RESEARCH SPONSORS METHODOLOGY Public Companies MWi has collected data on the WI Top 50 public companies since 2003. Public companies are required to file corporate reports with the U.S. Securities and Exchange Commission (SEC), including the DEF14 Proxy, which details annual board elections and the 10-K annual report. These documents are publicly available online from the SEC website. The public company information was collected by MWi using the most recent proxy statement (Def 14A), annual report (10-K) and Current Report (8-k) as of August 15, 2016. Private Companies Every effort has been made to ensure the accuracy of the data in this report. Please contact Jackie Mortenson, MWi Director of Services, at [email protected] with any comments or questions. MWi collected data on the WI Top 50 private companies for the first time in 2015. Private company board information is not as readily available as public company data. Some types of domestic corporations and foreign limited liability companies are required to file an annual report with the Wisconsin Department of Financial Institutions (DFI), including a list of directors. Copies of the most recent annual reports, as of June 30, 2016, were purchased from DFI. However, not all types of private companies are required to file an annual report. In these cases, MWi contacted the companies directly to request board information; however, companies are not obligated to make public their board information and often chose to keep the information private. Measuring Change... Message from the Chair — Sandy Wysocki, Chief Development Officer, United Performing Arts Fund The 2016 Milwaukee Women inc research report marks the 13th year that our organization has been measuring gender diversity on corporate boards. Our goal is to present a snapshot of progress among the top private and publicly-held companies in the state of Wisconsin. Why do we do this? Because studies worldwide confirm that a balanced representation of women on boards and in C-suite positions maximizes business performance. And what did we learn this year? Among publicly-held companies: • Progress continues to be made — 16.9% female directors in 2016, up from 15.8% in 2015 • There are now 76 female directors (+5 from 71 in 2015) • 4 new companies made the WI 50 list this year (collectively, this group had 27% female directors) Among privately-held companies: • The percentage of female directors remains flat year-over-year, at 15.5% • Total number of female directors is 45 • There were four new female directors appointed this year This report tells us that progress continues to be made, but there is still much more work to be done. Milwaukee Women inc remains committed to assisting companies in improving gender diversity by providing referral resources upon request, raising the profile of board-ready women in our region and continuing the conversation among the region’s C-suite executives. Future research reports will highlight the results of our efforts. I want to thank the many area companies (listed below) who continue to provide financial support for Milwaukee Women inc. Your commitment assures us that the work to elevate diversity on boards in our region will continue.
Transcript
RESEARCH SPONSORS
METHODOLOGYPublic CompaniesMWi has collected data on the WI Top 50 public companies since 2003. Public companies are required to file corporate reports with the U.S. Securities and Exchange Commission (SEC), including the DEF14 Proxy, which details annual board elections and the 10-K annual report. These documents are publicly available online from the SEC website. The public company information was collected by MWi using the most recent proxy statement (Def 14A), annual report (10-K) and Current Report (8-k) as of August 15, 2016.
Private CompaniesEvery effort has been made to ensure the accuracy of the data in this report. Please contact Jackie Mortenson, MWi Director of Services, at [email protected] with any comments or questions.
MWi collected data on the WI Top 50 private companies for the first time in 2015. Private company board information is not as readily available as public company data. Some types of domestic corporations and foreign limited liability companies are required to file an annual report with the Wisconsin Department of Financial Institutions (DFI), including a list of directors. Copies of the most recent annual reports, as of June 30, 2016, were purchased from DFI. However, not all types of private companies are required to file an annual report. In these cases, MWi contacted the companies directly to request board information; however, companies are not obligated to make public their board information and often chose to keep the information private.
Measuring Change...Message from the Chair — Sandy Wysocki, Chief Development Officer, United Performing Arts Fund The 2016 Milwaukee Women inc research report marks the 13th year that our organization has been measuring gender diversity on corporate boards. Our goal is to present a snapshot of progress among the top private and publicly-held companies in the state of Wisconsin. Why do we do this? Because studies worldwide confirm that a balanced representation of women on boards and in C-suite positions maximizes business performance. And what did we learn this year?
