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Shearman & Sterling LLP IPO Governance Practices | 94 Number of Directors 3 5 17 4 1 1 4 13 3 1 1 2 3 4 5 6 7 8 9 11 13 2022 Number of Female Board Candidates at Time of IPO 2018 2019 2020 2021 2022 42% 34% 22% 2% 0% 0 1 2–3 4–5 5+ 34% 10% 50% 4% 18% 0 1 2–3 4–5 5+ 31% 17% 49% 2% 0% 0 1 2–3 4–5 5+ 34% 10% 50% 4% 18% 0 1 2–3 4–5 5+ 32% 32% 22% 10% 2% 2% 0 1 2 3 4 5