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• Case | HBS Case Collection | October 2020 (Revised November 2020)

  Digging for Gold: Paulson & Co.'s Activism in the Gold Sector

  Suraj Srinivasan and Jonah S. Goldberg

  The case describes the efforts of hedge fund Paulson & Co to influence corporate governance and improve performance in the gold industry. In an innovative move, the hedge fund led the creation of the Shareholder Gold Council, a consortium of large investors in gold companies to push gold mining companies to adopt higher levels of corporate governance. The case describes the motivation and process that led to the creation of the SGC and the initial work of the SGC. The case also discusses the variety of techniques that Paulson & Co uses to press for better performance at gold mining companies such as buying majority ownership and pursuing activist proxy contests in addition to its work at the SGC. The case serves as a vehicle for students to discuss how investors can engage with companies to drive their desired corporate governance goals. In particular, the case develops the idea of collective action by investors and the opportunities and challenges in doing so.

  Keywords: board of directors; hedge funds; shareholder activism; gold; Corporate Governance; Governing and Advisory Boards; Investment Funds; Investment Activism; Performance Improvement; Corporate Accountability; Mining Industry; Canada; United States;

  Citation:

  Srinivasan, Suraj, and Jonah S. Goldberg. "Digging for Gold: Paulson & Co.'s Activism in the Gold Sector." Harvard Business School Case 121-021, October 2020. (Revised November 2020.)  View Details

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• Case | HBS Case Collection | March 2020 (Revised October 2020)

  Board Director Dilemmas—Digging into Detail

  David G. Fubini, Suraj Srinivasan and Amram Migdal

  This case explores a new board director who asks a detailed question about a footnote in the lengthy board packet distributed to directors by management. The case allows for discussion about the amount of information and level of detail provided by management, the level of preparation directors engage in prior to board meetings, and the appropriate strategic focus of the board. This case is part of a series of vignettes that capture different dilemmas faced by directors as they join boards of companies and understand the dynamics of the new boards that they join.

  Keywords: board of directors; Corporate Governance; Governing and Advisory Boards;

  Citation:

  Fubini, David G., Suraj Srinivasan, and Amram Migdal. "Board Director Dilemmas—Digging into Detail." Harvard Business School Case 120-100, March 2020. (Revised October 2020.)  View Details

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• Case | HBS Case Collection | March 2020 (Revised September 2020)

  Board Director Dilemmas—Pushing Senior Management

  David G. Fubini, Suraj Srinivasan and Amram Migdal

  This case explores a new board director who wants more detail from the management team than his fellow directors are willing to press for. New board director Sam Pesca is frustrated that CFO Alex Marotta provides only a minimal two-page financial summary at board meetings, despite Pesca’s requests for more comprehensive information. The other directors object to pressing Marotta for more detail, and young CEO R.J. Oscott asks Pesca to refrain from pressing the CFO. This case is part of a series of vignettes that capture different dilemmas faced by directors as they join boards of companies and understand the dynamics of the new boards that they join.

  Keywords: board of directors; Corporate Governance; Governing and Advisory Boards; Management Teams;

  Citation:

  Fubini, David G., Suraj Srinivasan, and Amram Migdal. "Board Director Dilemmas—Pushing Senior Management." Harvard Business School Case 120-084, March 2020. (Revised September 2020.)  View Details

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