---
title: Elliott and Northern Star Clash Over Six Board Seats at Australia's Largest Gold Miner
description: Elliott is pushing six new directors onto Northern Star, Australia's largest gold miner. The company rejected the slate and named its own new board.
author: Darie Nani (Editor-in-Chief)
updated: 2026-08-14T05:16:03.008Z
canonical: https://www.sovereignmagazine.com/article/elliott-northern-star-board-fight-gold-miner
image: https://cdn.nanimediahouse.com/northern-star-kcgm-super-pit-151696.webp
categories: Markets
content_type: News
region: Australia
publication: Sovereign Magazine
schema_type: Article
---

Elliott Investment Management is pushing to place six new directors on the board of Northern Star Resources, and on August 13 the company said no. Northern Star, Australia's largest gold miner, rejected the slate the same day it set out its own leadership changes, and within hours Elliott hit back, accusing the board of dressing up entrenchment as reform. The fight arrives at an odd moment for a gold producer: gold futures traded around $4,700 an ounce this week, near record levels, which is exactly why Elliott says the company's returns should be near the top of its sector rather than trailing it.

Elliott, one of the world's best-known activist investors, manages funds that together hold about 5.6% of Northern Star. It began pressing for change in June after building a position worth more than A$1 billion ($706 million). The firm, founded in 1977, manages roughly $80.3 billion in assets as of June 30, 2026, on behalf of pension plans, sovereign wealth funds, endowments, foundations and high-net-worth families.

## Elliott says the returns do not match the gold price

Elliott's argument turns on a comparison. "During a period of record gold prices, a company with assets of this caliber should be among its sector's strongest performers," the firm said. It argues that Northern Star's total shareholder return has severely lagged its peers over several years, and it puts the gap down to execution and governance failures rather than the quality of the ground the company mines. Elliott describes a pattern of operational missteps, cost overruns and inconsistent strategic direction.

Elliott wants a stronger board, a comprehensive strategic review and a rigorous operational review, along with independent directors who bring mining expertise. It has proposed six candidates: Susan Corlett, a director at Iluka Resources, Aurelia Metals and Silex Systems; Mark Cutifani, former chief executive of Anglo American and AngloGold Ashanti; Paul Graves, former head of Arcadium Lithium; Mick McMullen, former chief executive of Detour Gold and Stillwater Mining; Peter Rozenauers, an operating partner at Orion Resource Partners; and Graham Shuttleworth, former chief financial officer of Barrick and Randgold Resources. Elliott says it is not seeking seats for its own employees and is not seeking control of the board. A revamped board, it says, would give the incoming chief executive stronger oversight and support a wider review of the business.

## Northern Star says the renewal is already under way

Chair Michael Chaney rejected that reading in a letter to shareholders. "From the outset, Elliott has made demands to which no responsible board would agree," Chaney wrote, adding that "Elliott has also been unable to suggest any tangible actions which were not already being taken." The company said it would not commit to appointing at least three of Elliott's nominees without evaluating them first, and that it would assess the suggested candidates through its usual board appointment process. It called Elliott's move to nominate four people without prior discussion unacceptable and inconsistent with appropriate governance.

Northern Star made its own announcements on the same day, which it presents as evidence that renewal was already in motion. It named Suresh Vadnagra, currently a Glencore executive, as managing director and chief executive from October 5, 2026, succeeding the long-serving Stuart Tonkin. It appointed Terry Bowen, a former BHP director, and Jeff Quartermaine as independent non-executive directors, with Bowen taking over from John Fitzgerald as chair of the audit and risk committee. It also named Michael Ashforth to succeed Chaney as chair after the company's November annual meeting.

## The fight is over who controls the board

In its August 13 statement, Elliott said Northern Star's letter "asks investors to trust the very directors who presided over years of profound underperformance to oversee a Board 'renewal' process on terms they alone control, consisting of directors appointed solely at their discretion." It added: "This is not renewal. It is entrenchment." At the same time, Elliott said it "remains willing to work constructively with Northern Star toward a genuinely strengthened Board."

The disagreement is less about any single mine than about who decides the composition of the board that will supervise the new chief executive. Northern Star is integrating De Grey Mining, the business it acquired that brings the Hemi gold project in the Pilbara, one of Australia's most significant undeveloped gold assets, and it is ramping up its KCGM operation, the Kalgoorlie Super Pit. Whoever joins the board will oversee that work, and the two sides have not agreed on who those directors should be.

## FAQ

**Q: Who is Elliott Investment Management?**
Elliott is an activist investment firm founded in 1977 that manages about $80.3 billion in assets as of June 30, 2026. Its investors include pension plans, sovereign wealth funds, endowments, foundations and high-net-worth families, and it has a long record of pressing public companies to change strategy, management or board composition.

**Q: How much of Northern Star does Elliott own?**
Elliott's funds together hold about 5.6% of Northern Star. It built the position, worth more than A$1 billion ($706 million), before beginning its push for change in June.

**Q: Who is Northern Star's new chief executive?**
Suresh Vadnagra, currently a Glencore executive, is due to become managing director and chief executive on October 5, 2026, succeeding Stuart Tonkin.

**Q: Why is Elliott targeting Northern Star Resources?**
Elliott argues that Northern Star's shareholder returns have lagged its peers over several years despite record gold prices, and it blames execution and governance failures rather than the quality of the company's assets. It is seeking new independent directors with mining experience, along with strategic and operational reviews. Northern Star says the activist has not identified any meaningful step it is not already taking.

**Q: What is Northern Star Resources?**
Northern Star is Australia's largest gold miner, listed on the ASX as NST. It is integrating the De Grey Mining business, which brings the Hemi project in the Pilbara, and ramping up its KCGM operation, the Kalgoorlie Super Pit.