ADVANCINGADVANCING INCLUSIVEINCLUSIVE LEADERSHIPLEADERSHIP

MOVING THE NEEDLE 2020 RESEARCH REPORT

MWi’s GOAL: 25% WOMEN DIRECTORS IN THE TOP 50 25% BY 2025 PUBLIC COMPANIES BY 2025 2020 RESEARCH REPORT KEY FINDINGS: PERCENTAGE OF WOMEN ON BOARDS CONTINUES TO INCREASE

BENEFITS OF GENDER-BALANCED BOARDS DIRECTORS Women need to hold at least 3 board seats Top 50 Wisconsin Public Companies to maximize diversity benefits Research from scholars and organizations has found 21.1% of board members are women, up • that women need to hold at least 3 board seats to from 20.8% in 2019 create a “critical mass,” which can lead to better financial • 26% (13/50) of companies have 3 or more performance and create an environment in which women directors, compared to 30% in innovative ideas can spring from gender diversity. 2019. Decrease largely due to women Source: Catalyst, Quick Take: Women on Corporate Boards (March 13, 2020). board members retiring • 8% of companies (4/50) have 4 or more women board members, compared to 6.7% in 2019 POWER OF 3 2015-2020 WISCONSIN COMPANIES WITH 28% (9/32) of newly elected directors • 3 OR MORE WOMEN DIRECTORS are women 15

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9 EXECUTIVES Top 50 Wisconsin Public Companies 6 • 21.9% of company executives are women, an increase from 21.2% in 2019 3 • 38% of companies (19/50) have 3 or more women executives, up 12% from 2019 2015 2016 2017 2018 2019 2020

Note: 2020 decrease largely due to women board members retiring

GENDER DIVERSITY OF S&P 500 COMPANIES S&P 500 COMPARED TO WISCONSIN TOP 50 COMPANIES Wisconsin Top 50 PERCENTAGE OF BOARD SEATS HELD BY WOMEN REACHES ALL-TIME HIGH Source: ISS Analytics

27% 26.5% 24% 22% 21% 20% 19% 18% 21.1% 17% 20.8% 16% 16% 18.9% 16.9% 17.6% 15.5% 15.8% 14.4% 14.5% 14% 12.8%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2 WOMEN DIRECTORS STEADILY INCREASING TOTAL DIRECTORS WOMEN DIRECTORS % WOMEN ManpowerGroup Inc. 11 5 45% Alliant Energy Corporation 10 4 40% First Business Financial Services, Inc. 12 4 33% Sensient Technologies Corporation 10 4 40% WISCONSIN’S Associated Banc-Corp 14 3 21% 9 3 33% Exact Sciences Corporation 11 3 27% Kohl's Corporation 11 3 27% 50 Lands' End, Inc. 8 3 38% LARGEST MGIC Investment Corporation 13 3 23% Rexnord Corporation 10 3 30% PUBLIC , Inc. 10 3 30% COMPANIES WEC Energy Group, Inc. 12 3 25% A. O. Smith Corporation 10 2 20% Badger Meter, Inc. 8 2 25% Bank First Corporation 9 2 22% Briggs & Stratton Corporation 9 2 22% Duluth Holdings, Inc. 7 2 29% Fiserv, Inc. 10 2 20% Timothy J. Mattke Generac Holdings, Inc. 10 2 20% Chief Executive Officer Harley-Davidson, Inc. 9 2 22% MGIC Investment Corporation Johnson Outdoors Inc. 9 2 22% Manitowoc Company, Inc. (The) 9 2 22% “We made a conscious decision to diversify (The) 10 2 20% our board. It’s the right MGE Energy, Inc. 9 2 22% thing to do and sets the Modine Manufacturing Company 9 2 22% tone from the top. We Nicolet Bankshares, Inc. 13 2 15% need a broad diversity of 10 2 20% experience to best engage Plexus Corporation 12 2 17% with our customers and the marketplace. Also, Regal Beloit Corporation 9 2 22% because more diverse Snap-on, Inc. 10 2 20% views lead to better Waterstone Financial, Inc. 7 2 29% business outcomes, we Artisan Partners Asset Management, Inc. 6 1 17% have been widening our Citizens Community Bancorp, Inc. 8 1 13% net to recruit a diversity Douglas Dynamics, Inc. 7 1 14% of skill sets, similar to the Enerpac Tool Group Corp. 8 1 13% disciplines needed to run a company. This has led Marten Transport, Ltd. 7 1 14% to robust discussions and National Presto Industries, Inc. 5 1 20% problem solving from a Orion Energy Systems, Inc. 6 1 17% variety of angles. With Physicians Realty Trust 8 1 13% the COVID-19 pandemic, 9 1 11% business has become , Inc. 10 1 10% more mobile and more Spectrum Brands Holdings, Inc. 6 1 17% digital, which for many companies can open Tri City Bankshares Corporation 12 1 8% the candidate pool to a Twin Disc, Inc. 8 1 13% broader geographic area.” Weyco Group, Inc. 7 1 14% Jason Industries, Inc. 8 0 0%

