The chairman of an arbitral tribunal dissenting from a decision drafted by his two colleagues: this is not a frequent occurrence. If I have decided to dissent, it is because the approach taken by the Tribunal on the issue of principle raised in this case for the first time in ICSID’s history is in my view at odds with the object and purpose of the ICSID Convention and might jeopardize the future of the institution. In other words, my dissent does not relate to any particular aspect of this brilliantly drafted Decision, or to any particular assessment of the facts, but rather to what I would call the philosophy of the Decision. I would fail in my duty if I were to conceal my doubts out of friendship for my colleagues.