four of nine directors. And though it makes sense that a women’s clothing chain would attract and hire numerous women, the company strives to build a culture that retains them.

About 250 people work at corporate headquarters in Plymouth, and the leadership team aims to build a close-knit culture where people enjoy contributing and coming to work, says Cindy Stemper, senior vice president of human resources.

Several elements work in concert, including strong communication, employee

Christopher & Banks Associates enjoy ice cream treats during the summer. The ice cream truck, sponsored by the company’s Employee Activities Committee, comes on-site to provide a fun break and a free treat during the summer.

culture of accountability and high performance. “She’s hightouch, and she’s very involved in the business,” Stemper says.

“People feel they can make a difference. That’s what keeps them here.”

Then there are perks that hit the sweet spot for multitasking women, such as summer hours from Memorial Day through Labor Day. Employees regularly receive extra holidays, like the day after Thanksgiving and

Via, hold quarterly employee meetings where they go over results, share successes, discuss challenges, and explore how to address them. Stemper often hears from employees that they enjoy working at Christopher & Banks because they have the chance to do meaningful work in a dynamic environment, at a company where they feel valued. For many women, that’s an atmosphere where they will thrive. X

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LEADING WOMEN FEATURE

Own it!

Four St. Catherine’s professors share career advice.

By Julie Michener

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t. Catherine University educates women to lead and influence and develops students into leaders who think critically, act responsibly, and make decisions ethically. Its professors are experienced professionals, gifted instructors, and dedicated mentors committed to students’ success. We asked four to share their best words of advice—for college students and career women—to forge ahead professionally.

paths for career progression. She holds a Ph.D. in Organizational Leadership, Policy & Development from the University of Minnesota.

Advice I give to students:

Sarah Rand

Sarah Rand, Ph.D. Assistant professor, Business Administration Rand knows what it feels like to push outside your comfort zone: She summited Kilimanjaro in 2012. At St. Kate’s, she teaches marketing and management and conducts research on companysponsored women’s networks to help companies open clearer

I emphasize that quality leadership requires the ability to take initiative and be open to ambiguity and change. I encourage students to recognize they don’t have to be in a leadership role to demonstrate leadership skills.

I’ve noticed that students who choose to “sit at the table” in the classroom are the ones who move on to the best internships, entry-level positions and future leadership roles. They literally sit toward the front, are consistently prepared and engaged and are not afraid to share their perspective, even when they’re unsure of the answer.

Advice to career women:

Michelle Wieser, MBA

One of my favorite guiding inspirations (quoted from multiple sources) is “she designed a life she loved.” Develop a vision for how you would like your career to evolve, knowing there may be detours along the way.

Share your vision with your manager and higher-ups.

Whether you do it formally or informally, take advantage of professional development and networking opportunities to meet others across your organization. Research affirms that connections with others across job levels and functions benefit our careers (and lives) in a variety of ways.

Have a mix of people in your network who support your career success and encourage you to consider new ways of thinking, not to mention make you laugh when you are having a tough day.

Commit to encouraging and supporting other women.

In my 15 years of working with primarily women on issues related to career development and advancement, I have found that the vast majority are passionate about—and do a great job of—supporting one another.

MBA program director and associate professor Wieser joined St. Kate’s in 2014 with a solid background in business management, executive recruiting, and employer relations, plus graduate career advising for Washington University, St. Louis, and the University of Minnesota’s Carlson School. At St. Kate’s last September, Wieser delivered the first-ever “Katie Talk” on personal branding for students. She is a former board member of the MBA Career Services Council and the Forte Foundation. She is a Ph.D. candidate in Higher Education at the University of Minnesota and holds an MBA from the Olin Business School at Washington University.

Michelle Wieser

Bibliography XBain & Co. (2014), “Everyday Moments of Truth: Frontline Managers Are Key to Women’s Career Aspirations”: bain.com XCatalyst (2013), “Why Diversity Matters”: catalyst.org XCatalyst (2011), “The Bottom Line: Corporate Performance and Women’s

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Representation on Boards”: catalyst.org XCrédit Suisse Research Institute (2012), “Gender Diversity and the Impact on Corporate Governance”: credit-suisse.com XDeloitte Global Center for Corporate Governance (2013), “The Gender Dividend: Making the Business Case for

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Investing in Women”: global.corpgov. deloitte.com XErnst & Young (2015), “Encouraging Gender Diversity on Boards”: ey.com XErnst & Young (2013), “Diversity Drives Diversity: From the Boardroom to the C-Suite”: ey.com XION (2014), “Annual Census of

Women Directors and Executive Officers in the Russell 3000”: ionwomen.org XKay, K., and Shipman, C. (2014), “The Confidence Gap,” Atlantic Monthly (May 2014), pp. 56-66.

XMatsa, D. and Miller, A. (2011), “Chipping Away at the Glass Ceiling: Gender Spillovers in Corporate Leader-

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Advice I give to students: The ultimate message that I want our students to get is that anyone can be a leader. You do not need a proscribed skill-set; you simply need to be the best version of yourself to effectively lead.

business owners. Jacobs is also the founder of The Women’s Excelerator, which assists women entrepreneurs over 40 in starting and growing their businesses. In addition, she leads a variety of

Advice to career women: Own your own destiny. Do not wait for others to direct your career. Take charge of what you want, let people know and go after the opportunities, even if it means a little disruption by changing employers or even moving across the globe.

Find a sponsor and a mentor—not necessarily in the same person. We all need mentors, people who can give us free and unbiased advice.

