Direct borohydride fuel cells (DBFC) exhibit some potential regarding the powering of small portable electronic devices, thanks to their high energy density as well as the facile and safe storage of borohydride salts. However, DBFC are hindered because (i) the borohydride oxidation reaction (BOR) is complex, (ii) its mechanism imperfectly determined yet and (iii) no practical electrocatalyst exhibits both fast BOR kinetics and high faradaic efficiency. In this context, we characterized the BOR mechanism for polycrystalline bulk gold (a classical model BOR electrocatalyst) in the rotating disk electrode (RDE) setup. Modeling cyclic voltammetry (CV) and electrochemical impedance spectroscopy (EIS) data, we propose a simplified reaction pathway, the theoretical behavior of which agrees with the experimental findings. This pathway includes at least a first irreversible electrochemical step (E) for BH4 − oxidation, which competes with the electrochemical adsorption reaction (EAR) of OH− anions at high potentials.