BHP Group director Lindsay Maxsted will not stand for reelection at the company's 2020 annual general meeting.

He will remain a member of the risk and audit committee until retirement, the company said Jan. 14.

Maxsted recently decided to bring forward his retirement as chairman of Westpac Banking Corp. to the first half of 2020, after the Australian Transaction Reports and Analysis Centre sued the bank, alleging that it violated anti-money laundering and counterterrorism financing laws on more than 23 million occasions.