Find one or find several, whatever works for you. Then find a sponsor—someone within your organization who will stand up for you and be your champion. Both are essential for advancement.

Mary Jacobs

workshops on business planning, marketing strategy, and financial management.

Advice I give to students:

Director, The Center for Sales Innovation Jacobs is responsible for the university’s undergraduate programs in business-to-business and health care sales as well as professional development programs offered to business executives and sales leaders. She is an experienced corporate sales and marketing leader who brings to St. Kate’s a passion for mentoring entrepreneurs and counseling

Look for opportunities to take on responsibilities that demonstrate leadership. Young women are leaders in the classroom, at their jobs, and within their families and communities.

Sometimes they aren’t aware of the kinds of leadership experiences they are having until we are discussing an upcoming interview or working on their résumés.

I also advise young women to use their innate leadership skills to their advantage—such as strong communication and collaborative skills, and the ability to see opportunities that men may overlook.

ship,” The American Economic Review, 101 (3), 635-639.

XMcKinsey & Co. (2007), “Why Diversity Matters": mckinsey.com XMcKinsey & Co. (2015), “Women in the Workplace”: mckinsey.com XMcKinsey & Co. (2013), “Women Matter: Gender Diversity in Top Manage-

ment – Moving Corporate Culture, Moving Boundaries”: mckinsey.com XNational Association of Corporate Directors (2012), “The Diverse Board: Moving from Interest to Action.” nacdonline.org/Resources/BoardResource. cfm?ItemNumber=22875 XRhode, Deborah, and Packel, Amanda

Mary Jacobs, MA

Advice to career women: I’ve been lucky to reinvent my career from sales leadership in the airline industry to being an entrepreneur and now academia. Some of my success was planned, but a lot of it was being open to opportunities and not being afraid to take a job in a new industry or try new things. I work with women entrepreneurs and the best advice I give them is to get out of their comfort zones and don’t wait until everything is perfect to get started—just get started.

Also, organizational politics can be challenging, and I think the best chance to be successful is to be who you really are in the workplace and at home. It’s stressful to be one person at work and a different person with your family and friends. Find your voice and be authentic—it’s the most powerful person you can be.

Mary U. Henderson, Ph.D.

Mary Henderson

won the University’s highest faculty prize, the Bonnie Jean Kelly and Joan Kelly Faculty Excellence Award in 2013 for a framework tool, The Ethical Evaluator, that helps students make value-based and ethical decisions. She holds an MBA and an Ed.D. from the University of St. Thomas.

Henderson’s advice on leadership—to students and career professionals—is practical, holistic, and synergistic— exactly how she teaches St. Kate’s students.

Professor, Business Administration Henderson, a St. Kate’s alumna, joined the university’s faculty in 2000 following an 18-year corporate career. Revered by both students and faculty for her ability to prepare students for post-graduate career success, Henderson is a skilled mentor with deep connections across the Twin Cities business community. She and colleague Megan Kalina

Mary Henderson’s 6 Principles of Leadership

K. (2010): “Diversity on Corporate Boards: How Much Difference Does Difference Make?” Working Paper Series No. 89.

Rock Center for Corporate Governance, Stanford University.

XSandburg, S. (2013) Lean in: Women, Work and the Will to Lead (Knopf): www. leanin.org

XTorchia, M., Calabro, A., and Huse, M. (2011): “Women Directors on Corporate Boards: From Tokenism to Critical Mass.”

Journal of Business Ethics 102:299-317.

1. Network!

2. Navigate: Understand the workplace culture.

3. Negotiate: Know the value you bring to the organization.

4. Knowledge: Continue lifelong learning.

5. Values: Know and live your values and ethics.

6. Give Back: Leaders volunteer in their communities and mentor others. X

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CORPORATE DIRECTORS CORPORATE DIRECTORS LETTER FROM THE PRESIDENT

(Based on SEC Filings as of June 30, 2015)

Company Name 3M Co. 3M Co. Allete, Inc. Allete, Inc. Allete, Inc. Ameriprise Financial, Inc. Ameriprise Financial, Inc. Ameriprise Financial, Inc. Apogee Enterprises, Inc. Arctic Cat, Inc. Best Buy Co., Inc. Best Buy Co., Inc. BioAmber, Inc. Bio-Techne Corp.

Buffalo Wild Wings, Inc. Buffalo Wild Wings, Inc. C.H. Robinson Worldwide, Inc. C.H. Robinson Worldwide, Inc. C.H. Robinson Worldwide, Inc. Canterbury Park Holding Corp.

Capella Education Co. Capella Education Co. Cardiovascular Systems, Inc. Christopher & Banks Corp.

Christopher & Banks Corp.

Christopher & Banks Corp.

Christopher & Banks Corp.

Clearfield, Inc. Cogentix Medical, Inc.

Names of Women Directors Linda G. Alvarado Sondra L. Barbour Kathryn W. Dindo Heidi E. Jimmerson Madeleine W. Ludlow Dianne Neal Blixt Amy DiGeso Siri S. Marshall Sara L. Hays Susan E. Lester Lisa M. Caputo Kathy J. Higgins Victor Ellen B. Richstone Karen A. Holbrook, Ph.D. Cynthia L. Davis Sally J. Smith Mary J. Steele Guilfoile Jodee A. Kozlak ReBecca Koenig Roloff Carin J. Offerman Rita D. Brogley Jody G. Miller Leslie L. Trigg Anne L. Jones Patricia A. Stensrud LuAnn Via Lisa W. Wardell Cheryl P. Beranek Dr. Cheryl Pegus

Communications Systems, Inc. CyberOptics Corp.

