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The Minnesota - Finance & Commerce

Cracking

the Glass

The 2011 Minnesota Census of Women

in Corporate Leadership: How Minnesota’s

Top 100 Public Companies Rank

Ceiling

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.

The 2011 Minnesota Census of

Women in Corporate Leadership

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.

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.

2020 Vision: A Bold Goal

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 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.

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?



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 Summary2

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

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

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

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.

TABLE OF CONTENTS

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 1


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

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.

No Women on Board

Minnesota companies that include no women corporate

directors or women executive officers (Section 16b) on

their corporate leadership teams include the following:

Aetrium Inc.

Angeion Corp.

Company

John J. Pollock*

CEO

Gregg O. Lehman

EXECUTIVE SUMMARY

Rebecca Hawthorne, 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.

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.

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.

Joann Bangs, Ph.D.

Research shows that increasing gender diversity on

corporate boards by appointing women directors improves

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.

Minnesota companies continue to squander the competitive

advantage of diverse governance. The net result: no progress.





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.

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.

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.

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

Broadview Institute Inc.

Digi International Inc.

Digital Angel Corp.

Electromed Inc.

Image Sensing Systems Inc.

Insignia Systems Inc.

IntriCon Corp.

Lakes Entertainment Inc.

MOCON Inc.

Multiband Corp.

Nortech Systems Inc.

Northern Technologies Intl. Corp.

Rimage Corp.

Rochester Medical Corp.

Stratasys Inc.

Jeffrey D. Myhre

Joseph T. Dunsmore

Joseph J. Grillo

Robert D. Hansen

Kenneth R. Aubrey

Scott F. Drill

Mark S. Gorder

Lyle A. Berman

Robert L. Demorest

James L. Mandel

Michael J. Degen

G. Patrick Lynch

Sherman L. Black

Anthony J. Conway

S. Scott Crump

Winland Electronics Inc. In transition as of June 30, 2011

WSI Industries Inc.

Michael J. Pudil**

*Replaced by Joseph C. Levesque on November 28, 2011

**Replaced by Benjamin T. Rashleger on January 1, 2012

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.”

EXECUTIVE SUMMARY

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.

2 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 3


WOMEN DIRECTORS

Women Serving on Minnesota’s

Corporate Boards

A look at the state’s top 100 public companies

Women Corporate Directors by Seats

(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.

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.

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.

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 Corporate Directors by Company

Women serve on the boards of 72 of Minnesota’s 100

largest publicly held companies.

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.

» Of the 17 Minnesota Fortune 500 ® companies,

three have three or more women corporate

nationwide

Fortune 500® (497)

Alabama (1/24)

California

(51/400)

florida (15/100)

georgia (13/136)

Kansas/Missouri

(13/47)

maryland (5/84)

massachusetts

(10/100)

michigan (18/100)

minnesota (17/100)

nyc metro (68/100)

philadelphia

(9/100)

tennessee (7/65)

texas (48/94)

wisconsin (7/50)

PERCENT OF BOARD SEATS HELD

BY WOMEN NATIONALLY

0

6.4%

8.9%

10.0%

9.3%

9.6%

9.0%

10.2%

11.1%

10.4%

10.6%

11.6%

8.1%

12.4%

10.6%

% of Fortune 500® director

seats held by women

13.9%

15.4%

14.2%

16.1%

17.1%

16.6%

18.4%

17.9%

16.9%

17.7%

17.3%

16.3%

14.4%

20.6%

19.7%

5% 10% 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 directors,

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 corporate

directors, 16 have two women corporate

directors, 37 have one and 27 have none.

changes from 2010 to 2011: No progress

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.

Women Doing Well

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)

Women Directors of Color

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.

Fewer Women Directors

Four Minnesota Census companies had a net decrease in

women directors in 2011:

Angeion Corp., General Mills Inc., Navarre Corp. and Piper Jaffray Cos.

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.



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.

WOMEN DIRECTORS

4 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 5


WOMEN DIRECTORS

Roster of Women Corporate Directors

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

Company Name Corporate Directors Title

3M Co.

Linda G. Alvarado

Aulana L. Peters

President and Chief Executive Officer, Alvarado Construction Inc.

Retired Partner Gibson, Dunn & Crutcher LLP

ALLETE Inc.

Kathleen A. Brekken

Kathryn W. Dindo

Heidi J. Eddins

Madeleine W. Ludlow

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

Alliant Techsystems Inc.

