Bangkok: Former Bank of Thailand (BOT) employees have released an open letter urging that the selection of board chairmen and directors must be transparent and independent of political influence. The letter emphasizes the necessity for these roles to be performed with the highest ethical standards, ensuring fairness, impartiality, and non-discrimination.

According to Thai News Agency, 416 former BOT employees have signed an open letter titled ‘Ethics for the Chairman and Board of Directors of the Bank of Thailand.’ The letter highlights the upcoming meeting of the selection committee on November 4, 2024, to consider two additional qualified members for the BOT’s board. The Economics for Society group, which includes four former BOT governors, has called for the selection of individuals who are knowledgeable, capable, honest, just, transparent, and politically neutral to uphold the BOT’s mission as a central bank.

The former BOT staff emphasized the critical role of the BOT Board of Directors in shaping and
determining BOT policies. They affirmed the necessity for the BOT to operate free of political interference to maintain a stable economic and financial environment conducive to sustainable development. While the BOT Board does not directly determine monetary policy, it is tasked with selecting qualified individuals for key committees and appointing senior executives, as well as managing international reserves.

The letter stresses that BOT Chairman and Board members must adhere to ethical standards outlined in the BOT Regulation on the Code of Conduct. It calls for the selection committee to exercise discretion with care, transparency, and independence. The letter also notes the importance of selecting individuals who are well-regarded in society and free from political ties.

The signatories, including four former deputy governors and twelve former assistant governors, reinforced the historical commitment of the BOT to act independently and resist political interference. They cited Governor Leng Srisomwong’s
statement from 1947, which affirmed the BOT’s role as an independent central bank dedicated to safeguarding Thailand’s economic stability.

In conclusion, the former employees underscored the ongoing efforts of the BOT’s Board of Directors, executives, and employees over the past 80 years to preserve Thailand’s sovereignty and economic stability while preventing political encroachment.