REV Group, Inc. 9 0 0% Source: Wisconsin’s 50 largest School Specialty, Inc. 6 0 0% public companies based on revenues as reported in The Strattec Security Corporation 5 0 0% Business Journal’s Grand Total 455 96 21.1% Annual Book of Lists 3 WOMAN DIRECTORS ADDED TO THE BOARDS OF THE TOP 50 WISCONSIN PUBLIC COMPANIES SINCE LAST REPORT

Judy L. Altmaier Freda C. Lewis-Hall, M.D. Heidi G. Miller Marcia J. Avedon Anne E. Bélec President of Exmark Executive Vice President, President, Retired Executive Vice President, Chief CEO Manufacturing, Retired Retired JPMorgan International Human Resources, Marketing & Mosaic Group, LLC Toro Company Pfizer Inc. JPMorgan Chase & Co. Communications Officer Trane Technologies

Kathleen P. Iverson Sheryl L. Sculley Carol R. Jackson Maria C. Green President, CEO Senior Consultant Chairman, President Senior Vice President and and Chairman, Retired Strategic Partnerships, Inc. and CEO General Counsel, Retired CyberOptics Harbison Walker International , Inc.

TOO FEW WOMEN OF COLOR ON BOARDS Despite changing demographics, fewer than 5% of board • Women of color are the most seats are held by women of color in the US. Yet they represent underrepresented of all groups. approximately 18% of the US population. • White women hold nearly four times as many board seats as women of color.

2018 FORTUNE 500 BOARD SEATS BY RACE AND GENDER

Women of Color | 261 (4.6%) White Women | 1017 (17.9%) Men of Color | 651 (11.5%) White Men | 3741 (66.0%)

Source: Catalyst, Too Few Women of Color on Boards: Statistics and Solutions (Catalyst, 2020). 4 TAKE ACTION

BOARD OF DIRECTORS EXECUTIVE WOMEN LEADERS INTERESTED IN BOARD SERVICE • Require a diversified candidate slate for board positions • Recognize that corporations need the voice and • Expand resources and networks to reach skills of women; don’t wait for the “perfect” time diverse candidates or opportunity • Integrate a board skills matrix with diversity • Commit to pursuing a board position categories • Prepare and implement your action plan • Ensure board members adequately represent stakeholder interests • Engage board members in the business imperative of diversity MWi CAN HELP Milwaukee Women inc (MWi) is dedicated to • Develop a formal succession plan that includes diversity advancing inclusive leadership. We welcome opportunities to support companies in their Create and cultivate long-term relationships • diversity and inclusion efforts. with prospective board candidates Our board/executive database is a valuable Foster a culture of inclusion • resource designed to meet the needs of individuals seeking corporate board members, CEOs AND EXECUTIVE LEADERSHIP as well as private-company and non-profit • Make a visible commitment to diversity board members and accomplished women • Set measurable and achievable outcomes, measure executives. To access the database, please targets at every level and communicate progress visit our website, milwaukeewomeninc.org. and results regularly

