Anthropic’s upcoming IPO is drawing intense scrutiny on its unique governance structure, particularly its Long-Term Benefit Trust (LTBT). This advisory group, chaired by Neil Buddy Shah and including figures like former Federal Reserve Chair Ben Bernanke, wields significant influence over the company’s board, despite holding no equity.

The LTBT’s mandate is to ensure Anthropic’s AI development aligns with the long-term benefit of humanity, a mission that could be paramount as the company’s valuation could top $2 trillion. The trust currently appoints four out of seven directors, including Netflix co-founder Reed Hastings and Novartis CEO Vas Narasimhan.

Efforts to set a precedent for AI governance, the LTBT’s members are aiming to establish a framework akin to GAAP accounting principles. Bernanke’s appointment in July signals a move towards a more institutional structure. Trustees are required to be informed of major company actions, meeting weekly among themselves and with Anthropic leadership every other week.

This setup might be seen as a way to ensure ethical AI development, but it also raises questions about who truly controls the future of AI. Can a group of external advisors really safeguard a company’s values, or are they simply part of the power dynamic?