Anthropic’s IPO governance vests control in founders and a Long Term Benefit Trust
Ahead of its IPO, Anthropic will be a public benefit company whose governance assigns outsized control to two blocs: a Long Term Benefit Trust (LTBT) that holds a class of stock able to elect and remove a majority of the board (Class T directors), and a special founder share class that gives the seven founders 50.1% of shareholder voting power to elect three directors. The board currently includes Daniela Amodei (chair), CEO Dario Amodei, Reed Hastings, Christopher Liddell, Vas Narasimhan and Yasmin Razavi; LTBT members include Neil Shah, Ben Bernanke, Richard Fontaine and Christopher Stubbs, with vacancies on both bodies and mechanisms that allow the board’s nominating committee and employees limited checks on LTBT nominations.