NEWLY APPOINTED DIRECTORS COME WITH DIFFERENT SKILL SETS

100% 90% 80% New Directors 70% Tenure of 5 Years or More 60% 50% 40% 30% 20% 10%

CEO Risk CFO Audit Sales egal Other Financial Industry Strategy Mergers CSR & SRIAcademia eadership Operations Technology International Government

uman Resources

S&P 1500 Source: ISS Analytics

5 WOMEN EXECUTIVES CONTINUED GROWTH

TOTAL EXECUTIVES WOMEN EXECUTIVES % WOMEN Exact Sciences Corporation 25 7 28% Bank First Corporation 10 6 60% First Business Financial Services, Inc. 20 6 30% WISCONSIN’S Lands' End, Inc. 14 6 43% ManpowerGroup Inc. 18 6 33% Quad 22 6 27% 50 Weyco Group, Inc. 24 6 25% LARGEST Johnson Outdoors Inc. 10 5 50% PUBLIC Snap-on, Inc. 36 5 14% COMPANIES WEC Energy Group, Inc. 18 5 28% Alliant Energy Corporation 12 4 33% Fiserv, Inc. 21 4 19% Rockwell Automation, Inc. 17 4 24% Badger Meter, Inc. 10 3 30% Briggs & Stratton Corporation 12 3 25% Kohl's Corporation 8 3 38% Kevin Fletcher MGE Energy, Inc. 12 3 25% Chief Executive Officer Physicians Realty Trust 13 3 23% WEC Energy Group Strattec Security Corporation 12 3 25% “Committing to inclusion on A. O. Smith Corporation 16 2 13% our executive team enables Associated Banc-Corp 13 2 15% us to make better strategic Brady Corporation 9 2 22% and operating decisions Harley-Davidson, Inc. 9 2 22% due to diversity of thought, Modine Manufacturing Company 13 2 15% background, and skill sets Oshkosh Corporation 16 2 13% necessary for us to meet and Plexus Corporation 16 2 13% understand the needs of our Schneider National, Inc. 7 2 29% diverse customer base. It School Specialty, Inc. 8 2 25% also helps encourage career opportunities for existing Sensient Technologies Corporation 8 2 25% and potential employees Twin Disc, Inc. 7 2 29% when they see female Artisan Partners Asset Management, Inc. 7 1 14% executives as key members Douglas Dynamics, Inc. 5 1 20% of our leadership team. Enerpac Tool Group Corp. 5 1 20% Our current female Generac Holdings, Inc. 14 1 7% executives lead the teams Marcus Corporation (The) 7 1 14% that are responsible for MGIC Investment Corporation 6 1 17% some of our most vital and National Presto Industries, Inc. 5 1 20% sensitive business units. We Nicolet Bankshares, Inc. 3 1 33% see emerging opportunities Regal Beloit Corporation 9 1 11% in our industry and at our Rexnord Corporation 9 1 11% company in technical and Spectrum Brands Holdings, Inc. 7 1 14% engineering career paths. Waterstone Financial, Inc. 4 1 25% The growth and profile of STEM curricula should open Citizens Community Bancorp Inc. 3 0 0% even more opportunities Duluth Holdings, Inc. 5 0 0% for women and more Jason Industries, Inc. 6 0 0% opportunities for us to Manitowoc Company, Inc. (The) 7 0 0% develop tomorrow’s leaders.” Marten Transport, Ltd. 4 0 0% Orion Energy Systems, Inc. 3 0 0% Source: Wisconsin’s 50 largest REV Group, Inc. 7 0 0% public companies based on revenues as reported in The Tri City Bankshares Corporation 4 0 0% Milwaukee Business Journal’s TOTAL 556 122 21.9% Annual Book of Lists. 6 MILWAUKEE WOMEN inc