Among publicly-held companies: • Progress continues to be made — 16.9% female directors in 2016, up from 15.8% in 2015 • There are now 76 female directors (+5 from 71 in 2015) • 4 new companies made the WI 50 list this year (collectively, this group had
27% female directors)Among privately-held companies: • The percentage of female directors remains flat year-over-year, at 15.5% • Total number of female directors is 45 • There were four new female directors appointed this year
This report tells us that progress continues to be made, but there is still much more work to be done. Milwaukee Women inc remains committed to assisting companies in improving gender diversity by providing referral resources upon request, raising the profile of board-ready women in our region and continuing the conversation among the region’s C-suite executives. Future research reports will highlight the results of our efforts.
I want to thank the many area companies (listed below) who continue to provide financial support for Milwaukee Women inc. Your commitment assures us that the work to elevate diversity on boards in our region will continue.
MilwaukeeWomeninc
Measuring Change2016Working to achieve balanced representation of women on boards of directors to maximize the performance of Wisconsin businesses
milwaukeewomeninc.org
Alliant Energy 50%
Lands’ End, Inc. 43%
Duluth Holdings, Inc. 33%
Manpower Group, Inc. 33%
Kohl’s Corporation 30%
Sensient Technologies Corporation 30%
Waterstone Financial, Inc. 29%
Associated Banc-Corp 25%
Johnson Outdoors, Inc. 25%
MGE Energy, Inc. 25%
WI PUBLIC COMPANIES WITH 25% OR MORE WOMEN DIRECTORS
MilwaukeeWomeninc
“Well run companies create jobs and
economic growth, and research shows
women on corporate boards improve
results. So, more diverse boards are an
improvement for the companies –
and society.”
— Katherine M. Gehl, Board of Directors, West Bend Mutual Insurance Co.
THE OPPORTUNITY TO MOVE FROM AVERAGE TO EXCEPTIONALAt 16.9%, Wisconsin has reached the median for the percentage of women on public company boards compared to the nation. This
new milestone has been reached in part, we believe, through Milwaukee Women inc’s research, education, advocacy and outreach
over the past 13 years. Each measurable step up the ladder of progress has relied on the actions and commitment of our corporate
leaders to advance diversity – embracing the idea that diversity is essential to good corporate governance and a better bottom line.
Together we are moving the needle, but there is still much more work to be done. The U.S. remains well behind world leaders in
corporate diversity such as Norway, Sweden and the United Kingdom, according to a 2014 report by Catalyst. In the context of the
global economy, Wisconsin can set its sights beyond average, and aspire to exceptional. Milwaukee Women inc is ready and poised
u Nearly half of the WI 50 companies (23/50) now have two or more women board members, compared to only three companies in 2008.
u Eight WI 50 companies have three or more women directors – a figure that had remained unchanged at five companies since 2007.
u 84% of companies have at least one woman board member – this is unchanged from 2015; however, still a significant increase from 64% in 2006.
u 19 companies added 29 new directors between January 1 and August 15, 2016, five (17%) were female.
Total Women Percent Directors Directors Women
Alliant Energy Corporation 10 5 50%Lands’ End, Inc. 7 3 43%Duluth Holdings, Inc. 9 3 33%ManpowerGroup, Inc. 12 4 33%Kohl’s Corporation 10 3 30%Sensient Technologies Corporation 10 3 30%Waterstone Financial, Inc. 7 2 29%Associated Banc-Corp 12 3 25%Johnson Outdoors, Inc. 8 2 25%MGE Energy, Inc. 8 2 25%WEC Energy Group 13 3 23%Bon-Ton Stores, Inc. 9 2 22%First Business Financial Services, Inc. 9 2 22%Modine Manufacturing Company 9 2 22%Johnson Controls, Inc. 10 2 20%National Presto Industries, Inc. 5 1 20%Regal Beloit Corporation 10 2 20%Snap-on, Inc. 10 2 20%Bemis Company, Inc. 11 2 18%Fiserv, Inc. 11 2 18%Harley-Davidson, Inc. 11 2 18%Rockwell Automation, Inc. 11 2 18%Douglas Dynamics, Inc. 6 1 17%Marcus Corporation, The 13 2 15%Oshkosh Corporation 13 2 15%Artisan Partners Asset Management 7 1 14%Connecture, Inc. 7 1 14%Weyco Group, Inc. 7 1 14%Badger Meter, Inc. 8 1 13%Brady Corporation 8 1 13%Orion Energy Systems, Inc. 8 1 13%Twin Disc, Inc. 8 1 13%Briggs & Stratton Corporation 9 1 11%Manitowoc Company, Inc., The 9 1 11%Plexus Corp. 9 1 11%A.O. Smith Corporation 10 1 10%Actuant Corporation 10 1 10%Bank Mutual Corporation 10 1 10%Quad/Graphics, Inc. 10 1 10%Rexnord Corporation 10 1 10%Roadrunner Transportation Systems, Inc. 10 1 10%MGIC Investment Corporation 11 1 9%Generac Holdings Inc. 7 0 0%Jason Industries, Inc. 7 0 0%Joy Global, Inc. 9 0 0%Marten Transport, Ltd. 7 0 0%Physicians Realty Trust 7 0 0%School Specialty, Inc. 5 0 0%Spectrum Brands Holdings, Inc. 9 0 0%Strattec Security Corporation 5 0 0%
TOTAL (Public Companies) 451 76 16.9%
WISCONSIN’S 50 LARGEST PUBLIC COMPANIES
Source: Wisconsin’s 50 largest public companies based on revenues as reported in The Milwaukee Business Journal’s annual Book of Lists.
