HOME   •    THE 2009 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

Sluggish Pace of Change

Second annual report on women’s corporate leadership in
Minnesota shows negligible progress.

By Rebecca Hawthorne, Ph.D. and Joann Bangs, Ph.D.
St. Catherine University
Master of Arts in Organizational Leadership

This second annual Minnesota Census of Women in Corporate Leadership reveals the negligible rate of women’s advancement into the boardrooms and executive suites of Minnesota’s largest 100 publicly held companies over the past year. Although the findings place Minnesota in a competitive position nationwide, a closer look at the numbers identifies some gains and losses from the previous year’s report — the first of its kind in Minnesota.

Given the availability of board-ready women and the organizations dedicated to advancing corporate governance in Minnesota, our hope is that more Minnesota companies will add more women to their boards and executive suites.

Corporate governance research suggests that well-functioning boards consist of directors who bring a variety of backgrounds and talents to the table. Research also suggests that the presence of three or more women in corporate leadership settings — both in the boardroom and executive suite — provides an important indicator of corporate diversity and correlates with improved financial performance. Increasing the number of women in corporate leadership positions is good governance.

Women Corporate Directors

(Based on SEC filings as of June 30, 2009)

  • Women hold 14 percent of the available board seats in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $28 million to $82 billion. The overall percentage of board seats held by women has not increased since 2008.
  • Thirty-two of the top 100 companies have two or more women corporate directors; 41 have one woman corporate director; and 27 have none. Of the 100 companies, only nine have three or more women corporate directors.
  • Minnesota companies reporting larger revenues tend to have a greater number and percentage of women board members than smaller companies.
    • Of the 17 Minnesota Fortune 500 companies, 11 have two or more women corporate directors; five have one; and one has none.
    • Of the 11 Minnesota Fortune 501–1000 companies, five have two or more women corporate directors, and six have one.
    • Of the remaining 72 companies, whose revenues range from $28 million to $1.5 billion, 16 have two or more women corporate directors; 30 have one; and 26 have none.

Women Executive Officers (Section 16b)

  • Women hold 15 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $28 million to $82 billion. The percentage of women executive officers has decreased from 16 percent in 2008 to 15 percent in 2009.
  • Thirty-one of the top 100 public companies have two or more women executive officers; 37 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 do smaller companies.
    • Sixteen of the 17 Minnesota Fortune 500 companies have women executive officers: three of the companies have 25 percent or more women executive officers; 13 of the companies have less than 25 percent women executive officers; and one company has no women executive officers. In 2008, all of Minnesota’s Fortune 500 companies had women executive officers.
    • Eight of the 11 Minnesota Fortune 501–1000 companies have women executive officers: one of the companies has 25 percent or more women executive officers, and seven of the companies have less than 25 percent women executive officers. Three of the companies have no women executive officers.
    • Forty-four of the 72 remaining companies have women executive officers: 21 of the companies have 25 percent or more women executive officers, and 23 of the companies have less than 25 percent women executive officers. Twentyeight of the companies have no women executive officers.

Corporate Directors and Executive Officers

  • Sixty of Minnesota’s 100 largest publicly held companies have both women directors and women executive officers. In comparison, 63 of Minnesota’s 100 largest publicly held companies had both women directors and women executive officers in 2008, reflecting a decrease in women’s representation in Minnesota’s corporate leadership ranks.
  • Twenty-one of Minnesota’s 100 largest publicly held companies have women directors or women executive officers (but not both), which is comparable to the 2008 numbers.
  • Nineteen of Minnesota’s 100 largest publicly held companies have no women directors or executive officers, compared with 16 in 2008. In short, more companies in Minnesota are relying upon a strictly male corporate leadership team.
  • Minnesota companies reporting larger revenues are more likely than smaller companies to have women represented in both the boardroom and the executive suite.
    • Of the 17 Minnesota Fortune 500 companies, 15 have both women directors and women executive officers; the remaining two have either women corporate directors or women executive officers. In 2008, all of Minnesota’s Fortune 500 companies had both women corporate directors and women executive officers.
    • Of the 11 Minnesota Fortune 501–1000 companies, eight have both women directors and women executive officers; the remaining three have either women corporate directors or women executive officers.
    • Of the remaining 72 companies, only 37 have both women directors and women executive officers; 16 have either women corporate directors or women executive officers; and 19 have neither. All of the top 100 publicly held Minnesota companies with no women in corporate leadership positions fall within this category of smaller companies.

Download the full report (PDF) »

• Information about the Master of Arts in Organizational Leadership at St. Catherine University is available at www.stkate.edu/maol.

 

THE 2009 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP