Stakeholders of Investment Arbitration: Establishing a Dialogue between Arbitrators and other actors in international investment law

Virtually all questions of investment law are addressed considering how they have been answered by arbitral tribunals. Therefore, it is arguable that the duties of investment arbitral tribunals are not limited to merely addressing the questions posed to them by the parties, as they address matters for a much broader audience than the parties that includes other states, investors, scholars, NGOs, and the taxpayers of respondent states. All these subjects are stakeholders of investment arbitration, as they all have a tangible interest in how investment treaties are interpreted and applied, and how international investment law is developed. There is, however, no international law instrument vesting investment tribunals with the responsibility to take all these concerns into account when deciding on a claim brought by an investor. This paper is therefore aimed at framing the role and functions of investment arbitrators with regard to stakeholders beyond claimants and respondent.