An annual report on female representation across corporate boardrooms in Wisconsin shows little change over the past year, indicating a possible slowdown in diversification momentum, according to Milwaukee Women inc., the Mequon-based nonprofit behind the research.
Women currently hold 141 out of 459 board seats (30.7%) at Wisconsin’s top 50 public companies, just one seat more than 2024. Of those 459 board seats, women of color hold 27 (5.9%), one seat fewer than in 2024, according to the 2025 report, released Tuesday.
Kristin Dufek
“Our 2025 research shows that progress continues, but at a measured pace,” Kristin Dufek, MWi board chair and president and CEO of Milwaukee architecture firm EUA, said in a message included in the report. “Women’s representation on boards of both Wisconsin public and private companies has inched forward, while other indicators signal stagnation or slight declines. These mixed results underscore an important reality: progress is not linear.”
2025 marked the first year that 100% of the top 50 public companies have at least one woman on their board. The number of companies that met that criteria had been at 49 since 2022.
Created in 2002, Milwaukee Women inc. is focused on achieving balanced representation of women on corporate boards of directors and has produced research on board gender diversity of Wisconsin’s largest public and private companies since 2003. In 2022, female board representation at Wisconsin’s top 50 public companies surpassed MWi’s goal of 25% by 2025.
Among Wisconsin’s top 50 public companies, Madison-based Alliant Energy Corp. has the most women on its board, with five out of 10 total members. Following were Milwaukee-based Brady Corp. with five out of 11 total members; Madison-based Accuray Inc. with four out of nine total members; Madison-based MGE Energy Inc. with four of 10 total members; and Milwaukee-based MGIC Investment Corp. with four of 10 total members. All of those companies have one woman of color on their board except for Alliant which has zero. (See chart below for complete ranking.)
MWi’s report, conducted in collaboration with the Wisconsin Policy Forum, also looks at board diversity at Wisconsin’s top 50 private companies, where women currently hold 87 of 373 board seats (23.3%). That’s compared to 89 out of 383 seats (23.2%) in 2024. 70% of Wisconsin top 50 private companies have at least one woman on their board; the remaining 30% have zero. (See chart below for complete ranking.)
Another key metric highlighted in the report is the percentage of companies with three or more women directors, “as the critical mass needed to maximize diversity benefits,” according to the report. Of the state’s top 50 public companies, 32 (64%) have three or more women on their boards, a decline from 34 (68%) in 2024. A decade ago in 2015, only five of the top 50 public companies had at least three women on their boards.
“Our organization’s decades of research and experience tell the same powerful story: corporate boards that include women strengthen business outcomes, and this influence ripples throughout the company’s performance, culture and impact,” said Dufek.