Datalink Corp.

Deluxe Corp.

Deluxe Corp.

Donaldson Co., Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Electromed, Inc. Electromed, Inc. Enteromedics, Inc. Fastenal Co. Fastenal Co. G&K Services, Inc. G&K Services, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. Graco, Inc. H.B. Fuller Co. H.B. Fuller Co. Hawkins, Inc. HMN Financial, Inc. HMN Financial, Inc.

Luella G. Goldberg Irene M. Qualters Mercedes A. Walton Cheryl E. Mayberry McKissack Mary Ann O’Dwyer Trudy Rautio Barbara J. Beck Tracy B. McKibben Victoria J. Reich Suzanne M. Vautrinot Lee A. Jones Kathleen S. Skarvan Catherine Friedman Rita J. Heise Reyne K. Wisecup Lynn Crump-Caine Alice M. Richter Henrietta Holsman Fore Judith Richards Hope Heidi G. Miller Hilda Ochoa-Brillembourg Dorothy A. Terrell Martha A. Morfitt Maria Teresa Hilado Ann W. H. Simonds Mary J. Schumacher Dr. Wendy Shannon Dr. Patricia S. Simmons

Hormel Foods Corp.

Hormel Foods Corp.

Hormel Foods Corp.

Hormel Foods Corp.

Hutchinson Technology, Inc. Ikonics Corp.

Image Sensing Systems, Inc. Medtronic Plc. Medtronic Plc. Medtronic Plc. Medtronic Plc.

Jody H. Feragen Elsa A. Murano, Ph.D. Susan K. Nestegard Sally J. Smith Martha Goldberg Aronson Rondi C. Erickson Melissa Fisher Shirley Ann Jackson, Ph.D. Elizabeth G. Nabel, M.D. Denise M. O’Leary Preetha Reddy

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Titles President and CEO, Alvarado Construction, Inc. EVP, Information Systems and Global Solutions, Lockheed Martin Corp.

Retired VP and Chief Risk Officer, FirstEnergy Corp.

Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC Former Principal, Market Capital Partners, LLC Director, Lorillard, Inc. Retired EVP, Global HR, The Estee Lauder Cos., Inc. Former SVP, General Counsel, Secretary and Chief Governance and Compliance Officer, General Mills, Inc. Principal, SLH Advisors Private Investor and Former CFO, Homeside Lending, Inc. EVP, Marketing and Communications, Travelers Cos., Inc. President and Founder, Centera Corp.

Former CFO, Rohr Aerospace Senior Advisor to the President, University of South Florida Former VP, Nike and Former President, Nike Golf CEO and President, Buffalo Wild Wings, Inc. Chairman, MG Advisors, Inc. EVP and Chief Human Resources Officer, Target Corp.

President and CEO, Minneapolis YWCA Private Investor and Principal, Puppy Good Start President and CEO, MyBuys CEO, Business Talent Group Executive in Residence, Warburg Pincus CEO, Jones Consulting Group, Inc. President, A&H Manufacturing President and CEO, Christopher & Banks Corp.

EVP and COO, The RLJ Cos. President and CEO, Clearfield, Inc. Director, Division of General Internal Medicine and Clinical Innovation; Associate Chair, Clinical Innovation, NYU Langone Medical Center; Clinical Professor, Medicine and Population Health, NYU School of Medicine Member, Board of Overseers, University of Minnesota, Carlson School of Management Division Director, Advanced Cyberinfrastructure, National Science Foundation Consultant, Former Chairman and CEO, Cryo-Cell International, Inc. COO, Johnson Publishing Co., and President, JPC Digital Former SVP, Wheels, Inc. President, CEO Carlson CEO, Learning Care Group, Inc. Founder and President, MAC Energy Advisors, LLC Former SVP and CFO, United Stationers, Inc. President, Kilovolt Consulting, Inc. President and CEO, Rebiotix, Inc. President and CEO, Electromed, Inc. Independent Financial Consultant Business Consultant and Retired Corporate VP and CIO, Cargill, Inc. EVP, HR, Fastenal Co. Founder and CEO, Outsidein Consulting Retired CPA, KPMG LLP Chairman of the Board and CEO, Holsman International Retired Distinguished Visitor from Practice and Professor of Law, Georgetown University Retired President, JPMorgan International, JPMorgan Chase & Co. Founder, CEO and Chairman of the Board, Strategic Investment Group Managing Partner, FirstCap Advisors President and CEO, River Rock Partners, Inc. CFO, Actavis, Plc. SVP and Chief Marketing Officer, General Mills, Inc. COO, Twin Cities Habitat for Humanity Assistant Professor of Education, Winona State University Retired Executive Medical Director, Health Policy, Medical Director, Mayo Clinic Abroad; Professor and Chair, Pediatric and Adolescent Gynecology, Mayo Clinic EVP and CFO, Hormel Foods Corp.

Professor, Nutrition & Food Science and President Emerita, Texas A&M University Former President, Global Healthcare Sector, Ecolab, Inc. President and CEO, Buffalo Wild Wings, Inc. EVP and President, Global Healthcare, Ecolab, Inc. Retired Founder and Co-Owner, Nokomis Restaurant & Bar VP, Corporate Financial Planning and Analysis, Treasury and Investor Relations, Zynga, Inc. President, Rensselaer Polytechnic Institute President, Brigham & Women’s Hospital Private Venture Capital Investor Executive Vice Chairperson, Apollo Hospitals Enterprise Ltd.

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Company Name MGC Diagnostics Corp.

