Welcome to our roundtable discussion on the balancing of rights and obligations of states and investors. In the past fifteen years, the number of investor-state disputes has grown exponentially, mainly as a result of arbitration clauses contained in investment treaties. The significant number of publicly available decisions and awards has allowed us to form views—and concerns—about both process and outcomes. Some of the concerns have led to the introduction of changes, not only in treaties but also in underlying investment policies. In some instances, states have issued interpretations of particular provisions. In recent years, multilateral initiatives have developed recommendations on how future investment treaties might be improved.