Hello~ I heard there was a gathering for AI enthusiasts, so I'm introducing myself ^^
Jaeheung Lee, Standing Director of the Citizen Technology Network. I also serve as a member of the National Artificial Intelligence Strategy Committee.
Discovery Loop, founded by Jeff Dean, Google Senior Fellow, after his resignation, is making headlines and has also been established as a 'Public Benefit Corporation (PBC)' in Delaware.
Now, AI big tech and frontier startups are fully establishing PBC as the standard for corporate governance.
PBC is a systematization of the 'B Corp' certification for well-known public benefit companies, starting from private networks. It was introduced in Maryland in 2010 and Delaware in 2013.
Companies must internalize ESG frameworks by establishing internal regulations and submit annual reports for evaluation and disclosure. Violations may result in the dissolution of the corporation by the state government.
- initially started as a non-profit foundation but completed its restructuring into a subsidiary holding company, which was then established as a PBC.
- has been established as a PBC from the outset and further strengthened its dual public interest governance structure by appointing a majority of the board of directors through a 'Long-Term Benefit Trust (LTBT)'.
- was also initially established as a PBC. However, it later reversed this decision. This was due to controversies surrounding its construction of a hyperscale AI data center and the subsequent lawsuits filed by residents affected by the large-scale use of gas turbines.
In Korea, social venture or social enterprise certification systems are similar to legal entities. However, there is currently no legal entity for public benefit corporations other than cooperatives.
Furthermore, as repeatedly pointed out, experiments with public interest governance structures like those of OpenAI and Anthropic are completely prohibited by law. This is because previous administrations (Lee Myung-bak and Park Geun-hye) abused the system.
While AI conversion and technology industry development and investment are actively underway, the methods and systems for implementing them remain unchanged, reflecting past contradictions and outdated practices.
As a result, the AI industry is accelerating and exacerbating these issues. Concerns are growing as Korea witnesses an explosive surge in new startups.
To become a true AI powerhouse, we must quickly reform these production relations, industrial and corporate governance to achieve balance and support.
https://www.wsgr.com/en/insights/wilson-sonsini-advises-discovery-loop-on-launch-and-initial-funding.html
▶ Original source: https://www.discoveryloop.com/
▶ Original source: https://www.wsgr.com/en/insights/wilson-sonsini-advises-discovery-loop-on-launch-and-initial-funding.html