BOARD OF DIRECTORS

Chair: Patricia Ackerman I A.O. Smith Corporation Communications Chair: Marilyn Vollrath l Reputation Partners Vice Chair: Kimberly Stoll l Badger Meter, Inc. External Engagement Co-Chair: Lisa Cieslak l GMR Marketing Secretary: Sandra Cunningham I Versiti, Inc. External Engagement Co-Chair: Mara Swan l ManpowerGroup Inc., retired Treasurer: Nicole Pienkos l FIS Corporation Member Engagement Co-Chair: Kristin Dufek l Eppstein Uhen Architects Inc. Immediate Past Chair: Lindsay Hammerer l KPMG Member Engagement Co-Chair: Karen Hung l Silver Rock Consulting Member at Large: Lisa Pendergast I MGIC Research Chair: Peggy Williams-Smith l VISIT Milwaukee

STEERING COMMITTEE Abigail Hanna l Carthage College Connie Palmer l Outreach Community Health Center Sherri Albinger l ManpowerGroup Inc., retired Gail Hanson l Aurora Health Care, retired Nancy Peterson I Quarles & Brady LLP Griselda Aldrete l Milwaukee Fire and Police Erin Henry l Christine Pharr l Mount Mary University Commission Nancy Hernandez l MMAC, Hispanic Collaborative Emily Phillips l Robert W. Baird & Co., Inc. Chris Anderson l Baker Tilly Virchow Krause, LLP Renee Herzing l Herzing University Shontra Powell l Red Zone Fleet Services LLC Lisa Attonito I Women’s Fund of Greater Milwaukee Dianna Higgins l MGIC Jamie Pratt l Spano Pratt Executive Search Wendy Baumann l Wisconsin Women’s Business Jayne Hladio l U.S. Bank Jennifer Quadracci l Network Health Initiative Corporation Rebecca House l Rockwell Automation, Inc. Sharon Reed l Ernst & Young LLP Milwaukee Donna Bembenek l Catholic Memorial High School Sherri Huff l Sixteenth Street Community Health Center Marylou Schirpke l Wintrust Commercial Banking Laurie Benson l Nurses on Boards Coalition Kathy Hust I Scanalytics Inc. Andrea Schneider l Law School Kristin Bergstrom l Reinhart Boerner Van Deuren s.c., retired Jasmine Johnson l ManpowerGroup Inc. Sarah Schott l C-Level Executive, Chief Compliance Officer Barb Bolens l Enerpac Tool Group Lecia Johnson l Godfrey & Kahn, S.C Debbie Seeger l BDO Janette Braverman l Cardinal Stritch University Nina Johnson I U.S. Bank Meghan Shannon Berndt l Shannon Berndt Phyllis King l University of Wisconsin-Milwaukee Betsy Brenner l Milwaukee Journal Sentinel, retired Advisors, LLC Tracey Klein l Polsinelli, P.C. Krista Brookman l Catalyst Thelma Sias l Sias Group Michelle Kumbier l C-Level Executive, Christy Brown l Girl Scouts of Wisconsin Southeast Ritika Singh l C-Level Executive Chief Operating Officer Brenda Campbell I SecureFutures Rose Spano Iannelli l Spano Pratt Executive Margaret Kurlinski l Godfrey & Kahn, S.C. Sharon Canter l Community Leader Search Kira Lafond l Milwaukee Business Journal Jodi Czernejewski l inFORME healthcare Lynn Sprangers l 54 Hands Productions Sarah Lauber I Douglas Dynamics, Inc. Sharon deGuzman I Robert W. Baird & Co., Inc. Lori Stortz l University of Wisconsin System Christine Lidbury l Wisconsin Women’s Council Jennifer Dirks l TEMPO Milwaukee Jane Stromwell l RBC Wealth Management Lindsey Linder l Perlick Corporation Mary Dowell l MJ Dowell and Associates Julia Taylor l Greater Milwaukee Committee Amy Lindner l United Way of Greater Milwaukee Marilyn Thiet l Edge Performance Acceleration April Dunn l ManpowerGroup Inc. & Waukesha County Julie Tolan l Lauber Business Partners Heather Dunn l West Bend Mutual Insurance Jessie Lochmann Allen l Foley & Lardner LLP Susan Wehrley l BIZremedies & The ALIGN Academy Michelle Frazier l Advocate Aurora Health Margaret Loebl l Agro Fresh Solutions, retired Kim Wengler I Deloitte Julie Glynn l WaterStone Bank Stephanie Lyons l Northwestern Mutual Patty Whaley l Rexnord Corporation Cindy Gnadinger l Carroll University Amelia Macareno l AmCmGroup Sandy Wysocki l MKE Lifestyle Magazine Rebecca Goldman l Optimas Solutions Susan Martin l WEC Energy Group, retired Cecelia Gore l Brewers Community Foundation Anne Martino l Northshore University Health EMERITUS Linda Gorens-Levey l General Capital Group Kathleen Massey l The Tellier Foundation Gail Lione l Dentons US LLP Julie Granger l Metropolitan Milwaukee Mary McCormick l Rotary Club of Milwaukee Association of Commerce Joan Prince l University of Wisconsin-Milwaukee Molly Mulroy l WEC Energy Group Carol Grunberg l Northwestern Mutual Mary Ellen Stanek l Robert W. Baird & Co., Inc. Holly Nelson l Silver Brands, retired Laura Gutierrez l United Community Center Marie O’Brien I Enterforce, Inc. MWi Director of Services: Eve Hall, Ph.D. I Milwaukee Urban League Jackie Mortenson Kelly Ottman l Milwaukee School of Engineering