“Well run companies create jobs and
economic growth, and research shows
women on corporate boards improve
results. So, more diverse boards are an
improvement for the companies –
and society.”
— Katherine M. Gehl, Board of Directors, West Bend Mutual Insurance Co.
CEOS • REVIEW THE RESEARCH
• MEET WITH A MWi BOARD MEMBER
• INVOLVE KEY WOMEN LEADERS WITHIN YOUR COMPANY
• PARTICIPATE IN A MWi EVENT/ATTEND A MEETING
• ASSURE EVERY DIRECTOR SLATE INCLUDES AT LEAST
ONE WOMAN
• SPONSOR A WOMAN LEADER
WOMEN LEADERS • PREPARE YOUR BOARD PROFILE
• ATTEND MWi NETWORKING EVENTS
• SUBMIT YOUR NAME AND CREDENTIALS TO
BOARD CANDIDATE DATABASES
ACTIONWHAT YOU CAN DO!!!!!!
3
MilwaukeeWomeninc
The Boucher Group, Inc. 50%
Edward H. Wolf & Sons, Inc. 50%
Meridian Industries, Inc. 50%
S.C. Johnson & Son, Inc. 44%
Uline, Inc. 33%
Windway Capital Corp. 33%
Secura Insurance 30%
Sentry Insurance 30%
American Family Insurance 29%
ABC Supply Co. 25%
Acuity 25%
J.J. Keller & Associates, Inc. 25%
Kwik Trip, Inc. 25%
Palermo Villa, Inc. 25%
Sargento Foods, Inc. 25%
WI PRIVATE COMPANIES WITH 25% OR MORE WOMEN DIRECTORS
30%
“In order to succeed, we need to have the
best people in our organization – from the board to
the executive team to our global company’s workforce.
There is an abundance of research that shows that when
you have gender-balanced teams, they perform better.
The research equally applies to the board “team”
as it does to teams within our organization.”
— Ajita Rajendra, Chairman and Chief Executive Officer,
A. O. Smith Corporation
+6%
Source: Ernst & Young
TO NET MARGIN
FEMALE LEADERS
IS GENDER DIVERSITY PROFITABLE? EVIDENCE FROM A GLOBAL STUDY A recent study shows that an organization with 30 percent female leaders could add up to 6 percentage points to its net margin.
POINTS
4
PUBLIC VERSUS PRIVATE COMPANIESAmong the companies surveyed for this report: u Women make up a larger share of the boards of
directors in public companies compared to private companies – 16.9% for public companies versus 15.5% for private companies.*
u The gap between public and private companies has grown. The share of women board members has increased since 2015 for public companies (15.8% to 16.9%), while it remains unchanged for private companies (15.5%).
u Women have broader representation across public companies than private companies. 45% of private companies surveyed have no women board members, more than twice the share of public companies (16%).
* Data were collected for more private companies in 2016 than were available in 2015 (47 versus 42), which accounts for more variability in the private company results over the period.
