特拉华州威尔明顿，9月29日：Claude的开发者Anthropic实验室正计划以“公共利益公司”（Public Benefit Corporation，简称PBC）的身份进行史上规模最大的IPO之一。这种法律结构要求公司在追求投资者利润的同时，也要考虑更广泛的公共利益。以下是关于公共利益公司与传统公司的区别。
WILMINGTON, Delaware, Sept 29 : AI lab Anthropic, the developer of Claude, is planning one of the biggest IPOs in history as a public benefit corporation, a legal structure that requires management to consider certain broader interests as well as turning a profit for investors. Below is a look at how public benefit corporations differ from traditional companies. WHAT ARE PUBLIC BENEFIT CORPORATIONS?
什么是公共利益公司（Public Benefit Corporation）？
特拉华州是大多数大型上市公司的所在地，该州于2013年推出了公共利益公司这一法律制度，旨在缓解企业行为可能带来的负面影响。
Delaware, home to the majority of large publicly traded companies, created public benefit corporations or PBCs in 2013 as a way of addressing the potential negative impacts of corporate behavior.
与普通公司一样，公共利益公司也需要为投资者创造利润。不过，虽然公司董事会有义务为公司谋取最大利益，但公共利益公司的董事和高管还需在实现公司利润的同时，兼顾那些会受到公司行为直接影响的人们的利益，以及公司所宣称的公共目标或使命。
PBCs are expected to seek a profit for their investors, like the typical corporation. But while a corporate board has a fiduciary duty to act in the best interests of the company, a PBC's directors and executives are required to balance that with the interests of those materially affected by its conduct and with achieving its stated public benefit or mission.
公共利益公司的章程中必须明确说明其公共使命。Anthropic在其2026年5月7日修订的公司章程中写道：“该公司致力于负责任地开发并维护先进的人工智能技术，以造福全人类。”
PBCs must include language in their charter describing their public mission. Anthropic stated in its amended certificate of incorporation dated May 7, 2026, that "the specific public benefit that the corporation will promote is to responsibly develop and maintain advanced AI for the long term benefit of humanity."
同样采用这种法律结构的OpenAI Group（ChatGPT聊天机器人的开发者）也在其2025年10月28日的公司章程中明确表示，其使命是“确保人工智能技术能够惠及全人类，具体方式包括开展或资助人工智能相关的研究。”那么，有多少公司是按照公共利益公司的模式来运作的呢？
OpenAI Group PBC, developer of the ChatGPT chatbot, has also adopted the structure and stated in its certificate of incorporation dated October 28, 2025, that its mission is to "ensure that artificial general intelligence benefits all of humanity, including by conducting and/or funding artificial intelligence research."
公益型企业（Public Benefit Corporations, PBCs）在股市中仍只占极小的比例，尽管过去15年来这类企业的数量一直在增长。其中，知名的公益型企业包括保险公司 Lemonade（其使命是提供以慈善捐赠为核心功能的保险产品）和眼镜制造商 Warby Parker（该公司表示自己的社会公益目标是提供有助于提升视力和维护眼睛健康的产品和服务）；这两家公司都表示自己致力于对其运营所在的社区产生积极影响。
ARE MANY COMPANIES STRUCTURED AS PBCS? PBCs remain a tiny part of the stock market although their number has been growing for the past 15 years. Publicly traded PBCs include the insurer Lemonade, which describes its mission as delivering insurance products where charitable giving is a core feature, and Warby Parker, an eyewear maker that says its public benefit is to provide access to products and services that promote vision and eye health. Both also state they seek to positively impact communities in which they operate.
公益型企业与传统企业的区别在哪里？公益型企业虽然也可以像传统企业一样追求利润，但它们还必须制定符合自身使命的标准，并至少每两年报告一次自身的进展情况。
WHAT DOES A PBC DO DIFFERENTLY? A PBC can still chase profit like a traditional company, but it also must develop standards for meeting its stated mission and report on its progress at least once every two years.
Anthropic 在其 IPO 文件中明确指出：如果董事会在做出决策时充分考虑了三个主要利益相关方（投资者、企业的社会公益目标以及受公司行为影响的各方）的利益，并且这些决策是经过深思熟虑的，那么董事会将免于承担法律责任。不过该公司也警告称，董事会在处理这些利益冲突时可能不会优先考虑股东的利益。
Anthropic said in its IPO filing documents that its board is protected from legal liability if it makes informed, disinterested decisions that consider its three main interests: investors, its public benefit and stakeholders impacted by its conduct. It warned that the board may not resolve conflicts among those interests in favor of shareholders.
其竞争对手 OpenAI Group 在其 2025 年的公司注册文件中规定：在涉及公司安全与隐私的问题上，董事会必须仅以企业的使命为导向，而无需考虑股东的利益。由于安全方面的担忧，OpenAI 已决定暂缓发布其最新的人工智能模型。
Rival AI company OpenAI Group stated in its 2025 certificate of incorporation that its board must solely consider its mission, and not the interests of shareholders, when it comes to safety and security issues related to the OpenAI enterprise. The company scrapped the release of its latest model on Monday amid security concerns.
谁来监督企业的公益使命？目前并没有法律强制要求企业必须接受独立审计来确保其真正履行自己的公益使命。一些公益型企业会选择向总部位于费城的非营利组织 B Lab 申请认证，以证明自己在社会和环境方面的表现；获得认证的企业会将自己称为“B Corps”（B 类企业）。
WHO ENFORCES THE PUBLIC MISSION? There is no legally required independent auditing process to ensure a company complies with its mission statement. Some PBCs have sought certification from B Lab, a Philadelphia-based nonprofit, on various social and environmental practices. Certified companies refer to themselves as B Corps.
如果公益型企业的董事会未能履行其公益使命，股东有权起诉该董事会；特拉华州的法律要求原告至少持有该公司 2% 的股份（或持有价值 200 万美元的股票）。投资者可以通过联合持股的方式达到这一持股比例要求。
PBC shareholders have a right to sue the board for failing to comply with its public benefit, and the Delaware law requires the plaintiff to own at least 2 per cent of the stock or hold stock worth $2 million. Investors can form a group to reach that limit.
特拉华州公司法通常通过法院判决发展而来，指导公益公司（PBC）法律适用的判例非常少。Etsy 在 2017 年表示，其不追求转型为 PBC 的原因之一就是法律上的不确定性。
Delaware corporate law is generally developed through court rulings, and there are very few cases to guide the application of PBC law. Etsy said in 2017 that one of the reasons it did not pursue conversion to a PBC was the legal uncertainty.
今年早些时候，一名特拉华州法官裁定，当公司寻求出售时，PBC 没有义务为其股票争取最高合理价格，这与处于相同情境下的传统公司形成对比。
Earlier this year, a Delaware judge ruled that PBCs are not obligated to get the highest reasonable price for their stock when the company is up for sale, in contrast to a traditional corporation in the same scenario.