Stock Exchange of Thailand Welcomes Three New Members Of The Board: With The Readiness To Strengthen Its Role In The Thai Capital Markets

The SEC Board has passed a resolution to elect a number of distinguished representatives to the SET Board of Governors on 12 July 2002, namely Dr. Olarn Chaipravat, representing the Finance and Banking Sector, Mrs. Wiwan Tharahirunchote, representing investor groups, and Mr. Apirak Kosayodhin, representing listed companies. They will replace Mr. Penwan Thongdeetae, Mr. Machima Kunjara Na Ayudhya, and Mrs. Dayana Bunnag, whose terms have expired. The three new members will be in office from July 12, 2002 - July 11, 2004.

In announcing these appointments, The President of the SET, Mr. Kittiratt Na-Ranong, said: "The SET is now ready to strengthen our role in the Thai capital markets. The number of members of the Board of Governors selected from amongst directors of brokerages has decreased from five persons to three. As a result, the ten members of SET Board of Governors now include three representatives from member companies, three from the Financial and Economic Sector, three from listed companies and a single person from the Asset Management Sector."

Mr. Kittiratt continued: "The new structure of SET Board of Governors will enhance the position of the Board when considering SET policy and related issues so as to serve the needs and the development not only the equity market but of the whole Thai capital markets. This is a very important step for the Thai capital market structure so as to be in line with exchanges globally. The aim is to lessen the dominance of member companies while making the Board of Governors more representative of all stakeholders, a process that will be implemented on an ongoing basis until corporatization is completed."

"Many important organizations comprise of the Securities and Exchange Commission and member companies now have an enhanced role in the election of new members in accordance with the Securities and Exchange Act B.E. 2535. This is critical to the development of the Thai capital markets in the long term." Mr. Kittiratt concluded.