Names of Women Directors Wendy D. Lynch, Ph.D.

Mocon, Inc. Mosaic Co. Mosaic Co. MTS Systems Corp.

MTS Systems Corp.

MTS Systems Corp.

New Ulm Telecom, Inc. New Ulm Telecom, Inc. Nortech Systems, Inc. Northern Oil and Gas, Inc. Northern Technologies International Corp.

NVE Corp.

OneBeacon Insurance Group Ltd. Otter Tail Corp.

Otter Tail Corp.

Otter Tail Corp.

Patterson Cos., Inc. Patterson Cos., Inc. Patterson Cos., Inc. Pentair Ltd. Pentair Ltd. Piper Jaffray Cos. Piper Jaffray Cos. Polaris Industries, Inc. Proto Labs, Inc. Qumu Corp.

Select Comfort Corp.

Select Comfort Corp.

Select Comfort Corp.

Silver Bay Realty Trust Corp.

St. Jude Medical, Inc. St. Jude Medical, Inc. SurModics, Inc. Target Corp.

Target Corp.

Target Corp.

TCF Financial Corp.

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

Valspar Corp.

Winmark Corp.

Xcel Energy, Inc. Xcel Energy, Inc. Xcel Energy, Inc.

Kathleen P. Iverson Nancy E. Cooper Denise C. Johnson Emily M. Liggett Barb J. Samardzich Gail P. Steinel Colleen R. Skillings Suzanne M. Spellacy Kathleen Iverson Lisa Bromiley Barbara D. Colwell

Titles Co-Director, Center for Consumer Choice in Health Care, Altarum Institute; Adjunct Associate Professor, School of Nursing, Indiana University/Purdue University CEO, Black Hills IP Retired EVP and CFO, CA Technologies VP and Officer, Integrated Manufacturing Operations, Caterpillar, Inc. President and CEO, NovaTorque, Inc. COO, Ford of Europe, Ford Motor Co. Owner, Executive Advisors CFO and HR Director, Minnesota Valley Testing Laboratories, Inc. VP and General Counsel, Taylor Corp.

CEO, Black Hills IP CFO, P3 Petroleum, LLC Director, Publishers Clearing House, LLC

Patricia M. Hollister Lois W. Grady Karen M. Bohn Kathryn O. Johnson Joyce Nelson Schuette Jody H. Feragen Sarena S. Lin Ellen A. Rudnick Glynis A. Bryan Billie Ida Williamson B. Kristine Johnson Lisa K. Polsky Annette K. Clayton Victoria M. Holt Kimberly K. Nelson Shelly R. Ibach Brenda J. Lauderback Kathleen L. Nedorostek Tanuja M. Dehne Barbara B. Hill Wendy L. Yarno Susan E. Knight Roxanne S. Austin Mary E. Minnick Anne M. Mulcahy Karen L. Grandstrand Azita Arvani Carol S. Eicher Janet K. Cooper Katherine J. Harless Kimberly J. Harris Olivia F. Kirtley Doreen Woo Ho Michele J. Hooper Gail R. Wilensky, Ph.D. Janel S. Haugarth Mae C. Jemison, M.D. Jenele C. Grassle Gail K. Boudreaux A. Patricia Sampson Kim Williams

Director, Finance, TEL FSI, Inc. Independent Consultant, Retired EVP and Director, Information Systems and Services, Hartford Life Inc. President, Galeo Group, LLC Owner/Principal, Johnson Environmental Concepts Retired Managing Director and Investment Banker, Piper Jaffray & Co. EVP and CFO, Hormel Foods Corp.

Corporate VP, Strategy and Business Development, Cargill, Inc. Executive Director and Clinical Professor, University of Chicago Booth School of Business CFO, Insight Enterprises, Inc. Former Partner, Ernst & Young LLP President, Affinity Capital Management.

EVP, Chief Risk Officer, CIT Group, Inc. Chief Supply Chain Officer, Schneider Electric President and CEO, Proto Labs, Inc. EVP and CFO, SPS Commerce, Inc. President and CEO, Select Comfort Corp.

Former President, Retail and Wholesale Group, Nine West Group, Inc. Former Global CEO, Nine West Group SVP and Chief Administrative Officer, NRG Energy, Inc. Operating Partner, Moelis Capital Partners Independent Consultant, Life Sciences Industry Former SVP and CFO, MTS Systems Corp.

President, Austin Investment Advisors Partner, Lion Capital Chairman, Board of Trustees, Save The Children Federation, Inc. Chair, Bank and Finance Group, Fredrikson & Byron, P.A. Head, Innovation Partnering, Nokia Networks CEO, Innocor, Inc. Former SVP and Treasurer, Qwest Communications International, Inc. Retired President and CEO, Idearc, Inc. President and CEO, Puget Energy, Inc. and Puget Sound Energy, Inc. Business Consultant Commissioner, San Francisco Port Commission President and CEO, The Directors’ Council Senior Fellow, Project HOPE EVP and President, Independent Business and Business Supply Chain Services, Supervalu, Inc. President, The Jemison Group, Inc. VP, Merchandising, Bluestem Brands, Inc. Former CEO, UnitedHealthcare and EVP, UnitedHealth Group CEO, President and Owner, The Sampson Group, Inc. Retired Partner, Wellington Management Co. LLP

The following 34 companies have only men on their boards: American Church Mortgage, Inc. ANI Pharmaceuticals, Inc. Appliance Recycling Centers of America, Inc. ATRM Holdings, Inc. Avalon Oil & Gas, Inc. Black Ridge Oil & Gas, Inc. Cachet Financial Solutions, Inc. Dakota Plains Holdings, Inc. Digi International, Inc. Electro-Sensors, Inc. Entellus Medical, Inc. Evine Live, Inc. Famous Dave's of America, Inc. Granite Falls Energy LLC GWG Holdings, Inc. Highwater Ethanol LLC Imation Corp. Insignia Systems, Inc. International Barrier Technology, Inc. IntriCon Corp.