7 MESSAGE FROM THE CHAIR

Since our founding in 2003, Milwaukee governance committee chairs, and search Women inc has measured the gender firms with our networks of women, our board composition of Wisconsin database of steering committee members companies; leveraging the mindset that and best practices are priorities for 2021, what gets measured gets attention. Nine as well as strengthening our relationships women were added to Wisconsin public with male allies. company boards resulting in 21.1% Thank you to our sponsors for their representation, surpassing 20.8% last commitment to our mission. We are moving year and the largest percentage since we the needle, but much work is ahead of us! began measuring. Milwaukee Women inc is dedicated to accelerating the progress Pat Ackerman toward our goal of 25% by 2025. Senior Vice President, Connecting CEOs, nominating and A.O. Smith Corporation

MWi VISION MWi MISSION Achieve balanced representation of women Milwaukee Women inc is an organization of professional on boards of directors to maximize the performance women determined to change the face and quality of of Wisconsin businesses. leadership in the Wisconsin business community by increasing the number of women corporate directors.

RESEARCH SPONSORS

STRATEGY SPONSOR: IN-KIND:

METHODOLOGY | ABOUT THE DATA: parameters set by the boards of directors. Typically, this includes individuals within two reporting levels of the CEO (e.g., COOs, CFOs, line of business heads, presidents or EVPs of Data on Boards of Directors for the WI Top 50 public companies were collected by Milwaukee functional areas, CIO, CHR, CMR, CLO, management directors, and managing partners). This Women inc (MWi) using the most recent filings with U.S. Securities and Exchange Commission definition is also used by Catalyst (www.catalyst.org), a global non-profit leader in research (www.SEC.gov), including the Proxy Statement (Def 14A), Annual Report (10-K) and Current on and support of women in corporate leadership. MWi collected such data for the WI Top 50 Report (8-K). Data for Directors updated as of June 30, 2020. public companies using company websites. The Office of the CEO for Top 50 companies was For purposes of this report, Executive Leadership includes individuals who plan, direct, and contacted with the opportunity to review the MWi data and provide corrections. Data updated as formulate policies, set strategy, and provide the overall direction for companies, within the of June 30, 2020. 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.

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