Ronald Perelman, billionaire investor, philanthropist and Wharton alumnus, announced today that he will step down next month from his position as chairman of the Carnegie Hall board instead of running for re-election.

The announcement followed a discussion at a joint meeting of the board’s executive and audit committees, when Perelman told his fellow trustees that he believed some of the laws governing nonprofits were not being followed at Carnegie and expressed frustration that no investigation into his concerns had been initiated, an unnamed source told the Times. A longtime supporter of Carnegie Hall, Perelman has served as a trustee since 1988, and served as vice chairman of the board from 2012 to 2015. “In addition, I was troubled by the manner in which related-party transactions were being identified, vetted and approved”. He is one of four lawyers who had been proposed after a Carnegie Hall executive committee meeting in August, according to a person close to the matter. Perelman wrote that the prize represents the kind of related-party transactions that require more transparency and that Gillinson defied a request to put the prize on hold after the board sought advice from lawyer Jason Lilien.

The public relations office for Carnegie Hall did not have an immediate comment on Perelman’s charges or his decision to give up his post at the end of the year.

Mr. Perelman has said that because Mr. Blavatnik is a board member, the award should be subject to careful review.

Mr. Gillinson didn’t immediately respond to requests for comment Thursday. There is value conferred upon Warner Music by its association with Carnegie Hall through the prize, Mr. Perelman said.

Perelman accuses Gillinson of failing to obtain board approval for major deals, such as a branded competition funded by Warner’s Len Blavatnik.