Anthropic's complex governance structure leaves public shareholders with limited control ahead of IPO

Anthropic, a public benefit company founded in 2021, has implemented a multi-layered governance structure that significantly dilutes shareholder power ahead of its IPO. The company's board, currently chaired by President Daniela Amodei and including CEO Dario Amodei and other industry figures, has allocated significant control to a Long Term Benefit Trust (LTBT). This trust, chaired by Neil Shah and including Ben Bernanke and Richard Fontaine, can elect a majority of board members. Additionally, the seven founders jointly own a special class of stock providing them 50.1% voting power to elect three board members. A final check allows the board to override LTBT nominations, sending decisions to employee vote.