Mr. Suthep revealed that the Federation was founded by 6 organizations, i.e., the Association of Securities Companies (ASCO), the Listed Companies Organization, the Association of Investment Management Companies (AIMC), the Securities Analysts Association (SAA), the Thai Investors’ Association (TIA), and The Stock Exchange of Thailand (SET). The members of these organizations account for over 500 persons, plus the individuals who are the members of TIA. Today (August 30, 2004) all 6 founding organizations have jointly announced their determination to develop the Thai capital market in a sustainable and efficient way.
“FeTCO will be a central body supporting or proposing policy suggestions beneficial to the capital market. It will liaison with related organizations to create a powerful force representing all operators in proposing any policy suggestions that will drive for market development in 3 aspects—1) Developing market stability, 2) Effectively promoting the implementation of good corporate governance in the capital market organizations, and 3) Being responsible to society, and for the environment and education.
“Essentially the FeTCO will encourage the organizations in the public and private sectors to disclose complete, timely, transparent, and undistorted information. We will call for a transparent and fair management system in order to establish good standards for the industry. The members of FeTCO will also help the nation preserve energy, being a model for other organizations in campaigning this within each of our organizations,” the FeTCO Chairman said.
Mr. Machima Kunjara Na Ayudhya, Vice Chairman of FeTCO, said that the Listed Companies Association will encourage its members to develop their products and services and seriously implement the good corporate governance and risk management principles while creating their economic value added.
Mr. Kongkiat Opaswongkarn, Vice Chairman of FeTCO, disclosed that the SAA will help develop the market by holding the seminars and trainings for analysts, to create quality analysts who produce their work ethically, comply with the SAA’s work standards, and are concerned about all stakeholders’ interests. The analysts’ work can thus remain unbiased and strictly reliable.
Mr. Adisorn Sermchaiwong, and Mr. Montree Tirakhothai, who are both Vice Chairman of FeTCO, said that the AIMC and TIA will focus on promoting an appropriate understanding about investment among the youth, investors, and interested people in general. This is aimed at making the soon-to-be and existing investors understand the market and have an opportunity to study related information, so that they will become a quality human resource that will help further develop the market.
Mr. Kittiratt Na-Ranong, FeTCO’s committee member and secretary, said that the SET, as a capital market organization, was pleased to help and promote FeTCO’s activities in each and every way that would generate benefits to the capital market and the country. The SET has provided financial support in FeTCO’s establishment and its initial operation, as the SET Board of Governors has already approved a budget allocation.
In talking about the Federation’s first activity, Mr. Suthep said: “Our first work in supporting and developing a stable capital market is organizing ‘Thailand Focus 2004’ Conference, on September 20 – 23, 2004 at the Four Seasons Hotel on Rajadamri Road. We expect to see about 600 participants plus 200 top-level fund executives and managers. The Conference will then be another event showing the united force of capital market organizations to develop the market and effectively generating the trusts in the international arena.”
FeTCO members have agreed to place priority on 3 major objectives for effective implementation among members, who will report their organization’s progress to FeTCO’s board and report other organizations’ progress to their organizations. There will be a committee to follow-up and assess the work of FeTCO. The SET Board will also receive reports about its progress.
The FeTCO board is comprised of 11 members- the Chairman, four vice chairmen, five members, and the member & secretary. The six chairmen of the member organizations will become ex officio FeTCO directors, including the SET President. Another 5 FeTCO directors will be appointed from the directors of each member organization.
FeTCO’s chairman and other directors will have terms of 2 years, and may be re-appointed for no more than 2 consecutive terms.
