Yes ‘conditional’ to the listing of judges on the stock market
The Judicial Ethics Advisory Board of the Supreme Court of Appeals has given a recommendation that it is ethical for judges to own shares of companies listed on the Istanbul Stock Exchange, but it is not in accordance with professional ethics to buy and sell shares of the company “on a frequent or continuous basis, which means commercial and profit-making activities.”
A judge appealed to the Supreme Court’s Judicial Ethics Advisory Board for a recommendation on whether it is appropriate to own or trade in shares of publicly traded companies.
In considering the application, the Board decided that it is ethically appropriate for judges to own shares of publicly traded companies, but it is not ethically appropriate to trade the company’s shares frequently or continuously, which means commercial and profitable activities.
JUSTIFICATION OF THE DECISION
In the decision of the Judicial Ethics Advisory Board of the Supreme Court of Appeals, it was indicated that the main motivation for buying and selling shares in the stock market is to obtain economic gain.
The decision noted that these markets, by their nature, are technical markets that require some knowledge, and that developments here must be closely followed, noting that all of these activities may require a great deal of time and effort in addition to the knowledge.
In the sentence that states that it is an ethical obligation of the judge both to behave professionally and to present it as an image in all his activities, it was also stated that the judge must accept personal limitations that can be considered as a burden. for a normal citizen.
The decision also emphasized that the judge must not neglect his judicial duty because of the work, time and effort dedicated to his extrajudicial activities.
In the decision that recalls that in article 48 of the Judges and Prosecutors Law, judges and prosecutors will not carry out lucrative activities outside their profession, it is established in article 6.1 of the Principles of Judicial Ethics of the Court of Cassation that ” Judicial duty is superior and a priority over all other activities of the judge”, he recalled.
In the sentence, where the judge’s assessment was that it is unethical to list on the stock market “take too much time” for the reasons stated, the following determinations were made:
‘IF IT TAKES TOO MUCH OF YOUR TIME’
“The time and effort spent trading securities, as well as the effort to earn more, can present a risk of disproportionate attention and time wasted in out-of-court activities. Such a situation leads to a decrease in the judge’s ability to fulfill his judicial duties.
As a general principle, there is no objection in terms of ethics for the judge to own shares of companies listed on the Istanbul Stock Exchange through various means, such as inheritance, purchase, donation. However, in the case of a continuous or frequent activity related to the negotiation of said shares, the judge must be aware of the limitations that ensure the proper performance of his functions.
In fact, even if it is a family business, if the judge takes ‘too much time’, the economic activity in question is not considered appropriate”.