Anthropic IPO 后股东话语权有限：Long-Term Benefit Trust 掌董事会多数席位
Anthropic 上市后普通股东基本管不了董事会，控制权在创始人、信托和员工三方手里，这篇把治理结构拆得很细。
TechCrunch 分析了 Anthropic 的 IPO 治理结构，指出公开股东对董事会人选几乎没有话语权。其 Long-Term Benefit Trust（成员包括 Ben Bernanke）持有 T 类股，可选举和罢免董事会多数成员，7 位联合创始人通过另一类股合计掌握 50.1% 的投票权和 3 个董事会席位。董事会提名委员会仅能通过否决无因罢免 1 名“指定”董事并交由员工投票来制衡，这与 2023 年 OpenAI 董事会罢免 Sam Altman 后被员工逼宫复职的机制类似。创始人控制权可在上市 10 年后主动放弃，或在创始人少于 3 人时自动终止；信托则需 85% 普通股股东投票才能废除。
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.
