Anthropic gives trust control over its governance
By the AFREEQUE newsroom, based on Techcrunch
Anthropic’s governance structure gives significant power to an independent trust tasked with preserving its AI safety mission, limiting the influence of ordinary shareholders. As it approaches an initial public offering, the board includes Daniela and Dario Amodei, among others, according to TechCrunch.
Anthropic, a US artificial intelligence company, has given an independent trust the power to elect and remove a majority of its board of directors. TechCrunch describes this governance structure as the company moves closer to an initial public offering.
The trust, called the Long-Term Benefit Trust, holds a class of shares that allows it to choose the directors representing its interests on the board. It is chaired by global health specialist Neil Shah and includes former US Federal Reserve chair Ben Bernanke among its members. The current members will appoint someone to fill any vacant seat.
Anthropic is incorporated as a public benefit corporation, a status that allows its board to consider a public-interest mission as well as profitability. Its seven co-founders also hold shares that together give them 50.1% of shareholder voting rights and the ability to appoint three directors. The board can, however, exercise control over some of the trust’s appointments.
This arrangement adds to the co-founders’ control over shareholder votes, announced on 27 October in Anthropic gives co-founders 50.1% of the votes.
