Finance Ministry permanent secretary Sathit Limpongpan yesterday said the ministry might have to change the regulations regarding management of the GPF.
"We have to impose a rule prohibiting the GPF secretary-general from buying stocks," said Sathit, who chairs the GPF board.
His comments came after the Securities and Exchange Commission (SEC) suggested a charge of insider trading could not be applied in the case of former GPF secretary-general Visit Tantisunthorn, who bought shares in a company knowing the GPF was to buy a stake. Critics said Visit violated SEC insider-trading rules by acting on advance knowledge of what shares the GPF planned to buy.
Visit later resigned after the board set up a panel to investigate him and some GPF managers. He was also under investigation by independent counter-corruption agencies over corruption allegations.
The GPF's board is now seeking a new secretary-general for the fund, and Civil Service Commission secretary-general Preecha Vajrabhaya is responsible for organising the selection process.
Sathit said Preecha would hire consulting firm PA Balance next week to assist the board in recruiting the new secretary-general. The firm will have 30 days in which to propose candidates to the GPF's board.
Potential candidates must meet two key criteria: specialise in asset management and communication with GPF members; and be senior-level civil servants, police or military.
He said the former secretary-general had failed to give adequate information about asset management to members.