Thailand#s SEC wants change in SET board

Stocks and Financial Services Press Releases Friday July 29, 2016 08:59
The Asian Banker--1 Aug--Asian Banker
The Securities and Exchange Commission has proposed adding independent members to the Stock Exchange of Thailand's board of governors.
Under the SEC's proposal, the SET would have no shareholders, said SEC secretary-general Rapee Sucharitakul.
Stakeholders of the SET would recommend independent members to the SEC's board for nomination.

The proposal is one of three possible options discussed by the Federation of Thai Capital Market Organizations (Fetco) and the Finance Ministry's Capital Market Development Committee after Finance Minister Apisak Tantivorawong recently floated the idea of a clearer ownership structure to sharpen the bourse's competitiveness, including a government ownership stake.

The three choices are the SET will have shareholders; it will continue with no shareholders but with a change in board structure; or no change.
The SET board of governors consists of 11 members. Five are appointed by the SEC, five are picked by SET members and one is the SET president.
Fetco earlier opposed Mr Apisak's idea that the government should hold a stake in the SET.

The group at the time also said the SET's balance sheet was strong enough to pay corporate income tax, as the capital market organisations knew the government needed money to develop its large-scale infrastructure projects.

--www.theasianbanker.com (June 29, 2016)--

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