With the application period for the new president of the Stock Exchange of Thailand (SET) coming to a close next Monday, market participants want to see a qualified candidate who can comprehend the changing technological landscape and pledge corporate governance as a core mantra.
The application process for the new SET president began on Dec 18 and runs until Jan 15. The qualified candidate will replace incumbent Kesara Manchusree, whose four-year tenure ends on May 31.
Besides being under age 60 at the time of application, other key qualifications for SET president include work experience, documents denoting a visionary outlook and capital market management, as well as education certificates.
Mrs Kesara, 58, is qualified to apply once again, but recent remarks she made were interpreted as a farewell, a capital market source said.
During Mrs Kesara's time at the helm, the SET index has risen by about 350 points or 25% over a span of 3½ years, while daily trading volume averaged 50 billion baht during the past two years.
The SET has maintained its regional leadership position, with an active role as a fund-raising centre among neighbouring countries.
According to the SET's five-year (2017-21) strategy plan, the bourse plans to increase daily trading value to 100 billion baht, with market capitalisation to increase twofold to 30 trillion baht.
Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies (Asco), said the SET is going to experience another round of major changes arising from the digital era, and therefore the new president should have a good understanding of environmental changes in the capital market.
The qualified candidate should also think of increasing new innovative products apart from magnifying newly listed firms, Mrs Pattera said.
"2018 is a challenging year for the [global] equity markets, and the Thai bourse will experience fund flow volatility and currency fluctuation, but a positive outlook occurring in the early stage of this year has driven the SET to rise sharply," she said.
Asco has no candidate applying for the presidency, but the organisation wishes to see the right person with the ability to spearhead the SET's charge to become a regional leader, Mrs Pattera said.
Voravan Tarapoom, chairwoman of the Federation of Thai Capital Market Organisations and a member of the SET board of directors, said the application process marks the first time to have an official announcement and indicate required qualifications for the new SET president.
"The age at under 60 years old is a condition that comes with other qualifications, but the most important criteria is that the new SET president should be the person who is able to maintain the Thai stock market's position as a regional leader and is well-rounded in technology and changing capital market landscape," Mrs Voravan said, adding that corporate governance is another important criteria.
A selection process that demonstrates the qualified candidate's vision and command of details about capital market development and long-term competitiveness is a must, she said. A presentation to the SET's board of directors is also required.
SET chairman Chaiyawat Wibulswasdi said selection of the new president is expected to be complete by the end of February or early March.
The process to select the bourse's new president comprises three committees, including the first subcommittee assessing candidates with required qualifications headed by Pichet Sithi-Amnuai.
The second subcommittee is headed by Mrs Voravan and Mrs Pattera to select three qualified candidates. In the final phase, the SET's board of directors will select the right candidate for the top job.
Vachira Na Ranong, president of the Thai Investors Association, said investors want to see an SET president equipped with technology knowledge and with a visionary outlook on global stock markets' direction.