Roxanne J. Decyk

April H. Foley

Former Executive Vice President of Global Government Affairs, Royal Dutch Shell PLC

Former U.S. Ambassador to Hungary

American Medical Systems Holding Inc. Jane E. Kiernan Chief Executive Officer, Salter Labs

Ameriprise Financial Inc. Siri S. Marshall Former Senior Vice President, General Counsel and Secretary, and Chief Governance and Compliance

Officer, General Mills Inc.

Analysts International Corp.

Brigid A. Bonner

Brittany B. McKinney

Vice President of Digital Marketing for the Home Service Division, Schwan Food Co.

President and Chief Executive Officer, Analysts International Corp.

Apogee Enterprises Inc. Sara L. Hays Principal, SLH Advisors

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

Arctic Cat Inc. Susan E. Lester Private Investor

Best Buy Co. Inc.

Lisa M. Caputo

Kathy J. Higgins Victor

Executive Vice President, Marketing and Communications, Travelers Cos. Inc.

President, Centera Corp.

Buffalo Wild Wings Inc. Sally J. Smith Chief Executive Officer and President, Buffalo Wild Wings Inc.

C.H. Robinson Worldwide Inc. ReBecca Koenig Roloff Chief Executive Officer, Minneapolis YWCA

Canterbury Park Holding Corp. Carin J. Offerman Private Investor and Principal, Puppy Good Start

Capella Education Co.

Jody G. Miller

Sandra E. Taylor

Chief Executive Officer and President, Business Talent Group

President and Chief Executive Officer, Sustainable Business International LLC

Cardiovascular Systems Inc. Leslie L. Trigg Former Chief Business Officer and Senior Vice President, Sales and Marketing, AccessClosure Inc.

Caribou Coffee Co. Inc. Sarah Palisi Chapin Chief Executive Officer and Director, Hail Merry Snacks; Co-founder Chain Gang

Christopher & Banks Corp.

Anne L. Jones

Lisa W. Pickrum

Chief Executive Officer, Jones Consulting Group Inc.

Executive Vice President and Chief Operating Officer, RLJ Cos.

Clearfield Inc. Cheryl P. Beranek President and Chief Executive Officer, Clearfield Inc.

Communications Systems Inc. Luella G. Goldberg Board member, TCF Financial Corp.; Member of the Board of Overseers, University of Minnesota’s

Carlson School of Management

CyberOptics Corp.

Kathleen P. Iverson

Irene M. Qualters

Chairman, President and Chief Executive Officer, CyberOptics Corp.

Lead Director, CyberOptics Corp.; Program Director, Office of Cyberinfrastructure of the National Science

Foundation

Datalink Corp. Margaret A. Loftus Independent Consultant

Deluxe Corp.

Cheryl E. Mayberry McKissack

Mary Ann O’Dwyer

President and Chief Executive Officer, Nia Enterprises LLC

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

Digital River Inc. Cheryl F. Rosner Consultant and advisor to various companies

The Dolan Co. Lauren Rich Fine Practitioner-in-Residence, Kent State University’s College of Communication and Information;

Executive Search Consultant, Howard & O’Brien Associates

Donaldson Co. Inc. Janet M. Dolan President, Act III Enterprises

Ecolab Inc.

Barbara J. Beck

Victoria J. Reich

Chief Executive Officer, Learning Care Group Inc.

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

FICO Margaret L. Taylor Managing Partner, B Cubed Ventures LLC

Famous Dave's of America Inc. Lisa A. Kro Founding Partner and Managing Director, Mill City Capital L.P.

Fastenal Co. Reyne K. Wisecup Executive Vice President, Human Resources, Fastenal Co.

G&K Services Inc.

Lynn Crimp-Caine

Alice M. Richter

Founder and Chief Executive Officer, Outsidein Consulting; Executive Vice President, Worldwide

Operations and Restaurant Systems, McDonald's Corp.

Retired Certified Public Accountant, KPMG LLP

General Mills Inc.

Judith Richards Hope

Heidi G. Miller

Hilda Ochoa-Brillembourg

Dorothy A. Terrell

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

Graco Inc. Marti A. Morfitt Chief Executive Officer, Airborne Inc.

H.B. Fuller Co. Juliana L. Chugg Senior Vice President and President, Meals Division, General Mills Inc.

HMN Financial Inc.

Karen L. Himle

Susan K. Kolling

Minnesota Supreme Court Appointee, Commission on Judicial Selection

Senior Vice President, HMN Financial Inc.

HickoryTech Corp.

Myrita P. Craig

Diane L. Dewbrey

President, Blackbook Experience Management Group

Vice Chair, HickoryTech Corp.; Chief Executive Officer and Director, Foundation Bank

Hormel Foods Corp.

