Anthropic's planned initial public offering could value the company at up to $2 trillion, with its external trustees holding significant influence over the board. The Long-Term Benefit Trust (LTBT) has the right to appoint or dismiss the majority of the company’s board.
The LTBT, which is the controlling governance mechanism of the Anthropic public benefit corporation, has selected four of the seven directors, including Reed Hastings and Vas Narasimhan. The trust currently has three members out of a potential maximum of five, chaired by Neil Buddy Shah.
The trustees are required to receive advance notice of major company actions, including the launch of new AI models. They meet weekly among themselves and also meet Anthropic’s leadership as frequently as every other week.
"The ambition for the LTBT is to provide an industry blueprint, similar to the GAAP accounting principles," said a person close to the matter. The trustees have not attempted to draw red lines or force a significant trade-off between profit and purpose.
Despite the access and authority, the trust has operated largely in an advisory capacity. Experts warn that while the trust is structured thoughtfully, it remains an unproven model that will need to be stress-tested as the company moves toward becoming a sustainable business.
Source: arstechnica
