Steadfast Group director Jonathan Upton will not be replaced on the board after he retires at the annual general meeting next month.

Mr Upton has served as a non-executive director since 2005 and also heads the equity-owned Steadfast IRS brokerage.

He is due to step down from the board by rotation at the October 29 meeting.

Steadfast Group recently increased its holding in Steadfast IRS to 80% from 49%, following the “hubbing” of two Sydney brokers.

CEO Robert Kelly says Mr Upton will not be replaced with a representative from another equity-owned broker, and the board will reduce in size for the time being.

“We have got a very good skill set there and, depending on how things go, we will keep the board as it is at the moment,” he told insuranceNEWS.com.au.

Mr Kelly says the change removes the potential for conflicts of interest, while Mr Upton’s skills will continue to be valued at an operational level.

The Steadfast Group board also includes independent non-executive director Greg Rynenberg, who runs East West Group, which is not an equity-owned broker.

The other members are Chairman Frank O’Halloran, Mr Kelly, David Liddy, Anne O’Driscoll and Philip Purcell.