The Legitimacy of Investor-State Arbitration in International Investment Law Disputes: An Analysis of Proposed Reforms through a Public Law Paradigm

Details

Supervisors

Radi, Yannick

Faculty

Faculté de droit et de criminologie

Degree label

Master de spécialisation en droit international

Abstract

Although it is currently established as the prominent mechanism for the resolution of investor-state disputes, international investment arbitration is the target of numerous criticisms, to the point that it is presented as the victim of a 'legitimacy crisis'. Critics argue in particular that arbitration is not an adequate or legitimate dispute settlement mechanism to deal with investment disputes, which frequently involve matters of public interest, and that the whole dispute settlement system is even biased in favour of investors' interests. As a result, the international investment regime is at a crossroads, and reform projects are looming on the horizon. This work aims to better understand the sources of the current charges raised against investment arbitration, before assessing whether the most relevant reform proposals put forward are adequate to solve the constitutional issues faced by the investor-state dispute settlement system. To do so, it relies on a public law framework, which takes stock of the high stakes and unique nature of investment arbitration, comparing it to domestic judicial review mechanisms and setting specific criteria to help investor-state dispute settlement in solving its legitimacy crisis.