Feb 7 deadline for nomination of candidates for new BOT chairman

The selection process for chairman of the Bank of Thailand (BOT) to succeed Porametee Vimolsiri, whose term expired after serving as acting chairman for 120 days as of January 16, has been ongoing for more than five months. Recently, the process was reverted to the initial step, requiring nominations from the permanent secretary of the Ministry of Finance and the BOT governor. 

This follows the disqualification of Kittiratt Na-Ranong, former deputy prime minister and finance minister, because of a ruling by the joint meeting of three committees from the Council of State. The majority determined that Kittiratt’s political role rendered him ineligible, as the BOT chairman must not have held a political position within the past year.

Deadline for Nominations: February 7

Sathit Limpongpan, chairman of the Selection Committee for the BOT chairman, said that after receiving the Council of State's official ruling, the selection committee convened on January 22 to draft a formal notification to the Ministry of Finance and the BOT. 

This notification outlines the procedures for selecting the BOT chairman, requiring both the Ministry of Finance and the central bank to submit their nominations by February 7. The nominees will then proceed through the selection process.

Eligibility Criteria for Nominees:

• Must be a Thai citizen.
• Must not exceed 70 years of age.
• Must possess knowledge, expertise, or experience relevant to serving on the BOT board, such as in economics, finance and banking, law, accounting, or other fields beneficial to the BOT's operations.

Nominees for the position must not possess any of the following disqualifying characteristics:

• Being legally incapacitated or deemed quasi-incapacitated.
• Being bankrupt or having been declared fraudulently bankrupt.
• Having been sentenced to imprisonment by a final court judgement, except for offences committed through negligence or minor offences.
• Currently holding or having previously held a political position, unless they have vacated such a position for no less than one year.
• Currently holding or having previously held any position within a political party, or serving as an official of a political party, unless they have vacated such a position for no less than one year.
• Serving as a director or holding any position in a financial institution, unless such a position is explicitly mandated by law.
• Serving as a director, executive, or person with management authority, or holding a significant stake in a legal entity with vested interests in the operations of the Bank of Thailand.
• Being a contractual party or having vested interests in contracts or activities of the Bank of Thailand that could result in conflicts of interest with their duties at the Bank of Thailand.