Tariq M. Shaukat

About Tariq M. Shaukat

Independent Trustee of Public Storage (PSA) since 2019; age 52. He is currently Chief Executive Officer of Sonar (clean-code solutions), serving as co-CEO from August 2023 and CEO since July 2024. Prior roles include President of Bumble Inc. (2020–2023), President of Google Cloud (2016–2020), and senior executive roles at Caesars Entertainment after joining in 2012, plus Partner at McKinsey & Company. He brings deep digital, marketing, technology, cybersecurity, and data analytics expertise and serves on PSA’s Audit Committee. He is independent under NYSE standards.

Past Roles

Organization	Role	Tenure	Committees/Impact
Sonar	Chief Executive Officer	CEO since Jul-2024; co-CEO Aug-2023–Jul-2024	Leads a privately held clean code solutions provider
Bumble Inc.	President	Jul-2020–Aug-2023	Led operations during scaling as a public consumer-tech company
Google LLC (Google Cloud)	President, Google Cloud	2016–2020	Oversaw go-to-market, industry AI/ML solutions, and product/engineering for industry verticals
Caesars Entertainment Corporation	EVP & Chief Commercial Officer; previously EVP & Chief Marketing Officer	Joined 2012; later promoted	Oversight of revenue management, marketing, IT, and analytics across business lines
McKinsey & Company	Partner	Not disclosed	Strategy and leadership roles; technology-focused engagements

External Roles

Organization	Role	Public/Private	Notes
Gap Inc. (NYSE: GPS)	Director	Public	Current public company directorship

Board Governance

Committee assignments: Audit Committee member; Audit met 7 times in 2024. All five Audit members qualify as “financial experts” and meet heightened independence standards. Audit oversees accounting, ERM (including financial, cybersecurity, IT/privacy risks) and sustainability-related quantitative disclosures.
Independence: PSA’s board is 83% independent; all Audit/CHC/NGS members are independent. Shaukat is listed as an independent trustee.
Attendance and engagement: The Board met four times in 2024; all trustees other than one (Mitra) attended at least 75% of aggregate board/committee meetings—Shaukat met the 75% threshold. Trustees attended the 2024 annual meeting.
Cybersecurity oversight: Audit Committee oversees cyber, data privacy, and AI risk; several Audit members have cybersecurity experience, aligning with Shaukat’s technology/cyber background.
Overboarding policy: Trustees may not serve on more than three public company boards (including PSA) without NGS approval; all trustees are compliant.
Ownership guidelines: Trustees must hold stock equal to 5x annual cash retainer within five years; all non-management trustees with ≥5 years of service have met guidelines as of the proxy date (Shaukat joined in 2019).

Committee	Role	2024 Meetings	Scope
Audit	Member	7	Financial reporting, ERM, cybersecurity/data privacy, external auditor oversight, sustainability metrics assurance

Fixed Compensation (Director)

Component	2024 Amount	Notes
Board Annual Cash Retainer	$120,000	Standard non-management trustee cash retainer
Committee Member Cash Retainer	$12,500	Per committee membership; Shaukat is an Audit member (not Chair)
Total Cash Fees (2024 actual)	$132,500	As reported for Shaukat in 2024 trustee compensation table

Performance Compensation (Director)

Equity Element	2024 Grant/Status	Value/Terms	Vesting
Annual Equity Award	Options or AO LTIP Units equal to ~$180,000 grant-date fair value	2024 awards to non-management trustees were options to acquire 3,600 shares or 3,600 AO LTIP Units (trustee election)	Vests in full on first anniversary of grant date
Outstanding AO LTIP Units (12/31/2024)	37,691	29,036 fully vested and exercisable; remainder unvested/exercisable later	Per AO LTIP Unit terms
Equity grant pricing policy	N/A	Exercise price equals closing price on grant date; annual trustee awards made immediately following the annual meeting	N/A

Additional features:

Trustee Deferral Program: Directors may elect to receive cash retainers in cash, unrestricted shares, DSUs, or fully vested LTIP Units. (No DSU election disclosed for Shaukat in 2024.)
Clawback: Awards under the equity plan are subject to PSA’s incentive compensation recoupment policy to the extent applicable and the plan’s clawback provisions.

Other Directorships & Interlocks

Type	Detail
Current public company board(s)	Gap Inc. (NYSE: GPS), Director
Committee interlocks	None disclosed; no CHC interlocks/insider participation in 2024.
Potential interlocks with PSA stakeholders	None disclosed.

Expertise & Qualifications

Digital transformation and cloud/AI: Former President of Google Cloud (AI/ML-powered industry solutions) and President at consumer-tech platform Bumble.
Data analytics, marketing, and revenue management: Senior commercial and marketing leadership at Caesars, with oversight of analytics and IT across business lines.
Cybersecurity/technology: Biography cites cybersecurity and data analytics expertise; aligns with Audit Committee’s cyber oversight remit.
International leadership and strategic advisory background (McKinsey Partner).

Equity Ownership

Category	Amount	Notes
Directly owned common shares	1,246	As of March 3, 2025
AO LTIP Units	32,424	Convertible per plan terms; some may be exercisable/vested
LTIP Units	736	Vested/unvested as disclosed
Total beneficially owned (equivalents)	34,406	Less than 1% of outstanding shares
Pledged or margin	None disclosed for Shaukat; PSA discourages pledging; only Havner and Mitra have margin accounts noted.

Ownership alignment:

Trustee stock ownership guideline = 5x cash retainer; PSA notes all non-management trustees with ≥5 years of service have met their requirement as of the proxy date (covers Shaukat).

Governance Assessment

Board effectiveness: Shaukat adds modern digital, AI/data, and cyber risk expertise to a fully independent Audit Committee that is designated as composed of financial experts. This supports robust oversight in cybersecurity, data privacy, and ERM—material areas for a technology-enabled, data-reliant operating model.
Independence and attendance: Independent director with attendance at or above PSA’s 75% threshold and no disclosed related-party transactions or conflicts.
Director pay structure: Balanced cash retainer plus a modest, short-vesting annual equity grant (AO LTIP/option), with optional fee deferral to DSUs/LTIPs; no excessive perquisites disclosed. This aligns directors with shareholders without encouraging undue risk.
Alignment/controls: Ownership guidelines (5x retainer) met for trustees >5 years; anti-hedging policy; pledging discouraged; equity plan subject to clawback policy and double-trigger change-in-control protections—shareholder-friendly signals.

Risk indicators and red flags:

Related party transactions: None disclosed for Shaukat.
Overboarding/commitments: Compliant with PSA’s limit (≤3 boards absent approval).
Hedging/pledging: No hedging allowed; no pledging disclosed for Shaukat.
Section 16 compliance: No late filings noted for Shaukat; PSA reported limited delinquencies for other trustees.

Overall, Shaukat’s technology and cyber risk expertise, independence, and clean related-party profile are supportive of investor confidence, with compensation and ownership structures aligned to long-term value creation.