原帖引用 · AI 翻译
TechCrunch 发表了一篇文章。Anthropic 的 IPO 将使公众股东对谁进入其董事会几乎没有发言权。
其长期利益信托的成员包括本·伯南克，持有可选举和罢免多数董事的 T 类股票。
7 位联合创始人共同持有另一类股份，使其中的多数人拥有 50.1% 的股东投票权和 3 个董事会席位。
董事会提名委员会仍可通过阻止该信托选定或无理由罢免 1 名“指定”董事，并将该决定交由员工投票，来制衡该信托。
这一条款将员工的影响力正式写入规则；2023 年，正是这种影响力迫使 OpenAI 董事会在解雇萨姆·奥尔特曼后让他复职。
创始人的控制权可在上市 10 年后经自主选择而终止；一旦剩余创始人少于 3 人，也会自动终止。
该信托将一直存续，直到 85% 的普通股股东投票将其撤销，或该信托在董事会批准下自行退出。
因此，投资者买入的是一家控制权会在创始人、受托人和员工之间转移的公司；任何创始人之间的分歧，都会让普通股股东获得比预期更大的影响力。
原文
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.