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Northern Star rejects Elliott push for six board nominees
Elliott has increased its stake to 5.6% and wants a board-driven review of strategy and operations as Northern Star transitions to incoming CEO Suresh Vadnagra.
Northern Star Resources, Australia’s largest gold miner, said it will not commit to appointing at least three of activist Elliott Investment Management’s proposed directors without first evaluating them. The company argued that Elliott’s demands would undermine proper governance and said the activist has not pointed to concrete actions not already being pursued.
Elliott is seeking six board seats, including former Anglo American chief executive Mark Cutifani, and is pressing for comprehensive strategic and operational reviews to support Northern Star’s leadership transition. Northern Star added that Elliott has also proposed nominating four candidates without prior discussions, which it called unacceptable and inconsistent with appropriate governance.
Elliott began its campaign in June after building an investment worth more than A$1 billion. The activist disclosed this week that its stake has grown to 5.6%, increasing its influence as it makes its case centered on board composition, strategy, and operations rather than a single operational demand.
The dispute comes as Northern Star prepares for change at the top, after naming Suresh Vadnagra as CEO and adding board-level updates. Northern Star said it has appointed former BHP director Terry Bowen as an independent non-executive director, succeeding John Fitzgerald as chair of the audit and risk committee, and cautioned that the disagreement could turn into a prolonged governance battle if the sides cannot agree on director appointments.
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