J.P. Morgan Chair resigns from ASX board

Rob Priestley, chair of J.P. Morgan Australia & New Zealand, has stepped down from the board of the ASX, effective immediately, following criminal cartel charges being laid against ANZ Bank, Citi and Deutsche Bank, and six senior bankers, by the Commonwealth Director of Public Prosecutions.

In a statement to the ASX, Priestley said: "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."

ASX chair, Rick Holliday-Smith, said Priestley's decision to step down "demonstrates his commitment to the highest standards of corporate governance."

He added: "We understand the difficulty of his position, and appreciate that he has made a decision that puts ASX ahead of other considerations."

Priestley, who has served as an ASX director since May 2017, has also stepped down from the board of the Future Fund.