Women Executive Officers (Section 16b)
(Based on SEC filings as of June 30, 2010)
Women hold 16.3 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $17 million to $87 billion. This reflects a slight increase back to 2008 levels of representation of women executives.
Seventeen of the top 100 public companies have three or more women executive officers; 12 of the top 100 public companies have two women executive officers; 40 have just one woman executive officer; and 31 have none. In 2010, fewer companies had two or more women executive officers, reflecting a decrease in critical mass.
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: eight of the companies have three or more women executive officers, three companies have two women executive officers, five companies have one woman executive officer, and one company (C.H. Robinson Worldwide, Inc.) has none.
Six of the eight Minnesota Fortune® 501–1000 companies have women executive officers: one company has three or more women executive officers, five of the companies have one woman executive officer, and two of the companies (Patterson Companies, Inc. and Imation Corp.) have no women executive officers.
Forty-seven of the 75 remaining companies in the Census have women executive officers: eight of the companies have three or more women executive officers, nine of the companies have two women executive officers, 30 of the companies have one woman executive officer, and 28 of the companies have no women executive officers.
Comparisons with National Data
Executive officers of companies are a potential pipeline for corporate board appointees.
Women hold between 5.1 percent and 16.3 percent of all executive officer positions across the 14 regions represented in the national ION study. Minnesota, with 16.3 percent, leads the regions.
Between 5.9 percent and 74 percent of companies included in ION’s sample have no women in their executive offices. Thirty-one percent of Minnesota companies have no women executive officers.
For printable graphs, download the report (PDF).
The Top Executive Positions (Section 16b officers)
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 2010 Minnesota Census examined the women executive officers holding the following titles: CEO, President, COO, CFO and CTO.
Twenty-two women hold these executive officer positions across the Minnesota Census companies. The distribution of top women executives across Minnesota’s 100 largest publicly held companies reveals more than twice the number of CFOs to CEOs. Financial expertise and leadership have provided an entrée for women into the executive suites of Minnesota companies.
Women Corporate Directors and Executive Officers
The number of Minnesota companies with both women corporate directors and women executive officers has not changed from 2009 to 2010, reflecting stalled progress in women’s representation in top leadership ranks.
- Sixty of Minnesota’s 100 largest publicly held companies have both women corporate directors and women executive officers.
- Nineteen of Minnesota’s 100 largest publicly held companies have no women directors or executive officers, the same number as 2009 (with some shifts in companies).
- Minnesota companies reporting larger revenues are more likely than smaller companies to have women represented in both the boardroom and the executive suite, a reflection of national trends.