Artificial intelligence company Anthropic has announced plans to establish a public benefit fund designed to support initiatives that contribute to societal wellbeing.

The company said the fund would provide greater flexibility and financial resources for addressing challenges associated with technological advancement.

Under the proposal, Anthropic will commit five per cent of its shares to the fund, which will operate as a wholly owned entity within the company.

Anthropic also disclosed that the fund could receive additional shares as the company’s valuation increases.

Under the proposed arrangement, an additional two per cent could be contributed for every 50 per cent increase in the company’s value.

The company said the fund could support traditional nonprofit organisations through substantial donations or distribute resources directly to specific groups of people who may benefit from the assistance.

One of the major issues Anthropic hopes to address is the potential impact of artificial intelligence on employment.

The company has already committed $200 million to studying how AI could affect the labour market and the future of work.

However, Anthropic acknowledged that the speed of AI development could create challenges requiring more ambitious interventions than traditional charitable programmes.

It said the new fund would have the flexibility to pursue different approaches as circumstances evolve.

The announcement comes amid growing public concern about the development and deployment of artificial intelligence.

Anthropic chief executive officer Dario Amodei has described the industry’s situation as a crisis of trust, reflecting concerns about the social, economic and ethical implications of increasingly powerful AI systems.

The proposed fund could provide the company with a mechanism to support initiatives addressing some of these concerns while demonstrating a commitment to broader public interests.

Anthropic has yet to disclose the complete governance structure of the fund or explain precisely how decisions about funding priorities will be made.

The company said further details about its organisation and management would be released in the coming months.

The effectiveness of the initiative will depend partly on how transparently the fund operates, how beneficiaries are selected and whether its contributions produce measurable public benefits.

Source: TechCrunch