Elgaud Shieldmate is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Soulbond (You may pair this creature with another unpaired creature when either enters. They remain paired for as long as you control both of them.) As long as this creature is paired with another creature, both creatures have hexproof. (They can't be the targets of spells or abilities your opponents control.)