Women Serving on Minnesota’s Corporate Boards
Looking at the state’s top 100 public companies.
Women Corporate Directors by Seats
- Women hold 14 percent (119) of the 836 available board seats in Minnesota’s 100 largest publicly held companies, a net increase of two seats over The 2008 Minnesota Census. The percentage of seats held by women corporate directors tends to decrease with company size.
- In the 17 Minnesota Fortune 500 companies, women hold 19 percent (37) of the 190 available seats.
- In the 11 Minnesota Fortune 501–1000 companies, women hold 16 percent (17) of the 104 available seats.
- In the remaining 72 companies, women hold 12 percent (65) of the 542 available seats.
- 111 women fill the 119 board seats held by women directors. Six women serve on two of Minnesota’s largest 100 publicly held companies’ boards. One woman serves on three of these Minnesota boards.
Changes from 2008 to 2009
Improvement in the number of women appointed to corporate boards between 2008 and 2009 occurred primarily among the 100 Minnesota companies reporting smaller revenues. More of these companies increased the number of their women directors, and fewer of these companies have no women directors than in 2008.
Six Minnesota Census companies increased the number of women on their boards in 2009:
- Navarre Corporation, Hickory Tech Corporation, and SurModics, Inc., increased from one to two women directors.
- MoneyGram International, Inc., Life Time Fitness, Inc., and Canterbury Park Holding Corp. increased from no women directors to one woman director.
Concurrently, however, some Minnesota Census companies lost women board members. Two Minnesota Census companies decreased the number of women on their boards in 2009:
- Select Comfort Corporation decreased from three to two women on its board.
- Best Buy Company Inc. decreased from two women on its board to one woman.
Overall, the percentage of board seats held by women remained constant at
14 percent across the top 100 Minnesota companies.
Women Corporate Directors by Company
- Women hold board seats in 73 of Minnesota’s 100 largest publicly held companies, an increase of one company from 2008. Women’s representation on boards tends to decrease significantly with smaller revenue.
- Of the 17 Minnesota Fortune 500 companies, 65 percent (11) have two or more women directors; 29 percent (five) have just one; and 6 percent (one) have no women corporate directors.
- Of the 11 Minnesota Fortune 501–1000 companies, 45 percent (five) have two or more women directors, and the remaining 55 percent (six) have just one.
- Of the remaining 72 companies, 22 percent (16) have two or more women directors, 42 percent (30) have just one, and 36 percent (26) have none. Note: See the table on pages 16 and 17 for an overview of numbers and percentages of women directors and executive officers by company. See the table on pages 12 and 13 for a listing of women directors by company.
Comparisons with National Data
Minnesota’s data on women directors are comparable to
national trends. The percentage of board seats held by women
directors in Minnesota (14 percent) falls in the upper middle
range (8 percent to 18 percent) reflected in the national data reported by ION in 2009. However, the numbers themselves from across the country highlight the limited roles women play as corporate directors nationwide.
Nationally, women directors hold 15 percent of the available
board seats in Fortune 500 companies, according to the ION
Status Report of Women Directors and Executive Officers
of Public Companies in Twelve Regions of the United States, published in March 2009. Of the 17 Minnesota Fortune 500 companies, women directors hold 19 percent of the available
- Number of Women Corporate Directors by Company
- Roster of Women Corporate Directors in Minnesota’s 100 Largest Public Companies