Jody H. Feragen

Susan I. Marvin

Elsa A. Murano, Ph.D.

Susan K. Nestegard

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.

Hutchinson Technology Inc. Martha Goldberg Aronson Senior Vice President and President, North America Hill-Rom Holdings Inc.

Company Name Corporate Directors Title

Ikonics Corp. Rondi C. Erickson Co-owner, Nokomis Restaurant & Bar

Imation Corp. Trudy A. Rautio Executive Vice President, Chief Financial Officer and Chief Administrative Officer, Carlson Cos.

Life Time Fitness Inc. Marti A. Morfitt Chief Executive Officer, Airborne Inc.

MTS Systems Corp.

Laura B. Hamilton

Emily M. Liggett

Barb J. Samardzich

Gail P. Steinel

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

MakeMusic Inc. Karen T. van Lith President and Chief Executive Officer, MakeMusic Inc.

Medtronic Inc.

Shirley Ann Jackson, Ph.D.

Denise M. O’Leary

President, Rensselaer Polytechnic Institute

Private Venture Capital Investor

The Mosaic Co. Phyllis E. Cochran President, Parts Group, Navistar Inc.

NVE Corp. Patricia M. Hollister Chief Financial Officer, FSI International Inc.

Navarre Corp. Kathleen P. Iverson President and Chief Executive Officer, CyberOptics Corp.

New Ulm Telecom Inc.

Rosemary J. Dittrich

Mary Ellen Domeier

Co-owner and Executive Secretary, D & A Trucklines Inc.

Retired Chief Executive Officer and Chair, Frandsen Bank & Trust Co.

Northern Oil and Gas Inc. Lisa Meier Lead Independent Director, Northern Oil and Gas Inc.; Executive Financial and Accounting

Consulting, SolomonEdwards Group LLC

Otter Tail Corp.

Karen M. Bohn

Joyce Nelson Schuette

President, Galeo Group LLC

Retired Managing Director and Investment Banker, Piper Jaffray & Co.

Patterson Companies Inc. Ellen A. Rudnick Executive Director and Clinical Professor, University of Chicago Booth School of Business

Pentair Inc.

Leslie Abi-Karam

Glynis A. Bryan

Executive Vice President and President, Mailing Solutions Management, Pitney Bowes Inc.

Chief Financial Officer, Insight Enterprises Inc.

Piper Jaffray Cos.

B. Kristine Johnson

Lisa K. Polsky

Jean M. Taylor

President, Affinity Capital Management

Executive Vice President and Chief Risk Officer, CIT Group Inc.

Former President and Chief Executive Officer, Taylor Corp.

Polaris Industries Inc. Annette K. Clayton Vice President of Global Operations and Supply Chain, Dell Inc.

Regis Corp. Susan S. Hoyt Retired Executive Vice President, Human Resources, Staples Inc.

Select Comfort Corp.

Brenda J. Lauderback

Kathy Nedorostek

Former President, Retail and Wholesale Group, Nine West Group Inc.

President, North American Wholesale and Global Licensing Divisions, Coach Inc.

SurModics Inc.

Mary K. Brainerd

Susan E. Knight

President and Chief Executive Officer, HealthPartners, Inc.

Vice President and Chief Financial Officer, MTS Systems Corp.

St. Jude Medical Inc.

Barbara B. Hill

Wendy L. Yarno

Retired Chief Executive Officer and Director, ValueOptions Inc.

Chief Marketing Officer, HemoShear LLC

SUPERVALU INC.

Susan E. Engel

Kathi P. Seifert

Chief Executive Officer and President, PorteroLuxury Inc.

Retired Executive Vice President, Kimberly-Clark Corp.

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

TCF Financial Corp.

Luella G. Goldberg

Karen L. Grandstrand

Former Lead Director, Hormel Foods Corp.

Shareholder, Fredrikson & Bryon P.A.

Target Corp.

Roxanne S. Austin

Mary N. Dillon

Mary E. Minnick

Anne M. Mulcahy

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.

Techne Corp. Karen A. Holbrook, Ph.D. Vice President of Research and Innovation, University of South Florida

Tennant Co. Carol S. Eicher Business Group Vice President for Building and Construction, Dow Chemical Co.

The Toro Co.

Janet K. Cooper

Katherine J. Harless

Former Senior Vice President and Treasurer, Qwest Communications International Inc.

Former President and Chief Executive Officer, Idearc Inc.

U.S. Bancorp

Victoria Buyniski Gluckman

Olivia F. Kirtley

Retired Chairman and Chief Executive Officer, United Medical Resources Inc.

