Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 9

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 9
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 Committee approval |
| Shareholder Rights                                                                     |     | Additional Practices                                                                                                  |
| •No poison pill                                                                        
 •Right to call special meetings                                                        
 •Right to nominate trustees (proxy access)                                             
 •Majority shareholder vote to amend charter and bylaws and to approve M&A transactions 
 •Majority vote requirements for trustee elections                                      |     | •Robust stock ownership guidelines                                                                                    
 •Clawback policy covering all compensation                                                                            
 •Anti-hedging policy                                                                                                  
 •No employment or severance agreements                                                                                
 •Double-trigger equity vesting upon change of control                                                                 
 •Political and charitable contributions policy                                                                        |

Code of Conduct

Employees, executive management, and trustees must adhere and annually attest to our Code of Conduct, which includes policies and standards around personal, professional, and marketplace integrity; anonymous reporting of concerns; and protecting Company assets. The Code of Conduct also covers the Foreign Corrupt Practices Act, antitrust and competition laws, anti-boycott laws, export control laws, insider trading laws, and equal opportunity, diversity, and anti-harassment standards. Executive management and trustees must also adhere to additional Codes of Ethics and Corporate Governance Guidelines.

Ongoing Board Refreshment

Our Board has demonstrated a commitment to board refreshment. Over forty percent of our trustees, all independent, have served for four years or less.

Our Commitment

We are committed to an integrated approach to sustainability across our organization. We strive to further reduce the Company’s environmental footprint while bolstering our resilience in the face of environmental, economic, political, data security, reputational, and other risks. We seek to continually strengthen our unique competitive advantages in order to manage risk, create and act upon opportunity, and generate sustained long-term value for our stakeholders. Please refer to our Sustainability Report available on our website at publicstorage.com for additional information regarding our sustainability program, efforts, and commitment to our stakeholders.

#### Public Storage | 2025 Proxy Statement |9
Proposal 1:

Electionof Trustees

| Our Board has nominated twelve trustees, who have agreed to serve unit next year’s annual meeting of shareholders if elected by shareholders at our Annual Meeting |
| RECOMMENDATION: Vote FOR each nominee                                                                                                                              |

#### 10| Public Storage | 2025 Proxy Statement

#### Proposal 1: Election of Trustees
PROPOSAL 1

ELECTION OF TRUSTEES

EXECUTIVESUMMARY

Our Board has nominated twelve trustees for election at this year’s Annual Meeting to hold office until the next