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Page 1 of 11

  • 8 - Investment Arbitration and the Rule of Law

  • from Part II - Public Law Questions Relating to Arbitration
  • Edited by Stefan Kröll, Andrea K. Bjorklund, McGill University, Montréal, Franco Ferrari, New York University
  • Book: Cambridge Compendium of International Commercial and Investment Arbitration
  • Published online: 18 February 2023
  • Print publication: 02 March 2023, pp 211-243

  • Summary

    The rule of law is a contested and multidimensional concept. In this chapter, the aspects highlighted in the UN Secretary General’s 2004 Report are used as a point of departure, focusing on equal enforcement and independent adjudication of legal rules and principles as well as fairness in the application of the law, legal certainty, the avoidance of arbitrariness and procedural and legal transparency. From such rule of law-perspective, investor-state arbitration will be scrutinized, in particular, in regard to independence and impartiality of arbitrators, what is required for parties to have a ‘fair trial’ before an investment tribunal (procedural fairness, the right to be heard, equality of arms), access to justice given the financial implications for both host states and investors, as well as the adequacy of the ‘control’ system, be it ICSID annulment or set-aside procedures before domestic courts, to guarantee predictable, consistent and legitimate outcomes.

  • Preamble

  • General editor Stephan W. Schill
  • Edited by Loretta Malintoppi, August Reinisch, Universität Wien, Austria, Christoph H. Schreuer, Anthony Sinclair
  • Book: Schreuer's Commentary on the ICSID Convention
  • Published online: 17 September 2022
  • Print publication: 22 September 2022, pp 1-9
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Page 1 of 11