Certified Public Accountant, Business Consultant

UnitedHealth Group Inc.

Michele J. Hooper

Gail R. Wilensky, Ph.D.

President and Chief Executive Officer, Directors’ Council

Senior Fellow, Project HOPE

Uroplasty Inc. Lee A. Jones CEO-in-Residence, University of Minnesota Venture Center

The Valspar Corp.

Janel S. Haugarth

Mae C. Jemison, M.D.

Executive Vice President, Merchandising and Logistics, SUPERVALU INC.

President, Jemison Group Inc.

Value Vision Media Inc. Catherine Dunleavy Executive Vice President and Chief Financial Officer, NBC Universal Cable Entertainment and

Production Studios

Winmark Corp. Jenele C. Grassle Vice President of Merchandising, Carlson Marketing Worldwide

Xata Corp. Karen T. Beckwith Owner of MKB CEO, LLC

Xcel Energy Inc.

A. Patricia Sampson

Kim Williams

CEO and President, Sampson Group Inc.

Retired Partner, Wellington Management Co. LLP

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.

WOMEN DIRECTORS

6 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 7


women serving in Minnesota’s

executive offices (Section 16b)

A look at the state’s top 100 public companies

INSIDE THE C-SUITE

Cents and Sensibility

WOMEN OFFICERS

women executive officers

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

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.

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.

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)

alabama (24)

california (400)

florida (100)

georgia (136)

Kansas/Missouri (47)

maryland (84)

massachusetts (100)

michigan (100)

minnesota (100)

nyc metro (100)

philadelphia (100)

tennessee (65)

texas (94)

NA

6.4%

8.0%

9.6%

9.8%

9.6%

10.1%

11.6%

10.3%

14.1%

13.1%

13.3%

15.4%

17.4%

Deb Schoneman,

CFO, Piper

Jaffray Cos.

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.

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).

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

“Seeking out women and diverse

talent has to be deliberate.”

— 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.

WOMEN OFFICERS

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.

wisconsin (50)

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.

0

5%

12.3%

10%

15%

The numbers in parentheses indicate the number

of companies in each region’s sample.

20%

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 6%

President 6%

Chief Operating Officer 4%

Chief Financial Officer 12%

Chief Technology Officer 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.

8 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 9


WOMEN OFFICERS

Roster of Women Executive Officers

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

Company Name Executive Officers Title

3M Co.

Julie L. Bushman

Angela S. Lalor

Executive Vice President, Safety, Security and Protection Services Business

Senior Vice President, Human Resources

ALLETE Inc. Deborah A. Amberg Senior Vice President, General Counsel and Secretary

Alliant Techsystems Inc.

Karen Davies

Christine A. Wolf

Senior Vice President and President, Armament Systems

Senior Vice President, Human Resources

American Medical Systems Holding Inc. Whitney D. Erickson

Jeanne M. Forneris

Senior Vice President and General Manager, Men’s Health

Senior Vice President and General Counsel

Ameriprise Financial Inc.

Kelli A. Hunter

Deirdre Davey McGraw

Kim M. Sharan

Executive Vice President, Human Resources

Executive Vice President, Corporate Communications and Community Relations

President, Financial Planning, Retirement and Wealth Strategies, and Chief Marketing Officer

Analysts International Corp. Brittany B. McKinney President and Chief Executive Officer

Apogee Enterprises Inc. Patricia A. Beithon General Counsel and Secretary

Appliance Recycling Centers of America Inc. Rachel L. Holmes

Vice President, Business Development and Environmental Affairs

Arctic Cat Inc. Mary Ellen Walker Vice President and General Manager, Parts, Garments and Accessories

Best Buy Co. Inc.

Buffalo Wild Wings Inc.

Capella Education Co.

Shari L. Ballard

Susan S. Grafton

Carol A. Surface

Kathleen M. Benning

Emily Decker

Judith A. Shoulak

Sally J. Smith

Mary J. Twinem

Deborah Bushway, Ph.D.

Sally B. Chial

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

Caribou Coffee Co. Inc. Karen E. McBride-Raffel Vice President, Human Resources

Christopher & Banks Corp.

Monica L. Dahl

Michelle L. Rice

Julie M. Rouse

Senior Vice President, e-Commerce, Planning and Allocation and Strategy

Vice President, Store Operations

Senior Vice President, General Merchandise Manager

Clearfield Inc. Cheryl P. Beranek President and Chief Executive Officer

Communications Systems Inc. Karen Nesburg Bleick Vice President, Human Resources

CyberOptics Corp. Kathleen P. Iverson Chairman, President and Chief Executive Officer

Deluxe Corp.