Juhl Energy, Inc. Kips Bay Medical, Inc. Lakes Entertainment, Inc. Regis Corp. Skyline Medical, Inc. SPS Commerce, Inc. Sunshine Heart, Inc. Supervalu, Inc. Table Trac, Inc. Talon Real Estate Holding Corp. Tile Shop Holdings, Inc. Urologix, Inc. Vascular Solutions, Inc. WSI Industries, Inc.

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EXECUTIVE OFFICERS EXECUTIVE OFFICERS

(Based on SEC Filings as of June 30, 2015)

Company 3M Co. 3M Co. Allete, Inc. Ameriprise Financial, Inc. Ameriprise Financial, Inc. ANI Pharmaceuticals, Inc. Apogee Enterprises, Inc. Appliance Recycling Centers of America, Inc. Best Buy Co., Inc. Best Buy Co., Inc. Best Buy Co., Inc. BioAmber, Inc. Bio-Techne Corp.

Buffalo Wild Wings, Inc. Buffalo Wild Wings, Inc. Buffalo Wild Wings, Inc. Buffalo Wild Wings, Inc. Buffalo Wild Wings, Inc. C.H. Robinson Worldwide, Inc. Canterbury Park Holding Corp.

Capella Education Co. Christopher & Banks Corp.

Christopher & Banks Corp.

Christopher & Banks Corp.

Christopher & Banks Corp.

Christopher & Banks Corp.

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

Datalink Corp.

Deluxe Corp.

Deluxe Corp.

Deluxe Corp.

Digi International, Inc. Donaldson Co., Inc. Donaldson Co., Inc. Donaldson Co., Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Electromed, Inc. Entellus Medical, Inc. Entellus Medical, Inc. Evine Live, Inc. Evine Live, Inc. Evine Live, Inc. Fastenal Co. Fastenal Co. G&K Services, Inc. General Mills, Inc. Graco, Inc. Graco, Inc. Granite Falls Energy LLC H.B. Fuller Co. H.B. Fuller Co. H.B. Fuller Co. H.B. Fuller Co. Hawkins, Inc. Hawkins, Inc. HMN Financial, Inc. Hormel Foods Corp.

Hormel Foods Corp.

Hormel Foods Corp.

Hutchinson Technology, Inc. International Barrier Technology, Inc. International Barrier Technology, Inc. Medtronic Plc. Mocon, Inc.

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Names of Women Exec. Officers Julie Bushman Marlene M. McGrath Deborah A. Amberg Kelli A. Hunter Deirdre D. McGraw Charlotte C. Arnold Patricia A. Beithon

Titles SVP, Business Transformation and Information Technology SVP, HR SVP, General Counsel and Secretary EVP, HR EVP, Marketing, Communications and Community Relations VP and CFO General Counsel and Secretary

Rachel L. Holmes

VP, Client Services

Shari L. Ballard Mary Lou Kelley Sharon L. McCollam Babette Pettersen Brenda Furlow Kathleen M. Benning Emily Decker Judith A. Shoulak Sally J. Smith Mary J. Twinem Angela K. Freeman Mary Fleming Renee L. Jackson Monica L. Dahl Lynn C. Derry Michelle L. Rice Cindy J. Stemper LuAnn Via Cheryl P. Beranek Kristin A. Hlavka Patricia A. Hamm Denise M. Westenfield Amanda Brinkman Tracey Engelhardt Julie Loosbrock Tracy L. Roberts Amy C. Becker Sandra N. Joppa Mary Lynne Perushek Martha G. Aronson Laurie M. Marsh Jill S. Wyant Kathleen S. Skarvan Margaret A. Boiano Karen E. Peterson Penny Burnett Teresa J. Dery Beth McCartan Sheryl A. Lisowski Reyne K. Wisecup Tracy C. Jokinen Kimberly A. Nelson Caroline M. Chambers Karen Park Gallivan Stacie Schuler Heather A. Campe Elin E. Gabriel Traci L. Jensen Ann B. Parriott Theresa R. Moran Kathleen P. Pepski Susan K. Kolling Deanna T. Brady Jody H. Feragen Lori J. Marco Connie L. Pautz Melissa McElwee Lindsay B. Nauen Carol A. Surface Elissa Lindsoe

