An inclusive work environment fosters acceptance, respect, engagement
Over the past 15 years, our directors have fostered a world-class work culture that embraces diversity and inclusion. Two of the Board’s three standing committees oversee Forest City’s diversity plan and progress. Diversity in gender, ethnic background
Forest City Board Independence
In 2017, Forest City’s Board diversity was recognized by 2020 Women on Boards, a nonprofit campaign committed to increasing the percentage of women who serve on company boards to 20 percent or greater by the year 2020. We are honored by this recognition, and our Board remains committed to expanding the diversity of its membership.
As part of the Board 's commitment to its own refreshment, in April 2017, Z. Jamie Behar, CFA, was appointed as an independent director to fill the vacancy created when Bruce C. Ratner resigned. In March 2018, nine members of the Board voluntarily resigned. The resignations became effective in April 2018. Eight of the vacancies have been filled with independent and highly qualified individuals, leaving one vacancy on the Board. Two of the new directors were appointed based on recommendations by two of the company's largest stockholders. The Board continues to seek another independent and highly qualified individual to fill the remaining vacancy.
As a result of these new refreshment actions, Forest City’s Board tenure has decreased significantly, from an average tenure of 14.4 years in 2017 to approximately 3.6 years today. Our directors range in age from 34 to 73, with three members under the age of 50.
Currently, our Board has a non-executive chair and 10 out of 12 members, or 83.3 percent of the Board, qualify as independent under our governing documents and the rules of the Securities and Exchange Commission and the New York Stock Exchange. In addition, 25 percent of our directors are women, and 16.6 percent of members represent minority groups.