A board member of the federal agency responsible for managing and protecting the Great Barrier Reef has said she will quit after an ABC investigation revealed she had potential conflicts of interest in relation to $20 million of tenders managed by the body.

Since 2012, the Great Barrier Reef Marine Park Authority has awarded contracts worth more than $20 million for the culling of the coral-eating crown-of-thorns starfish.

The ABC revealed on Wednesday that Cairns-based tourism operator Margie McKenzie, who sits on the board of the Authority, also owns the company that was subcontracted to do the culling.

The money flowed through two other companies, which won the government contracts, both of which are led by Ms McKenzie's husband, Col McKenzie.

Sorry, this video has expired How money flows from the Great Barrier Reef Marine Park Authority to Gempearl

The ABC also revealed Ms McKenzie did not properly declare her interest in the company for the first two years she was on the board, and still had not fully declared some of her husband's interests at board meetings.

Following the revelations, a spokesman for Federal Minister for Environment Melissa Price told the ABC Ms McKenzie has advised she will be resigning.

"It is extremely important that real or perceived conflicts of interest are declared and managed appropriately," the spokesman said.

"Due to concerns about perceived conflicts of interest, Ms McKenzie has advised she will tender her resignation to the Governor-General."

Conflict of interest questions were raised over the allocation of taxpayer funds in the fight against the crown-of-thorns starfish. ( Flickr: Ryan McMinds )

Ms McKenzie was re-appointed for a second five-year term in June, despite legislation being passed three months earlier appearing to specifically outlaw the sort of potential conflicts held by Ms McKenzie.

She was re-appointed while Josh Frydenberg was environment minister.

After the reports, the Great Barrier Reef Marine Park Authority released a statement saying it took the revelations "very seriously" and was "looking into these allegations of perceived conflict of interest".

It also noted that the board of the Authority did not make decisions related to procurement or funding of the crown-of-thorns program.

The ABC has approached Ms McKenzie for comment.