President, U.S. Retail and Chief HR Officer President, E-Commerce CAO and CFO Chief Commercial Officer SVP and General Counsel EVP, Chief Strategy Officer and New Business Development SVP, General Counsel, Secretary EVP, President, North America Buffalo Wild Wings CEO, President and Director EVP, CFO and Treasurer Chief HR Officer VP, HR VP and General Counsel SVP, Marketing, Omni-Channel and Public Relations SVP, General Merchandise Manager SVP, Store Operations SVP, HR President and CEO President and CEO Corporate Controller EVP, HR VP, Controller, Chief Accounting Officer and Assistant Secretary Chief Brand and Communications Officer VP, Sales and Marketing Direct-to-Consumer SVP, HR VP, HR and Information Technology VP, General Council and Secretary VP, HR VP and CIO EVP and President, Global Healthcare EVP, HR EVP and President, Global Food & Beverage President and CEO VP, Healthcare Policy and Reimbursement Compliance Officer and VP, Clinical Regulatory and Quality SVP and Chief Merchandising Officer SVP, General Counsel and Corporate Secretary VP, Financial Planning and Analysis Controller and Chief Accounting Officer EVP, HR and Director CFO SVP, External Relations and President, General Mills Foundation VP, Corporate Controller and Information Systems VP, General Counsel and Secretary CFO VP, Asia Pacific VP, Global Operations SVP, Americas Adhesives VP, HR VP, Quality and Support VP, CFO, and Treasurer SVP, HMN Financial, Inc. and Home Federal Savings Bank Group VP, Foodservice EVP and CFO SVP, External Affairs and General Counsel VP, HR and Corporate Communications CFO Corporate Secretary SVP and Chief HR Officer CFO, VP, Treasurer, and Secretary

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Company Mosaic Co. MTS Systems Corp.

New Ulm Telecom, Inc. Nortech Systems, Inc. OneBeacon Insurance Group Ltd. Patterson Cos., Inc. Patterson Cos., Inc. Pentair Ltd. Piper Jaffray Cos. Polaris Industries, Inc. Proto Labs, Inc. Proto Labs, Inc. Regis Corp.

Regis Corp.

Select Comfort Corp.

Select Comfort Corp.

Select Comfort Corp.

Select Comfort Corp.

Select Comfort Corp.

Silver Bay Realty Trust Corp.

SPS Commerce, Inc. St. Jude Medical, Inc. St. Jude Medical, Inc. Sunshine Heart, Inc. Sunshine Heart, Inc. Sunshine Heart, Inc. Supervalu, Inc. Supervalu, Inc. Supervalu, Inc. Supervalu, Inc. SurModics, Inc. Talon Real Estate Holding Corp.

Target Corp.

Target Corp.

Target Corp.

Target Corp.

Target Corp.

TCF Financial Corp.

TCF Financial Corp.

TCF Financial Corp.

Tennant Co. Tennant Co. Toro Co. Toro Co. Toro Co. U.S. Bancorp U.S. Bancorp U.S. Bancorp UnitedHealth Group, Inc. UnitedHealth Group, Inc. Urologix, Inc. Vascular Solutions, Inc. Vascular Solutions, Inc. Winmark Corp.

Xcel Energy, Inc. Xcel Energy, Inc.

Names of Women Exec. Officers Corrine D. Ricard Kristin Trecker Barbara A.J. Bornhoft Paula Graff Maureen A. Phillips Ann B. Gugino Ranell Hamm Angela D. Lageson Debbra L. Schoneman Stacy L. Bogart Victoria M. Holt Jacqueline D. Schneider Heather L. Passe Carmen Thiede Melissa Barra Annie L. Bloomquist Patricia A. Dirks Shelly R. Ibach Kathryn V. Roedel Christine Battist Kimberly K. Nelson Lisa M. Andrade Rachel H. Ellingson Claudia Drayton Debra J. Kridner Molly Wade Susan S. Grafton Janel S. Haugarth Michele Murphy Karla C.Robertson Amy E. Seibert Eun Stowell Jodeen A. Kozlak Jacqueline Hourigan Rice Kathryn A. Tesija Tina M. Tyler Laysha L. Ward Susan D. Bode Tamara K. Schuette Barbara E. Shaw Carol E. McKnight Heidi M. Wilson Judy L. Altmaier Amy E. Dahl Renee J. Peterson Jennie P. Carlson Katherine B. Quinn Kathleen A. Rogers Marianne D. Short D. Ellen Wilson Lisa Ackermann Carrie Powers Charmaine Sutton Leah A. Goff Teresa S. Madden Judy M. Poferl

Titles SVP, HR SVP and Chief HR Officer VP, COO and Corporate Secretary VP and CFO SVP and General Counsel EVP, CFO and Treasurer CIO SVP, General Counsel and Secretary CFO VP, General Counsel, Compliance Officer and Secretary President, CEO and Director VP, Global Sales SVP and Chief Marketing Officer SVP, Chief HR Officer SVP and Chief Strategy and Customer Relationship Officer SVP and Chief Product Officer SVP and Chief Human Capital Officer President and CEO EVP, Chief Services and Fulfillment Officer CFO and Treasurer EVP and CFO VP, Chief Marketing Officer VP, Global Relations CFO and Secretary EVP, Regulatory Affairs and Quality Assurance VP, Worldwide Patient Recruitment and Marketing SVP, Finance and Chief Accounting Officer EVP and President, Independent Business and Supply Chain Services EVP, HR and Communications EVP, General Counsel and Corporate Secretary Corporate Controller CFO EVP and Chief HR Officer SVP, Chief Risk and Compliance Officer EVP, Chief Merchandising and Supply Chain Officer EVP, Chief Stores Officer EVP and Chief Corporate Social Responsibility Officer SVP and Chief Accounting Officer EVP and Corporate Controller SVP, Director, Corporate HR SVP, Global HR SVP, General Counsel and Secretary VP, Exmark VP, HR VP, Treasurer and CFO EVP, HR EVP, Strategy and Corporate Affairs Vice Chairman and CFO EVP and Chief Legal Officer EVP, Human Capital EVP, Sales and Marketing VP, Marketing SVP, Operations VP, HR EVP and CFO SVP, Corporate Secretary and Executive Services

The following 34 companies have only men as executive officers (Section 16(b)): American Church Mortgage Inc. Arctic Cat, Inc. ATRM Holdings, Inc. Avalon Oil & Gas, Inc. Black Ridge Oil & Gas, Inc. Cachet Financial Solutions, Inc. Cardiovascular Systems, Inc. Cogentix Medical, Inc. CyberOptics Corp. Dakota Plains Holdings, Inc. Electro-Sensors, Inc. Enteromedics, Inc. Famous Dave's of America, Inc. GWG Holdings, Inc. Highwater Ethanol LLC Ikonics Corp. Image Sensing Systems, Inc. Imation Corp.

