Chalee, Vorapol are final contenders for SEC job

The selected person will succeed former SEC Secretary-General Thirachai Phuvanatnaranubala, who is now finance minister.

The SEC said that a board meeting on Thursday approved proposing Chalee Chantanayingyong (in photo), deputy secretary-general of the commission, and Vorapol Socatiyanurak, director of the Centre for Enhancing Competitiveness at NIDA, as contenders for the post. Thirachai will make the final decision based on who he believes is most able to handle this important role.

Reportedly there were four applications for the post: Chalee, Vorapol, Repee Sucharitakul - former SEC senior assistant secretary-general and former president of Kasikorn Asset Management - and Chaipat Sahasakul, director of the SEC and former president of the Agricultural Futures Exchange of Thailand (AFET).

All candidates outlined their vision of the capital markets. The SEC board selected the two candidates whose names were forwarded to the finance minister, who will now decide who will be sent to the Cabinet for approval. It was widely agreed at the meeting that Chalee was the top pick, followed by Vorapol.

A source from the capital market said that the appointment of the new SEC secretary-general was being closely followed because both candidates are wanted by the finance minister. Rumour has it that Thirachai has already asked Chalee to run, but he refused. Thirachai turned to propose Vorapol as a candidate. Eventually, the name of Chalee emerged. It will be interesting to see if the finance minister can change Chalee's mind, and who will eventually be selected.

"The finance minister is going to have a hard time making a final decision, because both men are capable and likeable," the source said. "Chalee is the more acceptable candidate to the investment community because he has been involved in the capital markets for a long time and has gained highly specialised knowledge. Plus, his vision is widely known. Vorapol has broad knowledge of the workings of the capital markets, but less experience than Chalee."

A final decision will be sent to the Cabinet for approval. It is expected the new secretary-general will take office in October or November.