On the day glass-ceiling-breaker and Minnesota civic leader Nancy Brataas died last week, St. Catherine University Profs. Joann Bangs and Rebecca Hawthorne shared the newest "Minnesota Census of Women in Corporate Leadership" with a business leadership group. The statistics are discomfiting. That discomfort might be similar to how Brataas felt upon entering an all-male state Senate chamber in 1975, when some colleagues wondered if she violated the dress code by not wearing a tie or if a women's bathroom was needed.
Yes, Minnesota ranks high nationally in Fortune 500 companies that have female board and executive team members. Yes, we have companies long lauded for diversity. But hold the Minnesota Rouser for inclusive leadership in our state. The bar is set pretty low.
Women are more than half of the U.S. population, earn most college degrees and are major consumers. Yet among Minnesota's largest 100 publicly held companies, women hold just 14.9 percent of board seats and 18.6 percent of executive officer positions. Thirty-four of these companies have just one female executive officer, and 35 have none.
"Minnesota Census" findings show that 18 publicly held headquarters companies here are "zero and zero" companies, meaning they have no female corporate directors or executive officers. Not surprisingly, many have poor stock returns.
An oft-attributed rationale for the inclusive leadership void is that corporate boards are dominated by older white men who select fellow board members from among cronies and appoint CEOs of a similar gender and outlook. Sadly, the fraternity grows as some Minnesota "zero and zero" companies now have Generation X CEOs.
Outstanding performance comes from multiperspective teamwork, not segregation. According to researcher Catalyst, Fortune 500 companies with more female members on their boards of directors outperform those with the least such members in terms of return on equity, sales and invested capital. Research by Credit Suisse and others shows similar findings.
So how do we right this wrong, promote inclusive leadership, and propel our workplaces and economy? The fastest solution is for board members and CEOs to diversify. That's happening some places, but overall it's painfully slow. We can't afford to shelve this year's report. Here are some ways Minnesota can help turn the pages to progress:
• Strengthen Minnesota's brand: To help attract and keep talent, why not set the state apart by delivering on inclusive leadership at a new pace? Perhaps the Minnesota Business Partnership, Chamber of Commerce, Council of Nonprofits, Greater MSP and our business schools could help expand the census and progress. For example, nonprofit rankings could be added for a larger view. Overall findings, strategies and results could be spotlighted as these organizations convene leaders from business, politics and civic life.