Traditionally, threats to academic freedom are associated with repressive government actions, and sometimes also with compliant university managers. In democracies, academic freedom can be undermined in more subtle ways. Where public funding for university research and teaching has diminished, universities have increasingly pursued relationships with, and money from, the private sector. Private funding can come with expectations that have the potential to limit academic freedom. There is a body of literature that documents ways in which some pharmaceutical companies, in particular, have sought to exercise undue influence on research and publications by academics. So-called 'philanthropic' funding can also function as a Trojan Horse for corporate influence and the business or ideological objectives of donors. This paper examines the problem of corporate power on campus and considers possible remedies, including binding codes of conduct for universities' relations with external partners.