This volume contains the papers and proceedings of the fifth annual Juris conference on international investment arbitration. In this volume, once again a talented group of young authors has tackled difficult and topical issues, with the guidance of established members of the international investment bar. This year's focus, on the International Centre for the Settlement of Investment Disputes (ICSID) addressed some of the key concerns facing this World Bank institution, as it comes to grips with an ever-increasing workload. As the premier body for the resolution of investor-state disputes, is the ICSID equipped to confront an uncertain future? Are institutional changes required to help it function more effectively? Answers to these and many related questions are provided in volume 5 of this series.
The four topics addressed in this book include:
• Inherent powers of ICSID tribunals
• The meaning of investment under the ICSID Convention
• Compliance with, and enforcement of, ICSID awards; and
• The choice between annulment and appeal in future ICSID institution-building
TABLE OF CONTENTS
Introduction
Ian A. Laird and Todd J. Weiler
Profiles
CHAPTER 1
The Future of ICSID
Meg Kinnear
CHAPTER 2
Inherent Powers of ICSID Tribunals: Broad and Rightly So
Martins Paparinskis
CHAPTER 3
Inherent Powers in ICSID Arbitration
Constantinos Salonidis
CHAPTER 4
The Inherent Authority of and ICSID Tribunal: What Is the Limit?
Martins Paparinskis
Constantinos Salonidis
Timothy Nelson
Ian A. Laird
Todd J. Weiler
Antonio Parra
Wendy Miles
Nigel Blackaby
Mara Senn
PANEL DISCUSSION
CHAPTER 5
Putting the Needle to the Salini Bubble?
Joshua Fellenbaum
CHAPTER 6
Definition of “Investment” Under ICSID Convention: Did We Go Beyond Salini?
Sungjin Kang
CHAPTER 7
“Investment” under the ICSID Convention:
Have We Moved beyond Salini?
Joshua Fellenbaum
Sungjin Kang
Michael Nolan
Stanimir Alexandrov
Federico Ortino
Miriam Harwood
PANEL DISCUSSION
CHAPTER 8
Enforcement of Arbitral Awards: “To ICSID or Not to ICSID” Is Not the Question
Freya Baetens
CHAPTER 9
Compliance and Enforcement of Awards: Is There a Practical Difference between ICSID and Non-ICSID Awards?
Sylvia Tonova
CHAPTER 10
Compliance and Enforcement of Awards: Is There Really a Practical Difference between ICSID and Ad Hoc Arbitration?
Freya Baetens
Sylvia Tonova
Baiju S. Vasani
Margrete Stevens
Philippe Pinsolle
Christopher Gibson
Marco E. Schnabl
Borzu Sabahi
PANEL DISCUSSION
CHAPTER 11
ICSID Annulment: A Saga of Virtue and Vice
Silvia M. Marchili
CHAPTER 12
Appeal versus Annulment: Is the ICSID Annulment Process Working or Is It Now Time for an Appellate Mechanism?
Claire Stockford
CHAPTER 13
Appeal versus Annulment: Is the ICSID Annulment Process Working or Is It Now Time for an Appellate Mechanism?
Silvia Marchili
Claire Stockford
Jeffrey Rosenthal
Gonzalo Flores
John Fellas
Sabine Konrad
Oscar Garibaldi
PANEL DISCUSSION
TABLE OF CASES
INDEX
Praise for the Investment Treaty Arbitration and International Law - Series:
"This volume is not for the beginner, nor was it meant to be. It does not provide answers to the many open and difficult questions in the area of investment treaty arbitration, for the simple reason that there are none. The publication is invaluable, however, for anyone who wishes to follow and understand the developments and the debates in this field. We look forward to the Third Annual Investment Treaty Arbitration Conference and the book that will come in its wake."
- Kaj Hóber, Partner, Mannheimer Swartling, Stockholm; Professor of International Law, Centre for Energy, Petroleum and Mineral Law and Policy (CEPMLP), University of Dundee.
"Todd Grierson Weiler, the guiding hand and organizer of the conference in Washington DC in 2007 which led to this book, has taken the traditional conference materials book and adopted the formula most brilliantly for the distinctive discipline that is investment treaty arbitration and international law. ...The papers are reproduced in full in the book and are products of much scholarship and hard work. These are not conference papers which one occasionally sees -- namely shorter presentation pieces designed for ready consumption by an audience -- rather they are highly thoughtful and challenging works which command careful reading. ...While the papers throughout do not always reflect the personal views of the authors -- they were assigned a thesis to advance/defend, much in the same way that one argues for a client's case regardless of personally-held views -- the approach is a particularly important one and marks out the book's contribution to international law. ...This book represents and contains an important and contemporary contest of ideas and thoughts given by those who are in practice in this field.
This is not a book for the novitiate, nor is it a ready guide-book to investment treaty arbitration; this is a thought-provoking and substantial presentation of ideas in five particular topics and rightly deserves its place in the library of all who practice in this area. It is not a book for one to settle down and digest in one easy bite -- this book requires and commands time to properly consider. It is all the better for that attribute. Further volumes are awaited with much anticipation."
- Klaus Reichert, Brick Court Chambers is a Barrister and Chartered Arbitrator. He is Co-Chair of the IBA Litigation Committee, is a member of the LCIA European Users' Council, the ICC Commission on Arbitration, IBA delegate to the Hague Conference on Private International Law
"This is a very wide-ranging work that brings together several generations of legal specialists from very different cultures of law; it includes highly original, even brilliant contributions."
- Droit Et Pratique Des Investissements Internationaux - (International Investments Law And Practice)