Public Good or Private Gain? Corporate Structure and Mission Accountability at Leading AI Companies
Guest report by Maroussia Lévesque, Professor of Law & AI, Queen’s University
Leading AI companies have adopted unusual corporate structures to “benefit humanity.” But do they deliver in practice? This guest report assesses whether bespoke legal vehicles such as public benefit corporations and long-term benefit trusts actually constrain these companies’ behavior, especially as they raise ever more capital and prepare to sell stock on the public market. Comparing the business structures of Google DeepMind, OpenAI and Anthropic against their actual conduct, the report shows that corporate structure alone does not force AI companies to walk the walk on public benefit missions. Structures intended to balance commercial ambitions with broader responsibilities cannot withstand financial pressure, a phenomenon intensified by looming IPOs. As leading AI companies go public, incentives to put mission above profit will further dwindle, though the move also opens up new avenues for shareholder activism. The report concludes with the levers available to civil society and advocates seeking to hold AI companies to their word, including those brought about by increased accountability requirements under securities law for publicly listed companies.
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