The Dolan Co.

Donaldson Co. Inc.

Lynn Koldenhoven

Julie Loosbrock

Laura Radewald

Vicki J. Duncomb

Renee L. Jackson

Sandra N. Joppa

Mary Lynne Perushek

Debra L. Wilfong

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

Ecolab Inc. Susan K. Nestegard President, Global Healthcare Sector

FICO Deborah Kerr Executive Vice President, Chief Product and Technology Officer

FSI International Inc. Patricia M. Hollister Chief Financial Officer and Assistant Secretary

Famous Dave’s of America Inc. Diana G. Purcel Chief Financial Officer and Secretary

Fastenal Co. Reyne K. Wisecup Executive Vice President, Human Resources

General Mills Inc. Christina L. Shea Senior Vice President and External Relations President, General Mills Foundation

Graco Inc.

Caroline M. Chambers

Karen Park Gallivan

Vice President and Controller

Vice President, General Counsel and Secretary

Granite City Food & Brewery Ltd. Monica A. Underwood Vice President of Finance and Secretary

H.B. Fuller Co. Ann B. Parriott Vice President, Human Resources

HMN Financial Inc. Susan K. Kolling Senior Vice President

Hawkins Inc.

HickoryTech Corp.

Hormel Foods Corp.

Theresa R. Moran

Keenan A. Paulson

Kathleen P. Pepski

Mary T. Jacobs

Carol Wirsbinski

Deanna T. Brady

Julie H. Craven

Jody H. Feragen

Lori J. Marco

Whitney Velasco-Aznar

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

Hutchinson Technology Inc. Connie L. Pautz Vice President, Human Resources and Corporate Communications

Lawson Software Inc. Kristin Trecker Senior Vice President, Human Resources

MTS Systems Corp.

Laura B. Hamilton

Susan E. Knight

Kathleen M. Staby

Chair and Chief Executive Officer

Vice President and Chief Financial Officer

Vice President, Human Resources and Strategy

Company Name Executive Officers Title

MakeMusic Inc.

Karen L. VanDerBosch

Karen T. van Lith

Chief Operating Officer, Treasurer and Chief Financial Officer

President and Chief Executive Officer

Medtox Scientific Inc.

Angela M. Lacis

Susan E. Puskas

Charlotte L. Sebastian

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

Medtronic Inc. Caroline Stockdale Senior Vice President, Human Resources

The Mosaic Co.

Cindy C. Redding

Linda Thrasher, ‘88

Vice President, Human Resources

Vice President, Public Affairs

Nash Finch Co. Kathleen M. Mahoney Executive Vice President, General Counsel and Secretary

Navarre Corp. Joyce Fleck President, Navarre Distribution

New Ulm Telecom Inc. Barbara A.J. Bornhoft Vice President, Chief Operating Officer and Corporate Secretary

Otter Tail Corp. Michelle L. Kommer Senior Vice President, Human Resources

Patterson Cos. Inc. Ranell Hamm Vice President and Chief Information Officer

Pentair Inc. Angela D. Lageson Senior Vice President, General Counsel and Secretary

Piper Jaffray Cos. Debbra L. Schoneman Chief Financial Officer

Polaris Industries Inc. Stacy L. Bogart Vice President, General Counsel, Compliance Officer and Secretary

Regis Corp. Norma Knudsen Executive Vice President, Merchandising

SPS Commerce Inc. Kimberly K. Nelson Executive Vice President and Chief Financial Officer

Select Comfort Corp.

Shelly R. Ibach

Karen R. Richard

Kathryn V. Roedel

Wendy L. Schoppert

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

SurModics Inc. Jan M. Webster Vice President, Human Resources

St. Jude Medical Inc.

Angela D. Craig

Pamela S. Krop

Jane J. Song

Vice President, Corporate Relations, and Vice President, Human Resources

Vice President, General Counsel and Corporate Secretary

President, Atrial Fibrillation

10 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 11

SUPERVALU INC.

Julie Dexter Berg

Janel S. Haugarth

Sherry M. Smith

Executive Vice President, Chief Marketing Officer

Executive Vice President, Merchandising and Logistics

Executive Vice President and Chief Financial Officer

Synovis Life Technologies Inc. Mary L. Frick Vice President, Regulatory, Clinical and Quality Affairs

TCF Financial Corp. Barbara E. Shaw Senior Vice President and Director of Corporate Human Resources, TCF Financial Corp.; Executive

Vice President, Corporate Human Resources, TCF Bank

Target Corp.

