However, compared with the board of Bangkok Bank, Surayud's ministers are "spring chickens". While the average age of the Surayud Cabinet is 63, the country's largest commercial bank has 17 directors on its board with an average age of 69. Bangkok Bank's oldest board member is Vira Ramyarupa, 87, while the youngest is president Chartsiri Sophonpanich, who, at the age of 47, is the only board member under 50.

Instead of baby-sitting their grand-children and pruning their roses, these Old Ginger executives are still actively participating in the decision-making process in the bank's "war room".

Legal expert Suvarn Valaisathien used the age of Bangkok Bank's board members as a case study for his MBA students, as proof that old age can be a valuable asset in a business that requires experience and long-term perspectives.

Bangkok Bank is clearly replete with such experience. Besides Vira, its board members include chairman Chatri Sophonpanich, 72; executive chairman Piti Sithi-Amnuai, 72; Amorn Chandarasomboon, 76; Deja Tulananda, 72; Thamnoon Laukaikul, 73; Prachet Siridej, 71;

 Kanung Luchai, 82; Kovit Poshyananda 71; and MC Mongkolchaleam Yugala, 70.

The prime minister has joked with his Cabinet colleagues that their combined age is about 1,600 years. The oldest Cabinet member is Education Minister Wijit Srisa-an, who is 72. The youngest is PM's Office Minister Thirapat Serirangsan, who is 51. Surayud himself is 63. But while it took 26 Cabinet members to reach the combined age of 1,600 years, Bangkok Bank's board has only 17 members, and its combined age is only 400 years behind. Add the 86 years of honorary chairman Prem Tinsulanonda, and the gap closes even more.

Old age seems, generally, to be a diminishing issue these days. A recent survey conducted by AC Nielsen among 22,780 Internet users round the world reflected a more positive attitude towards ageing.

Thailand was ranked among the top 10 markets in which consumers felt their 40s were the new 30s and, likewise, that their 30s were the new 20s. About 51 per cent of Thai respondents agreed that their 60s would be their new middle age.

In the opinion of Therapong Vachirapong of Merrill Lynch Phatra Securities, elderly executives can be valuable assets to a company, because their long experience helps them deal with all situations. In addition, the veterans are trusted by the company's owners, just like the government trusts its Cabinet ministers.

However, the risk is whether the "old guards" have become too conservative, having already experienced the consequences of bad decisions and poor timing. Therapong said this could become a risk for industries that are open to foreign players.

At Bangkok Bank, veteran board members meet regularly and, inevitably, are asked to make tough decisions, sometimes involving billions of baht. It is heartening to report that there is no record of medical emergencies at the bank's board meetings.

The most frequently asked question for executives who have reached retirement age is whether they feel they can continue to cope with the hard work and deal with the stress. Perhaps implicit in that question is whether they would still be prepared to take risks.

Bangkok Bank has been criticised as moving too slowly, not because of its ageing board, but because of its size. It seems that the larger it grows, the slower it moves.

Chatri recently admitted that despite its No-1 position in terms of assets totalling Bt1.47 trillion, some of the bank's businesses are no longer ranked No 1. For example, it has lost first place in terms of its total branch network. Siam Commercial Bank has 750 branches, while Bangkok Bank has 713.

Bangkok Bank's total net profits are still the largest, but its profit growth is slower than other large-sized banks'.

Chatri attributes the lower ranking to greater competition in the banking industry. Apparently, it has nothing to do with the age of its board members. He said it was not necessary for Bangkok Bank to be No 1 in all respects but that it must maintain strong financial health and quality.

It may be implied that the bank values prudence and risk management, which follows the sufficiency-economy philosophy adopted by the new government.

It seems that "slow but steady" is currently a common strategy for the country's leading decision-makers. This is not because of their advanced years, but rather because it is the right direction for a country that remembers the expensive lessons of the 1997 financial crisis.

The crucial issue is whether Thailand's elderly decision-makers will be too cautious, opting to play it safe and play it slowly, when faced with the tough choices and opportunities that are certain to arise in the future.

Jiwamol Kanoksilp

The Nation