Total Women Percent Directors Directors Women
Boucher Group, Inc., The 2 1 50%Edward H. Wolf & Sons, Inc. 2 1 50%Meridian Industries, Inc. 2 1 50%S.C. Johnson & Son, Inc. 9 4 44%Uline, Inc. 3 1 33%Windway Capital Corp. 9 3 33%Secura Insurance 10 3 30%Sentry Insurance 10 3 30%American Family Insurance 14 4 29%ABC Supply Co. 4 1 25%Acuity 12 3 25%J.J. Keller & Associates, Inc. 4 1 25%Kwik Trip, Inc. 8 2 25%Palermo Villa, Inc. 4 1 25%Sargento Foods, Inc. 8 2 25%Boldt Group, Inc., The 5 1 20%DeLong Co., Inc., The 5 1 20%Menasha Corporation 10 2 20%Robert W. Baird & Co., Incorporated 6 1 17%Trek Bicycle Corporation 6 1 17%West Bend Mutual Insurance Co. 12 2 17%Appvion, Inc. 7 1 14%Northwestern Mutual Life Insurance Co. 14 2 14%J.F. Ahern Co. 8 1 13%Lakeside Foods, Inc. 8 1 13%Green Bay Packaging, Inc. 10 1 10%Adelman Travel System, Inc. 3 0 0%Ariens Company 8 0 0%Ashley Furniture Industries, Inc. 3 0 0%Bauer Built, Inc. 3 0 0%Bergstrom Corporation 2 0 0%Charter Manufacturing Company, Inc. 9 0 0%First Supply LLC 5 0 0%Greenheck Fan Corporation 9 0 0%Husco International, Inc. 2 0 0%Hydrite Chemical Co. 6 0 0%IEWC Global Solutions 9 0 0%J.P. Cullen & Sons, Inc. 3 0 0%JX Enterprises, Inc. 2 0 0%Kohler Co. 2 0 0%Masters Gallery Foods, Inc. 6 0 0%Mayville Engineering Company, Inc. 7 0 0%Miron Construction Co., Inc. 3 0 0%Schneider National, Inc. 6 0 0%The Boelter Companies, Inc. 3 0 0%U.S. Venture, Inc. 7 0 0%Werner Electric Supply Co. 1 0 0% TOTAL 291 45 15.5%
Ewald Automotive Group, LLC no information Johnsonville Sausage, LLC no information Quad/Graphics Inc. Now a public company
WISCONSIN’S 50 LARGEST PRIVATE COMPANIES
Source: Wisconsin’s 50 largest private companies based on revenuesas reported in the 2015 Wisconsin 75, Deloitte & Touche LLP
WOMEN DIRECTORS: WI 50 PUBLIC VS. PRIVATE COMPANIESPUBLIC (N=50)
PRIVATE (N=47)
PERCENT OF WOMEN ON BOARDS
PERCENT OF WOMEN ON BOARDS
2 OR MORE WOMEN MEMBERS
2 OR MORE WOMEN MEMBERS
1 OR MORE WOMEN MEMBERS
1 OR MORE WOMEN MEMBERS
NO WOMEN MEMBERS
NO WOMEN MEMBERS
16.9%
15.5%
46%
23%
84%
55%
16%
45%
5
ANNE COONEY was appointed to the board of directors of
The Manitowoc Company, Inc. in January 2016. Cooney is the
president, Process Industries and Drives Division, Siemens Industry,
Inc., a division of Siemens AG, a multinational conglomerate based
in Alpharetta, Georgia. She is primarily engaged in industrial
engineering, electronics, energy, healthcare and infrastructure
activities. Since joining Siemens in 2001, Cooney served in various
leadership positions. Previously, Cooney was vice president of
Manufacturing at Aladdin Industries and held key managerial
positions with General Electric.
CHRISTINE CUMMING was appointed to the board of directors
of American Family Insurance in February 2016. Cumming is a
retired New York Federal Reserve Bank executive, serving as the
first vice president and chief operating officer the last 11 years of her
35-year career. Prior to joining the New York Federal Reserve Bank,
Cumming served as vice president of the International Economics
Department at Morgan Guaranty Trust Company. Cumming has a
Ph.D. in economics from the University of Minnesota and serves on
the Board of Governors of the Federal Reserve Bank.