Beth Jacob

Jodeen A. Kozlak

Tina M. Schiel

Kathryn A. Tesija

Laysha L. Ward

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

Tennant Co. Heidi M. Wilson Vice President, General Counsel and Secretary

The Toro Co. Judy L. Altmaier Vice President, Operations

U.S. Bancorp

Jennie P. Carlson

Pamela A. Joseph

Executive Vice President, Human Resources

Vice Chairman, Payment Services

UnitedHealth Group Inc.

Gail K. Boudreaux

Lori K. Sweere

Executive Vice President, UnitedHealth Group, and Chief Executive Officer, UnitedHealthcare

Executive Vice President, Human Capital

Urologix Inc. Lisa Ackermann Vice President, Sales and Marketing

Uroplasty Inc.

Susan Hartjes Holman

Nancy A. Kolb

Chief Operating Officer and Secretary

Vice President, Global Marketing

The Valspar Corp. Lori A. Walker Senior Vice President and Chief Financial Officer

Value Vision Media Inc.

Teresa Dery

Beth McCartan

Carol Steinberg

Kelly Thorp

Senior Vice President, General Counsel

Vice President, Financial Planning and Analysis

Executive Vice President, Internet, Marketing and Human Resources

Senior Vice President, Human Resources

Vascular Solutions Inc.

Winmark Corp.

Xcel Energy Inc.

Susan Christian

Carrie Powers

Charmaine Sutton

Leah A. Goff

Merry Beth Hovey

Cathy J. Hart

Teresa S. Madden

Judy M. Poferl

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

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.

WOMEN OFFICERS


DIRECTORS & OFFICERS

Women Corporate Directors

and Executive Officers

(as listed in SEC filings as of June 30, 2011) / (Section 16b)

(Ranked by 2010 revenue)

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.


2011

Rank

Fifty-nine of Minnesota’s 100 largest publicly held

companies have both women corporate directors

and women executive officers, one less than 2010.

