The ASX has seen two staff changes this week, with one resignation citing the Australian Competition and Consumer Commission (ACCC) “banking matter”.
The chairman of JPMorgan, Robert Priestley, has stepped down from the ASX board with immediate effect. He was appointed a director of ASX in May 2017.
He said the ACCC’s investigation into cartel conduct by the banks could prove a potential distraction for the board.
The cartel charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. JPMorgan was the joint lead underwriter on the share sale, but has been granted immunity.
In a statement, Priestley said, “I am very conscious of the unique role that the ASX plays at the heart of Australia’s financial marketplace, and with all of its participants.
“There has been considerable interest in the ACCC banking matter which may become a potential distraction for the ASX and my Board colleagues.
“It is likely that this matter will take some time to resolve, and as there are limits to the information that can be discussed at this time, I think the right course of action in these circumstances is to step aside from the ASX Board to allow the situation to be fully resolved. I look forward to the time when all of the facts and circumstances relevant to this matter are clarified.”
ASX Chairman, Rick Holliday-Smith said, “Rob’s decision to step down in these circumstances demonstrates his commitment to the highest standards of corporate governance. We understand the difficulty of his position and appreciate that he has made a decision that puts ASX ahead of other considerations.
“Rob has been a valued member of the ASX board and we look forward to this matter being resolved.”
Unrelated to Priestley’s departure, ASX also announced this week that its chief financial officer Ramy Aziz will retire in September, after 18 years with the group.
An executive recruitment process is underway to appoint a successor for Aziz.
