British Broadcasting Corporation (BBC) chairman Richard Sharp resigned on Friday, 28 April, following the publication of a report exploring allegations that he failed to disclose his involvement in the facilitation of a loan to former UK Prime Minister Boris Johnson.
The 67-year-old former banker said that a probe found that he was in breach of the governance code for public appointments.
An independent review of the case, led by barrister Adam Heppinstall, looked at Sharp's appointment and his role in the facilitation of an 800,000-pound loan to Johnson.
"Mr Heppinstall's view is that while I did breach the governance code for public appointments, he states that a breach does not necessarily invalidate an appointment," a statement by Sharp said, according to news agency PTI.
"Indeed, I have always maintained the breach was inadvertent and not material, which the facts he lays out substantiate… Nevertheless, I have decided that it is right to prioritise the interests of the BBC. I feel that this matter may well be a distraction from the Corporation's good work were I to remain in post until the end of my term. I have therefore this morning resigned as BBC Chair to the Secretary of State, and to the Board."Richard Sharp.
He, however, said that the news report - published in The Sunday Times newspaper - stated that he did not play "any part whatever in the facilitation, arrangement, or financing of a loan for the former prime minister."
However, he acknowledged that he should have disclosed his role in initiating a meeting between Britain's Cabinet Secretary Simon Case and businessman Sam Blyth, who had been offering Johnson financial help.
Sharp will remain in the post until a replacement is found - which is likely to happen around June.
(With inputs from PTI.)