PSCM's new independent directors include long-term investors in PSH and the Pershing Square funds as well as new investors in the management company.

Judged as of August 2024. True: official announcements or filings name the new independent directors of Pershing Square Capital Management (the management company), and they include at least one long-term investor in PSH or the Pershing Square funds and at least one of the investors who bought stakes in the management company in 2024. Mostly true: both groups are represented, but a minor detail is off, e.g. one director's investor status is unclear. Mixed: only one of the two groups is shown among the new independent directors. Mostly false: new independent directors were appointed, but neither group is clearly represented. False: no new independent directors were appointed, or the record shows none of them was an investor of either type.

Set before the research began.

1. E1 Pershing Square Capital Management, L.P. Announces Sale of 10% Common Equity Interest for $1.05 Billion to Strategic Investors Business Wire (issued by Pershing Square Capital Management, L.P.) · 3 June 2024 Own record

   “The independent directors are Kerry Murphy Healey, President Emerita of Babson College; Orion Hindawi, Executive Chairman of Tanium; Marco Kheirallah, partner at Lumina Capital; Nicholas Lamotte, Executive Chairman of Consulta; and Christine Todd, Chief Investment Officer of Arch Capital Group.”

2. E2 Pershing Square Capital Management, L.P. Announces Sale of 10% Common Equity Interest for $1.05 Billion to Strategic Investors Business Wire (issued by Pershing Square Capital Management, L.P.) · 3 June 2024 Own record

   “for a purchase price of $1.05 billion to a consortium of strategic investors including Arch Capital Group Ltd. (NASDAQ: ACGL), BTG Pactual (BPAC11), Consulta Limited, ICONIQ Investment Management, Menora Mivtachim Holdings, an international group of family offices, and other investors.”

3. E3 Pershing Square Holdings, Ltd. · 15 August 2024 Own record

   “On June 3, 2024, the Investment Manager announced that it completed a sale to strategic investors of a 10% common equity interest in Pershing Square Holdco, L.P., a newly formed limited partnership that owns 100% of the Investment Manager.”

PSCM's June 2024 announcement names five independent directors (E1). Two of them lead firms that bought into the management company: Christine Todd is CIO of Arch Capital Group and Nicholas Lamotte is Executive Chairman of Consulta (E1, E2). This shows the new management-company investors are represented, through executives of those firms. Nothing in the evidence shows that any director is a long-term investor in PSH or the Pershing Square funds, so only one of the two groups is shown, which the criteria define as mixed.