Insignia Systems, Inc. IntriCon Corp. Juhl Energy, Inc. Kips Bay Medical, Inc. Lakes Entertainment, Inc. MGC Diagnostics Corp. Northern Oil and Gas, Inc. Northern Technologies International Corp. NVE Corp.

Otter Tail Corp. Qumu Corp. Skyline Medical, Inc. Table Trac, Inc. Tile Shop Holdings, Inc. Valspar Corp.

WSI Industries, Inc.

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CORPORATE DIRECTORS AND EXECUTIVE OFFICERS DIRECTORS AND OFFICERS

Ranked in order of 2014 net revenue as reported in the Star Tribune 100, published May 2015.

(Based on SEC Filings as of June 30, 2015)

2015 Rank

Company Name

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 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

UnitedHealth Group, Inc. Target Corp.

Best Buy Co., Inc. 3M Co. U.S. Bancorp General Mills, Inc. Medtronic Plc. Supervalu, Inc. Ecolab, Inc. Ameriprise Financial, Inc. C.H. Robinson Worldwide, Inc. Xcel Energy, Inc. Hormel Foods Corp.

Mosaic Co. Pentair Ltd. St. Jude Medical, Inc. Valspar Corp.

Polaris Industries, Inc. Patterson Cos., Inc. Fastenal Co. Donaldson Co., Inc. Toro Co. H.B. Fuller Co. Regis Corp.

Deluxe Corp.

Buffalo Wild Wings, Inc. TCF Financial Corp.

OneBeacon Insurance Group Ltd. Graco, Inc. Select Comfort Corp.

Allete, Inc. G&K Services, Inc. Apogee Enterprises, Inc. Tennant Co. Otter Tail Corp.

Arctic Cat, Inc. Imation Corp.

Evine Live, Inc. Piper Jaffray Cos. Datalink Corp.

Northern Oil and Gas, Inc. MTS Systems Corp.

Capella Education Co. Christopher & Banks Corp.

Bio-Techne Corp.

Hawkins, Inc. Granite Falls Energy LLC Hutchinson Technology, Inc. Tile Shop Holdings, Inc. Proto Labs, Inc. Digi International, Inc. Cardiovascular Systems, Inc. Famous Dave's of America, Inc. Highwater Ethanol LLC Appliance Recycling Centers of America, Inc. SPS Commerce, Inc. Vascular Solutions, Inc. Communications Systems, Inc. Nortech Systems, Inc. Silver Bay Realty Trust Corp.

IntriCon Corp.

Mocon, Inc. Winmark Corp.

SurModics, Inc. ANI Pharmaceuticals, Inc. Clearfield, Inc.

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Total Directors 10 10 9 10 13 14 13 11 16 9 9 11 14 13 11 8 11 8 9 10 11 9 9 8 10 8 15 10 8 9 10 9 9 10 9 7 6 8 8 7 6 9 11 9 10 8 9 7 8 7 6 8 6 9 5 7 7 6 7 8 5 9 7 6 6 6

Corporate Directors Percent Women Net Change Women Directors from 2014 Directors 2 20.0% 0 3 30.0% 0 2 22.2% 0 2 20.0% 1 3 23.1% 0 5 35.7% 0 4 30.8% 1 0 0.0% 0 4 25.0% 1 3 33.3% 0 3 33.3% 0 3 27.3% 0 4 28.6% 1 2 15.4% 0 2 18.2% NA 2 25.0% 0 2 18.2% 0 1 12.5% 0 3 33.3% 0 2 20.0% 0 1 9.1% 0 2 22.2% 0 2 22.2% 0 0 0.0% 0 2 20.0% 0 2 25.0% 1 1 6.7% 0 1 10.0% 0 1 12.5% 0 3 33.3% 0 3 30.0% 0 2 22.2% 0 1 11.1% 0 2 20.0% 0 3 33.3% 0 1 14.3% 0 0 0.0% -1 0 0.0% 0 2 25.0% 0 1 14.3% 0 1 16.7% 0 3 33.3% 0 2 18.2% 1 4 44.4% 0 1 10.0% 0 1 12.5% 0 0 0.0% 0 1 14.3% 0 0 0.0% 0 1 14.3% 0 0 0.0% 0 1 12.5% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 1 16.7% 0 1 14.3% 1 1 12.5% 0 0 0.0% 0 1 11.1% 1 1 14.3% 0 1 16.7% 0 0 0.0% 0 1 16.7% 0

Total Officers 6 11 8 17 14 12 9 10 15 12 11 13 17 10 9 16 5 13 8 11 9 16 9 7 11 8 12 6 15 10 6 5 5 8 5 8 5 10 9 5 5 7 4 7 7 7 3 5 5 6 8 5 2 2 6 3 7 7 3 4 5 4 6 7 4 3

Executive Officers % Women Women Net Change Exec.