LINDA FISHER was appointed to the board of directors of
S.C. Johnson & Son, Inc. in March 2016. Fisher is vice president
of DuPont Safety, Health & Environment and chief sustainability
officer. Prior to joining DuPont in 2004, Fisher, an attorney, served
in a number of key leadership positions in government and industry
including: Deputy Administrator U.S. EPA, Monsanto, and the law
firm, Latham & Watkins. She serves as liaison to the Environmental
Policy Committee of the DuPont board of directors, on the board
of directors of the Covanta Holding Corporation and several non-
profit organizations.
KATHERINE GEHL was appointed to the board of directors of
West Bend Mutual Insurance Co. in June 2016. Gehl recently served
as president and CEO of Gehl Foods and oversaw the acquisition
of the company by a private equity firm in March of 2015. Gehl
held additional senior leadership positions with Oracle Corp.,
Bernstein Investment Management and served as special assistant
to Chicago Mayor Richard M. Daley for technology and economic
development. She is a board member of Marcus Corporation and
former board member of The Joffrey Ballet, Public Allies and the
Faye Gehl Conservation Foundation.
TRISH LUKASIK was appointed to the board of directors of
Sargento Foods, Inc. in January 2016. Lukasik is the senior vice
president and chief customer officer for PepsiCo. During her 15-year
career at PepsiCo, Lukasik has held various leadership positions in
manufacturing, worldwide operations and talent sourcing capacities.
Prior to PepsiCo, Lukasik served in financial roles with Proctor
& Gamble. Lukasik serves on the board of directors of Junior
Achievement of Chicago and is a member of Network of Executive
Women and C200, an invitation only membership organization of
the world’s most successful women business leaders.
KIM METCALF-KUPRES was appointed to the board of
directors of Oshkosh Corporation in May 2016. Metcalf-Kupres
is vice president and chief marketing officer for Johnson Controls
and also a founding member of the Women’s Resource Network at
Johnson Controls, and is actively engaged in gender parity work
sponsored by the World Economic Forum. Metcalf-Kupres joined
Johnson Controls in 1994 and has held numerous leadership roles
of increasing responsibilities during her time at the company. Prior
to Johnson Controls, Metcalf-Kupres worked in marketing and
business development roles at Menasha Corporation, Scotsman
Industries and ITW.
ADRIANNE SHAPIRA was appointed to the board of directors of
Kohl’s Corporation in August 2016. Shapira was the chief financial
officer of David Yurman, a fine jewelry luxury brand, from October
2012 to February 2016. Prior to David Yurman, she had a 13-year
tenure at Goldman Sachs, where she was managing director in
Global Investment Research. Earlier in her career, Shapira served
as an equity analyst at Robertson Stephens and Neuberger
& Berman. Shapira currently serves as a director of The Hain
Celestial Group, Inc., a leading global organic and natural products
company.
DEBRA SIMON was appointed to the board of directors of
Bon-Ton Stores, Inc. in March 2016. Simon retired in 2015 after
32 years at SF & Company, now known as Baker Tilly, where she
held various positions and was most recently chief operating officer
from 2010 to 2015. Simon has been a practicing CPA since 1983.
She has a bachelor’s degree in accounting from the University of
Pennsylvania and currently serves as the chair of the Susan P. Byrne
Health Education Center.
2016 NEW WOMEN DIRECTORS
MilwaukeeWomeninc
6
MARYROSE SYLVESTER was appointed to the board of
directors of Harley-Davidson, Inc. in July 2016. Sylvester is president
and CEO of Current, powered by GE. Sylvester held a variety of
assignments during her 28 years with GE, including president of the
former GE Quartz and GE Lighting Systems, president and CEO of
GE Intelligent Platforms and, most recently, president and CEO of
GE Lighting. She was instrumental in helping launch GE Women’s
Network. Sylvester is Vice Chair of the Board of Governors for the
National Electrical Manufacturers Association and serves on the
board for the Foundation Fighting Blindness and Hathaway Brown
School.
