TechCrunch 称 Anthropic IPO 后公众股东对董事会几乎无话语权
TechCrunch published a piece. Anthropic’s IPO will leave public shareholders with almost no say over who sits on its board.
TechCrunch 报道称，Anthropic 的 IPO 将让公众股东对董事会人选几乎没有话语权。其长期利益信托持有 Class T 股票，可选举和罢免多数董事，成员包括 Ben Bernanke；7 位联合创始人共同持有另一类股票，其中多数人掌握 50.1% 的股东投票权和 3 个董事席位。董事会提名委员会可阻止信托对 1 名指定董事的选择或无因罢免，并将该决定交由员工投票；创始人控制可在上市 10 年后主动结束，或在创始人少于 3 人时自动终止。
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原文拆解了 Anthropic IPO 后董事会控制权的三层结构，可据此理解创始人、信托与员工之间的权力分配。
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TechCrunch published a piece. Anthropic’s IPO will leave public shareholders with almost no say over who sits on its board.
Its Long-Term Benefit Trust, whose members include Ben Bernanke, holds Class T stock that elects and removes a majority of directors.
The 7 cofounders jointly hold another share class giving a majority of them 50.1% of shareholder votes and 3 board seats.
The board’s nominating committee can still check the trust by blocking its choice or no-cause removal of 1 “Specified” director and sending that decision to an employee vote.
That clause formalizes the staff leverage that forced OpenAI’s board to reinstate Sam Altman after firing him in 2023.
Founder control can end by choice 10 years after the listing, or automatically once fewer than 3 founders remain.
The trust survives until 85% of common shareholders vote it out or it quits with board approval.
Investors are therefore buying a company whose control shifts among founders, trustees and employees, and any founder split would hand common shareholders more weight than expected.