Thailand's $88 billion pension fund, managed by the Social Security Office, is urgently required to reform governance and diversify its investments following a recent selloff triggered by the Middle East conflict. The value-at-risk metric, a measure of maximum tolerable portfolio loss risk, breached its 8% threshold on March 9 due to the fund's exposure to Thai equities. The fund aims for a balanced 50-50 portfolio by 2027 to improve returns as Thailand faces increasing demand from an aging population. However, progress has been slow, with low-risk assets accounting for 69% of the portfolio. Phanthira Vergara, another member of the fund’s investment board, highlighted longstanding structural issues, including limited diversification and bureaucratic decision-making. The Social Security office defended its management, stating it remains financially sound and can hire professionals on competitive salaries.