BOARD OF DIRECTORSChair - Sandy Wysocki | United Performing Arts FundVice Chair - Lindsay Hammerer I KPMGSecretary - Mary Dowell | Dowell & Associates, LLCImmediate Past Chair - Phyllis King | University of Wisconsin-MilwaukeeMember at Large - Mary Ellen Bowers l Business Matters, LLCMember at Large - Gail Hanson | Aurora Health CareBoard Resources Chair - Debbie Seeger l Patina SolutionsCommunications Chair - Julie Granger | Metropolitan Milwaukee Association of CommerceFund Development Chair - Lori Craig | PNC Wealth ManagementGovernance/Nominating Chair - Kimberly Stoll | Badger MeterPrograms Chair - Patricia Ackerman | A.O. Smith Corp.Research Chair - Janet Slater l Greenleaf Partners
STEERING COMMITTEE Angela Adams l Goodwill Industries of Southeastern Wisconsin, Inc.Griselda Aldrete | Hispanic Professionals of Greater MilwaukeeAnne Ballentine | Community LeaderEllen Bartel l Divine Savior Holy AngelsWendy Baumann | Wisconsin Women’s Business Initiative Corp.Deborah Beck l Corporate DirectorLaurie Benson | Nurses on Boards CoalitionKristin Bergstrom | Reinhart Boerner Van Deuren s.c.Marsha Block | MBA - My Business AdvisorBarb Bolens l Joy Global Inc. Betsy Brenner l The Milwaukee Journal Sentinel (retired)Mary Bridges l Professional DimensionsPatti Bringe I Community LeaderKrista Brookman | CatalystBrenda Campbell l Make a Difference -WisconsinSharon Canter | Community LeaderTracey Carson | MSK AdvertisingSandra Cunningham l Versiti, Inc.Jodi Czernejewski I IN Charge Medical Prof.Sarah Damsgaard l J. P. Morgan SecuritiesJackie Darr l Racon Capital Partners, LLCJacquin Davidson l Biz StartsSharon deGuzman l Robert W. Baird & Co., Inc.Jennifer Dirks l TEMPO MilwaukeeAudrey Ditter l S.C. Johnson & Sons, Inc.Kristin Dufek l Eppstein Uhen Architects Inc.Christine Fenske | Baker Tilly Virchow KrauseCecelia Gore l Brewers Community Foundation
Linda Gorens-Levey l General Capital GroupEve Hall l African American Chamber of CommerceJayne Hladio l U.S. BankSarah Hughes l Ernst & YoungMaureen Hurd l Core Business Solutions, LLC & Beal Associates, LLCKathy Hust l Corporate DirectorAnne Jurenec I Froedtert & Medical College of Wisconsin Tracey Klein | Reinhart Boerner Van Deuren s.c.Margaret Kurlinski l Godfrey & Kahn S.C.Christine Lidbury | Wisconsin Women’s Council, State of WisconsinInge Lindeque Plautz l RSM US LLPGail Lione | Georgetown University Law SchoolChristine Liu McLaughlin | Godfrey & Kahn S.C.Jessie Lochmann | Foley & Lardner LLPAmelia Macareno l The Private Client Group of U.S. BankSusan Martin I WEC Energy GroupKathleen Massey l The Tellier FoundationMary McCormick | Rotary Club of MilwaukeeMaureen McGinnity | Foley & Lardner LLP (retired)Phyllis Mensh Brostoff | Stowell AssociatesKim Metcalf-Kupres I Johnson ControlsLinda Mertz l Mertz Associates, Inc.Linda Newberry-Ferguson I Rehabilitation Hospital of WisconsinMarie O’Brien l Enterforce, Inc.Elizabeth Orelup | Quarles & Brady LLCLisa Pendergast l MGICNancy Peterson l Quarles & Brady LLPNicole Pienkos l FIS CorporationJoan Prince | University of Wisconsin-MilwaukeeSharon Reed | Ernst & Young, LLP MilwaukeeMeghan Shannon | Reinhart Boerner Van Deuren s.c.Thelma Sias | WEC Energy GroupRose Spano Iannelli | Spano Pratt Executive SearchLynn Sprangers | Sharon Lynne Wilson Center for the Arts Mary Ellen Stanek | Robert W. Baird & Co., Inc.Lori Stortz I University of Wisconsin SystemJulia Taylor | Greater Milwaukee CommitteeMarilyn Vollrath l Reputation Partners, LLCJan Wade l WISN-TVKim Wengler l Deloitte TaxPatty Whaley | Rexnord CorporationPeggy Williams-Smith l Marcus Hotels & Resorts Mary Lou Young| United Way of Greater Milwaukee & Waukesha County
