People’s Party MP for Bangkok, Rakchanok Srinok, has accused the Social Security Office (SSO) of allowing unauthorised individuals to attend sensitive investment meetings concerning the Social Security Fund (SSF).
In a Facebook post yesterday, Ms Rakchanok said two individuals joined SSO investment sessions as supposed representatives of Mercer, an international consultancy firm hired under a 15-million-baht contract. One, a Thai national, attended in person, while the other joined by video conference from overseas.
She said it later emerged that the overseas participant was Mercer’s sole official representative, but he remained silent during discussions as he could not understand Thai. The in-person attendee, meanwhile, was found to be a subcontractor, despite Mercer’s contract banning subcontracting.
Ms Rakchanok called the matter troubling, noting that both individuals continued to sit in on investment and risk management meetings, including one on Aug 26 where decisions worth more than 400 billion baht were discussed. This came despite Mercer’s contract with the SSO expiring in August 2024.
She questioned whether Mercer’s representatives had the required licences from the Securities and Exchange Commission (SEC), stressing the impact of the SSF.
“The Social Security Fund is worth 2.7 trillion baht. Every decision affects market prices. If someone knew which stocks the SSF planned to buy or sell, they could profit enormously. This is why participation must be tightly regulated. How could the SSO allow unauthorised individuals to sit in on such critical discussions?” she asked.