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Elliott nominates six directors to pressure Northern Star
Elliott raised its Northern Star stake to 5.6% and said talks did not yield a board-change agreement, prompting the nomination of six candidates.
Activist investor Elliott Investment Management escalated its campaign against Northern Star Resources by naming six potential directors after talks with the Australian gold miner failed to produce an agreement on board changes, Mining.com reports. Elliott, which began pushing for changes in June with an investment worth more than A$1 billion ($706 million), said its stake in Northern Star now stands at 5.6%. The activist is pressing for substantial board changes and for comprehensive strategic and operational reviews. Elliott said it is not seeking control of the board and does not plan to install its own employees as directors. Instead, it urged Northern Star to consider independent directors with operational, financial, and governance experience to support incoming CEO Suresh Vadnagra. The activist cited years of operational and governance failures rather than the miner’s underlying assets, arguing Northern Star should have delivered stronger shareholder returns during a period of record gold prices. Elliott published the six candidate names after Northern Star’s board previously said in June it was open to considering Elliott backed directors, but subsequent discussions did not produce a path forward.
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