Company Name

Total

Directors

Corporate Directors

Women Percent Women

Directors Directors

Net Change

from 2010

Total

Officers

Executive Officers

Women Percent Women

Officers Officers

1 UnitedHealth Group Inc. 10 2 20.0% 1 12 2 16.7% 0

2 Target Corp. 11 4 36.4% -1 12 5 41.7% 2

3 Best Buy Co. Inc. 11 2 18.2% -1 13 3 23.1% 0

4 SUPERVALU INC. 11 2 18.2% -1 11 3 27.3% -1

5 3M Co. 10 2 20.0% 0 16 2 12.5% 1

6 U.S. Bancorp 13 2 15.4% 0 13 2 15.4% -1

7 Medtronic Inc. 11 2 18.2% 0 10 1 10.0% 0

8 General Mills Inc. 13 4 30.8% -1 13 1 7.7% 0

9 Xcel Energy Inc. 11 2 18.2% 1 12 3 25.0% 0

10 Ameriprise Financial Inc. 9 1 11.1% 1 12 3 25.0% 0

11 C.H. Robinson Worldwide Inc. 8 1 12.5% 0 7 0 0.0% 0

12 The Mosaic Co. 12 1 8.3% 0 10 2 20.0% 0

13 Hormel Foods Corp. 12 4 33.3% 0 32 5 15.6% 2

14 Ecolab Inc. 11 2 18.2% 0 15 1 6.7% 0

15 St. Jude Medical Inc. 8 2 25.0% 0 13 3 23.1% 0

16 Nash Finch Co. 7 0 0.0% 0 8 1 12.5% 0

17 Alliant Techsystems Inc. 10 2 20.0% 0 10 2 20.0% 0

18 The Valspar Corp. 10 2 20.0% -1 4 1 25.0% 0

19 Patterson Cos. Inc. 11 1 9.1% 1 8 1 12.5% 1

20 Pentair Inc. 10 2 20.0% 0 7 1 14.3% 0

21 Regis Corp. 7 1 14.3% 0 5 1 20.0% 0

22 Fastenal Co. 9 1 11.1% 0 9 1 11.1% 0

23 Donaldson Co. Inc. 11 1 9.1% 0 10 3 30.0% 0

24 Polaris Industries Inc. 10 1 10.0% 1 13 1 7.7% 0

25 The Toro Co. 10 2 20.0% 1 12 1 8.3% 0

26 TCF Financial Corp. 15 2 13.3% 2 16 1 6.3% 0

27 Imation Corp. 8 1 12.5% -1 7 0 0.0% 0

28 Deluxe Corp. 9 2 22.2% -1 10 3 30.0% -1

29 H.B. Fuller Co. 8 1 12.5% 1 8 1 12.5% 0

30 Otter Tail Corp. 9 2 22.2% 0 5 1 20.0% 0

31 Life Time Fitness Inc. 8 1 12.5% 0 5 0 0.0% 0

32 ALLETE Inc. 12 4 33.3% 0 7 1 14.3% 0

33 G&K Services Inc. 9 2 22.2% 0 5 0 0.0% 0

34 Lawson Software Inc. 9 0 0.0% 0 12 1 8.3% 0

35 Graco Inc. 9 1 11.1% 1 12 2 16.7% 0

36 Tennant Co. 10 1 10.0% 0 8 1 12.5% 0

37 Buffalo Wild Wings Inc. 8 1 12.5% 1 8 5 62.5% 1

38 FICO 9 1 11.1% 0 10 1 10.0% 0

39 Select Comfort Corp. 8 2 25.0% 0 8 4 50.0% 0



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.

