We value not only the diversity of experience these professionals bring to our Board room, but also diversity of
perspective they bring to our collective approach to problem solving. This commitment to diversity and inclusion is mirrored in the composition of Cedars workforce. In terms of our corporate culture, approximately 55% of our mid-level, non-executive managers are female, as well as approximately one-third of our executive team. 61% of our employee population
was female, as of the end of 2020. In addition, 25% of our workforce was ethnically diverse, as of December 31, 2020.
Inasmuch as Cedars workforce and
leadership encompass diversity, Cedars mission of social responsibility extends outward as well to include the communities we serve. In 2020, we were proud to support many local community initiatives, including blood drives, backpack donations
for school children and PPE donations to minority medical professionals. In addition, we have partnered with local governments, including in Washington, D.C., in support of economic development and job creation in underserved communities, both in
connection with our redevelopment efforts pre-Covid and also specifically in furtherance of pandemic relief.
Through 2020,
our commitment to social responsibility extended into our own workplace community. We wanted to ensure our employees had a work environment that promoted work/life balance and safety through the COVID-19
pandemic; as such, we implemented flexible work arrangements to employees who were impacted, or who had family members impacted, by the pandemic.
Governance
Good governance is one of our core principles, which guides our formulation of corporate policies, internal management and relationships with the
communities in which we operate. Good governance starts with a talented and diverse Board, which we have significantly refreshed by appointing four new directors in six years.
In addition, our belief in stockholder enfranchisement is demonstrated by recent corporate policy enactments which have been overwhelmingly well-received by our
stockholders. For example, in 2018, we adopted amendments to our charter and by-laws which empower stockholders to act to amend our by-laws, as opposed to exclusively
reserving this right to our Board.
We have annual election of directors, with no classified Board, and a requirement that directors be elected by a majority vote in
uncontested elections. Our Board committees are composed of entirely independent directors, and the average tenure of our directors has been steadily decreasing, resulting in an increase in the percentage of independent directors with relatively low
tenure.
In addition, our Nominating/Corporate Governance Committee, with full Board support, has recently adopted revisions to its charter to adopt the more
stringent form of the so-called Rooney Rule, by which the Committee made an affirmative commitment to include diverse candidates in initial pools of director-nominees. Beginning in 2021, our
Nominating/Corporate Governance Committee will receive regular debriefings on the Companys ESG initiatives, in addition to its regular updates on other important governance matters.
In 2020, we enhanced our focus on cybersecurity oversight. We established a cross-departmental committee on cybersecurity, which regularly provides updates to the Board,
introduced an employee education campaign, and heightened technological protections and monitoring to protect us and our employees from cyberattacks.
We regularly
engage with our stockholders throughout the year, and are responsive to their concerns. In response to constructive input from our stockholders, we require a minimum vesting period of one year applicable to all types of equity awards granted under
the 2017 Stock Incentive Plan, subject to a 5% carve out, and a minimum three-year vesting period for time-based restricted stock awards. We have also put into place caps on director pay in our 2017 Stock Incentive Plan.