Qantas says it has accepted the resignation of one of its directors, Corinne Namblard.
Ms Namblard is a former executive of the Luxembourg-based Galaxy Fund, and has been questioned by Italian prosecutors over a 2007 deal involving the sale of Siena airport.
She has strenuously denied any wrong-doing in the matter, but says it is in the best interests of both Qantas and herself that she resign from the board.
Qantas chairman, Leigh Clifford, says Ms Namblard put the interests of the airline first by resigning.
"Ms Namblard was especially concerned to ensure that the continuing media focus on the current Italian proceedings did not distract Qantas from implementing its strategic imperatives nor detract from the achievements that Qantas has had in meeting the challenges to its business," he noted in a statement.
"The Qantas board appreciates those sentiments." Ms Namblard had been a member of the Qantas board since June 2011.