Finance Ministry set to select new chairman of BOT board of directors

The Ministry of Finance is preparing to select a new chairman of the Bank of Thailand's board of directors to replace Kittiratt Na-Ranong after the Office of the Council of State disqualified him for the role. The disqualification was based on the interpretation that his position as an adviser to the prime minister qualifies as holding a political office.

Lavaron Sangsnit, permanent secretary of the Ministry of Finance, said the ministry had submitted the names of candidates, including Kittiratt and Pongpanu Svetarundra, former permanent secretary of the Ministry of Tourism and Sports, for legal interpretation and qualification review by the Council of State. The Council concluded that Kittiratt does not meet the qualifications to serve as BOT chairman. 

The Council of State clarified that although Kittiratt holds a position as a political adviser to the prime minister without receiving a salary, this role is equivalent to a political office, thereby rendering him at risk of disqualification. 

It was further explained that the public perception that the position of prime minister's adviser does not equate to being a politician stems from an interpretation provided by Wissanu Krea-ngam, former deputy prime minister. However, when reviewed under legal provisions, this position is indeed considered that of a politician.

Similarly, Pongpanu was found ineligible for a board member position because of his failure to resign from the board of a company with conflicting interests with the BOT.

The selection committee has since proposed Pornanong Busaratrakul, secretary general of the Securities and Exchange Commission, as a candidate. Further details are expected to be disclosed by Deputy Prime Minister and Finance Minister Pichai Chunhavajira.

Lavaron confirmed that Kittiratt’s disqualification has been finalised and that a new selection process is anticipated to occur next month.

Pichai said in an interview on December 16 that the process to select a new chairman for the BOT might experience delays to ensure a thorough review before being presented to the Cabinet, likely in January 2025.

At Government House, Prime Minister Paetongtarn Shinawatra briefly commented before the Cabinet meeting on the disqualification of Kittiratt as Chairman of the Bank of Thailand Board, stating that the matter must follow due process.

Upon learning of the matter, Kittiratt posted on his personal Facebook page, stating:

"As an ordinary citizen, I have no lingering doubts. I have volunteered to serve the country and have never been afraid to face challenges or evade responsibility. My heartfelt gratitude goes to the Permanent Secretary of the Ministry of Finance for believing in my ability to serve as the Chairman of the Bank of Thailand's board of directors and nominating my name for consideration. I also deeply thank the majority of the selection committee for their decision to select me for further review by the Minister of Finance. Any decisions following this process are the rights and responsibilities of those involved in the consideration. I fully respect their decision."