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The obscure trust looming over Anthropic's IPO
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1 min read
Anthropic has disclosed plans to place 5% of its shares into a fund for nonprofit donations or other mission-related support as it prepares for an initial public offering. The AI company is organized as a public-benefit corporation and is governed in part by the Long-Term Benefit Trust, a body empowered to influence its board and block major corporate actions. The trust can appoint four of Anthropic’s seven directors and remove those directors without cause, although it has no explicit vote in many shareholder matters. Its mandate is to steer AI toward humanity’s long-term benefit. Anthropic selected the first five trustees; the trust must now only consult the company when filling vacancies, including two current openings. Its governing documents have not been publicly disclosed. Trustees include former Federal Reserve Chairman Ben Bernanke and Neil Buddy Shah, chairman of the Clinton Health Access Initiative. Anthropic said in July that trustees are financially disinterested in the company: they hold no Anthropic equity, do not share in its profits, and are paid only for their time and service. The structure gives a trust substantial authority over a company that is seeking public-market investors while pursuing objectives beyond profit maximization.