This question was answered for us by Shaykh ‘Abd-Allaah ibn Qa’ood as follows:
The shareholders must pay zakaah on their own behalf, but no zakaah is due on the profits stemming from donations.

Principles of Fiqh

Jurisprudence and Islamic Rulings

Acts of Worship

Poor-due or obligatory charity

Islam Q&A - Sheikh Muhammed Salih Al-Munajjid

How should zakaah
    be paid on investment accounts that contain both donated money and private funds?

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How should zakaah be paid on investment accounts that contain both donated money and private funds?