Australia's Northern Star rejects Elliott board overhaul demand

Northern Star Resources

13/08/2026 07:12

Aug 13 (Reuters) - Australian gold miner Northern Star Resources NST.AX said on Thursday that it would be unable to commit to some of Elliott Investment Management's recommendations for an overhaul of the board as the activist investor pushes for a strategic review.
     
Here are the details:
Since June, the activist investor has been pushing for a strategic review and a revamp of its board and leadership after building an economic interest in the company amounting to 5.6%. Northern Star has since appointed a new CEO and Chairman.
Elliott on Wednesday released a letter to Northern Star's board, calling for an overhaul of its board to support incoming CEO Suresh Vadnagra and oversee a strategic review, naming six candidates, including former Anglo American CEO Mark Cutifani.
Northern Star said on Thursday it could not commit to Elliott's requirement that it agree to a minimum of three of the suggested nominees for the board in the absence of a proper evaluation.
The miner also said it had explained to Elliott that its proposal to nominate four individuals without discussions was "unacceptable and would be at odds with appropriate governance."
Meanwhile, Northern Star appointed Terry Bowen as independent non-executive director. Bowen had served as a director of BHP.
Shares of Northern Star were up 0.5% at 0556 GMT, while the broader Australian benchmark index .AXJO was down 0.2%.

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Rashmi Aich)
 ((Nichiket.Sunil@thomsonreuters.com;))