Shareholder Claims for Reflective Loss in Investor-State Dispute Settlement: Proposing Reform Options for States
نویسندگان
چکیده
Abstract The rule against reflective loss claims by shareholders is a fundamental tenet of corporations law, accepted across numerous domestic law jurisdictions and under customary international law. Yet bilateral investment treaties (BITs) have long broken from this conventional approach allowing to bring for their indirect loss. UNCITRAL Working Group III has identified that anomalous shareholder may be an issue in relation which reform desirable. In support III’s multilateral agenda, article examines range reforms options available States concerning claims, suggests treaty-based derivative mechanisms are suitable choice reform. Derivative been included number agreements (IIAs), although the arbitral practice such provisions not previously subject close scrutiny. examination practice, drawing particular past applying North American Free Trade Agreement, reveals tribunals consistently interpreted these as precluding indicating need include explicit clarificatory treaty language render clauses effective.
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ژورنال
عنوان ژورنال: ICSID Review: Foreign Investment Law Journal
سال: 2023
ISSN: ['0258-3690', '2049-1999']
DOI: https://doi.org/10.1093/icsidreview/siad007