Officers from 2014 Officers 2 33.3% 0 5 45.5% 3 3 37.5% 3 2 11.8% 0 3 21.4% 1 1 8.3% 0 1 11.1% -1 4 40.0% 0 3 20.0% 0 2 16.7% -1 1 9.1% 0 2 15.4% -1 3 17.6% 0 1 10.0% 0 1 11.1% NA 2 12.5% 0 0 0.0% 0 1 7.7% 1 2 25.0% -2 2 18.2% 0 3 33.3% -1 3 18.8% 2 4 44.4% 0 2 28.6% 1 3 27.3% 0 5 62.5% 0 3 25.0% -1 1 16.7% -1 2 13.3% 0 5 50.0% 2 1 16.7% -1 1 20.0% -1 1 20.0% 0 2 25.0% 0 0 0.0% 1 0 0.0% 1 0 0.0% -1 3 30.0% -2 1 11.1% 0 2 40.0% 1 0 0.0% 1 1 14.3% 0 1 25.0% 0 5 71.4% 0 1 14.3% 2 2 28.6% 0 1 33.3% 1 1 20.0% 0 0 0.0% -1 2 33.3% 0 1 12.5% 0 0 0.0% -1 0 0.0% -1 0 0.0% 0 1 16.7% 0 1 33.3% 0 2 28.6% -3 1 14.3% 0 1 33.3% -2 1 25.0% 0 0 0.0% 0 1 25.0% 0 1 16.7% 0 1 14.3% 1 1 25.0% -1 1 33.3% 0

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2015 Rank

Company Name

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

Lakes Entertainment, Inc. Entellus Medical, Inc. Canterbury Park Holding Corp.

CyberOptics Corp.

WSI Industries, Inc. New Ulm Telecom, Inc. MGC Diagnostics Corp.

GWG Holdings, Inc. NVE Corp.

Dakota Plains Holdings, Inc. HMN Financial, Inc. Northern Technologies International Corp.

Qumu Corp.

Insignia Systems, Inc. Cogentix Medical, Inc. Image Sensing Systems, Inc. Ikonics Corp.

Electromed, Inc. Black Ridge Oil & Gas, Inc. Juhl Energy, Inc. Urologix, Inc. International Barrier Technology, Inc. Electro-Sensors, Inc. Table Trac, Inc. Talon Real Estate Holding Corp.

American Church Mortgage, Inc. Cachet Financial Solutions, Inc. BioAmber, Inc. Skyline Medical, Inc. Sunshine Heart, Inc. Kips Bay Medical, Inc. Enteromedics, Inc. ATRM Holdings, Inc. Avalon Oil & Gas, Inc.

Total Directors 5 6 6 5 6 7 6 7 5 5 9 7 6 8 8 5 8 6 3 5 5 3 5 4 3 4 4 7 4 6 4 7 6 4

Corporate Directors Percent Women Net Change Women Directors from 2014 Directors 0 0.0% 0 0 0.0% NA 1 16.7% 0 1 20.0% 0 0 0.0% 0 2 28.6% 0 1 16.7% 0 0 0.0% NA 1 20.0% 0 0 0.0% 0 2 22.2% 0 1 14.3% 0 1 16.7% 0 0 0.0% 0 1 12.5% 0 1 20.0% 0 1 12.5% 0 2 33.3% 1 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% NA 0 0.0% 0 0 0.0% NA 1 14.3% 0 0 0.0% NA 0 0.0% NA 0 0.0% 0 1 14.3% NA 0 0.0% 0 0 0.0% -1

Total Officers 2 9 7 2 2 3 3 5 2 3 4 2 3 3 3 1 5 2 3 3 3 3 1 3 2 2 5 6 3 5 3 4 2 1

Executive Officers % Women Women Net Change Exec.

Officers from 2014 Officers 0 0.0% 0 2 22.2% NA 1 14.3% 2 0 0.0% -1 0 0.0% 0 1 33.3% 0 0 0.0% 0 0 0.0% NA 0 0.0% 0 0 0.0% 0 1 25.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 1 0 0.0% -3 0 0.0% -1 0 0.0% -1 1 50.0% 0 0 0.0% 0 0 0.0% 0 1 33.3% 0 2 66.7% 0 0 0.0% 0 0 0.0% -1 1 50.0% NA 0 0.0% 0 0 0.0% NA 1 16.7% 0 0 0.0% NA 3 60.0% NA 0 0.0% 0 0 0.0% NA 0 0.0% 0 0 0.0% 0

Methodology The 2015 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 2014 net revenue in the Minneapolis Star Tribune 100: 24th Annual Report (May 2015) and the Minneapolis/St. Paul Business Journal top 100 list (April 2015).

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 lists these as public companies with more than 500 shareholders, they are not publicly traded on a stock exchange.

Data for the 2015 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, 2015, 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, 2015. The company response rate was 40 percent. Changes that occurred in board membership, executive officer appointments, company ownership,

or bankruptcy filings after the period covered by the June 30, 2015, 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 the data. Any remaining errors or omissions are the sole responsibility of the researchers. X

Joann Bangs, Ph.D.

Rebecca Hawthorne, Ph.D.

St. Catherine University acknowledgements:

Dean and associate professor of economics, School of Business and Professional Studies (SBPS), St. Catherine University

Associate professor and program director, Master of Arts in Organizational Leadership (MAOL), St. Catherine University

Elizabeth Kraemer and Jill Kraemer, MAOL graduate research assistants Julie Michener, Minnesota Census publication project manager, strategic communications manager Kristin Cummings, director of marketing and communications Valerie Krech, MAOL program coordinator Laura McGlauchlen, administrative assistant, SBPS

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INSP RE Take your career to the next level. Learn, apply and lead.

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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.

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