Net Change

from 2010

Corporate Directors

Executive Officers

2011

Rank

Company Name

Total

Directors

Women

Directors

Percent Women

Directors

Net Change

from 2010

Total

Officers

Women

Officers

Percent Women

Officers

Net Change

from 2010

40 Apogee Enterprises Inc. 9 1 11.1% 0 5 1 20.0% 0

41 Piper Jaffray Cos. 8 3 37.5% -1 5 1 20.0% 0

42 Value Vision Media Inc. 9 1 11.1% 1 11 4 36.4% 2

43 American Medical Systems Holding Inc. 8 1 12.5% 0 10 2 20.0% 0

44 Navarre Corp. 9 1 11.1% 0 5 1 20.0% 0

45 Arctic Cat Inc. 9 1 11.1% 1 8 1 12.5% 0

46 Christopher & Banks Corp. 8 2 25.0% 0 6 3 50.0% 0

47 Capella Education Co. 11 2 18.2% 2 7 2 28.6% 0

48 MTS Systems Corp. 8 4 50.0% 0 4 3 75.0% 0

49 Digital River Inc. 6 1 16.7% 1 3 0 0.0% 0

50 The Dolan Co. 8 1 12.5% 0 6 2 33.3% 1

51 Hutchinson Technology Inc. 7 1 14.3% -3 6 1 16.7% -1

52 Datalink Corp. 7 1 14.3% 0 3 0 0.0% 0

53 Caribou Coffee Co. Inc. 9 1 11.1% 0 7 1 14.3% 0

54 Hawkins Inc. 7 0 0.0% 0 7 3 42.9% 0

55 Techne Corp. 9 1 11.1% 0 3 0 0.0% 0

56 Multiband Corp. 7 0 0.0% 1 5 0 0.0% 0

57 Digi International Inc. 6 0 0.0% 0 4 0 0.0% 0

58 HickoryTech Corp. 9 2 22.2% 0 7 2 28.6% 1

59 Famous Dave's of America Inc. 6 1 16.7% 0 2 1 50.0% 0

60 Communications Systems Inc. 8 1 12.5% 1 8 1 12.5% 0

61 Stratasys Inc. 6 0 0.0% 0 3 0 0.0% 0

62 Appliance Recycling Centers of America Inc. 5 1 20.0% 1 8 1 12.5% 0

63 Analysts International Corp. 7 2 28.6% 0 2 1 50.0% 0

64 Nortech Systems Inc. 5 0 0.0% 0 5 0 0.0% 0

65 Medtox Scientific Inc. 5 0 0.0% 0 7 3 42.9% 0

66 Granite City Food & Brewery Ltd. 8 0 0.0% 1 6 1 16.7% 0

67 Rimage Corp. 6 0 0.0% 0 4 0 0.0% 0

68 FSI International Inc. 4 0 0.0% -1 4 1 25.0% 0

69 Vascular Solutions Inc. 7 0 0.0% 0 8 3 37.5% 0

70 Synovis Life Technologies Inc. 8 1 12.5% 0 6 1 16.7% 0

71 Cardiovascular Systems Inc. 8 1 12.5% 0 8 0 0.0% 0

72 SurModics Inc. 10 2 20.0% 1 8 1 12.5% 0

73 Xata Corp. 9 1 11.1% 0 4 0 0.0% 0

74 Northern Oil and Gas Inc. 7 1 14.3% NA 4 0 0.0% NA

75 IntriCon Corp. 5 0 0.0% 0 6 0 0.0% 0

76 CyberOptics Corp. 5 2 40.0% 0 3 1 33.3% 0

77 HMN Financial Inc. 9 2 22.2% 0 5 1 20.0% 0

78 SPS Commerce Inc. 7 0 0.0% NA 5 1 20.0% NA

79 Rochester Medical Corp. 5 0 0.0% 0 6 0 0.0% 0

80 Winmark Corp. 7 1 14.3% 1 7 2 28.6% 0

81 Digital Angel Corp. 5 0 0.0% 0 2 0 0.0% -1

82 Canterbury Park Holding Corp. 6 1 16.7% 0 4 0 0.0% 0

83 Image Sensing Systems Inc. 7 0 0.0% 1 3 0 0.0% 0

84 MOCON Inc. 8 0 0.0% -1 5 0 0.0% 0

85 New Ulm Telecom Inc. 7 2 28.6% 0 3 1 33.3% 0

86 NVE Corp. 5 1 20.0% 0 2 0 0.0% 0

87 Insignia Systems Inc. 5 0 0.0% 0 5 0 0.0% 0

88 Angeion Corp. 6 0 0.0% -1 3 0 0.0% 0

89 Clearfield Inc. 6 1 16.7% 0 3 1 33.3% 0

90 Lakes Entertainment Inc. 6 0 0.0% 0 2 0 0.0% 0

91 Broadview Institute Inc. 5 0 0.0% 0 2 0 0.0% 0

92 WSI Industries Inc. 4 0 0.0% -1 3 0 0.0% 0

93 Winland Electronics Inc. 4 0 0.0% -1 1 0 0.0% 0

94 MakeMusic Inc. 7 1 14.3% NA 2 2 100.0% NA

95 Electromed Inc. 6 0 0.0% NA 3 0 0.0% NA

96 Ikonics Corp. 7 1 14.3% NA 5 0 0.0% NA

97 Aetrium Inc. 7 0 0.0% NA 8 0 0.0% NA

98 Northern Technologies Intl. Corp. 7 0 0.0% NA 2 0 0.0% NA

99 Urologix Inc. 5 0 0.0% NA 5 1 20.0% NA

100 Uroplasty Inc. 7 1 14.3% NA 7 2 28.6% NA

DIRECTORS & OFFICERS

12 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 13


Honor Roll and SPECIAL

Distinction Companies

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

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

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.

HONOR ROLL

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.

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.

FORTUNE 500®:

Alliant Techsystems Inc.

St. Jude Medical Inc.

Target Corp.

OTHER COMPANIES:

Analysts International Corp.*

Christopher & Banks Corp.

CyberOptics Corp.

Deluxe Corp.

HickoryTech Corp.*

HMN Financial Inc.

MTS Systems Corp.

New Ulm Telecom Inc.

Otter Tail Corp.*

Piper Jaffray Cos.*

Select Comfort Corp.*

Valspar Corp.*

CEO Mark W. DeYoung

CEO Daniel J. Starks

CEO Gregg W. Steinhafel

CEO Brittany B. McKinney

CEO Larry C. Barenbaum

CEO Kathleen P. Iverson

CEO Lee L. Schram

CEO John Finke

President Bradley C. Krehbiel

CEO Laura B. Hamilton**

CEO William D. Otis

CEO John D. Erickson***

CEO Andrew S. Duff

CEO William R. McLaughlin

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

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.

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16 APRIL 2012 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2012 17


CALL TO ACTION

METHODOLOGY

CALL TO ACTION

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.

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

“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

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).

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 10-

K) 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.”

— 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.

METHODOLOGY

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Cautious Optimism

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

REFLECTIONS

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-

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.

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.

Resources for Information

Bilimoria, D. (2006), “The Relationship Between

Women Corporate Directors and Women Corporate Officers,”

Journal of Managerial Issues 18.1 (spring), 47.

Catalyst (2007), “The Bottom Line: Corporate Performance

and Women’s Representation on Boards,”

www.catalyst.org.

Deloitte (2010), “Diversifying the American Board:

Thought Leaders Collaborate on Current Challenges and

Practical Solutions,” www.deloitte.com (Board Diversity

Report, a PDF).

Ernst & Young (2009), “Groundbreakers: Using the

Strength of Women to Rebuild the World Economy,”

www.ey.com/groundbreakers.

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.

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.

Credits and Contributions

The 2011 Minnesota Census of Women in Corporate Leadership

was produced by St. Catherine University and the

Minnesota Women’s Economic Roundtable (MWER).

• Co-chairs: Paula J. King, Ph.D., dean of the School of

Business and Leadership, St. Catherine University; and

Pamela A. Wheelock, member, MWER

• 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

• Research assistants: Kimberly Popp and Cassandra

Sawerwein, MAOL graduate students

• 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

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Minnesota Women’s

Economic Roundtable

Report produced by:

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