IAG board member Nora Scheinkestel has stepped down over a potential conflict of interest.

After joining the board in July last year she became chairman of the audit committee and a member of the risk committee.

“Dr Scheinkestel has advised that a potential conflict of interest has recently emerged and, on that basis, she believes it is appropriate that she resign as a director of IAG,” Chairman Brian Schwartz said.

A company spokesman declined to provide further details to insuranceNEWS.com.au.

Dr Scheinkestel, an associate professor at Melbourne Business School, has served on a number of boards in financial services, utilities, telecommunications and mining. She also consults on corporate governance, strategy and finance.