New directors join SEC board

The process automatically ended Thirachai Phuvanat-naranubala's term as the watchdog's secretary-general.

According to a SEC statement, the new directors appointed on Monday include former Stock Exchange of Thailand chairman Vijit Supinit, who won the Cabinet's endorsement as SEC chairman. The board will consist of three political appointees: the Bank of Thailand governor and the permanent secretaries of the Finance and Commerce ministries.

Six experts will also sit on the board. Sompol Kiatpaibool, Nonthapol Nimsumbun and Kamchai Kamchai Chongchakrapan were on the previous board. The three new experts are Pannee Stavarodom, director-general of the Fiscal Policy Office, Somchai Kuvichitsuwan of the Attorney General's Office and retired police official Pornphat Suyanant.

The three new experts were chosen by a selection committee. Appointed by Finance Minister Surapong Suebwonglee, the committee consisted of Somchainuek Engtrakul, Chaiyawat Wibulswasdi, Pakorn Malakul Na Ayudhya, Nipat Pukkanasut, Narongchai Akrasanee, Viroj Nualkhair and Suchat Tadathamrongvej.

The new board is now charged to find a new secretary-general, who will need Cabinet approval.

Thirachai said earlier that he would join the race to become the new SEC chief under the amended Securities Act, which became effective on March 5. He felt he had a chance to win due to his satisfactory track record.

The SEC chairman and SEC secretary-general will jointly submit nominations of directors to the Capital Market Supervision Commission.

The selection committee will screen the candidates and submit the names for the finance minister's approval.