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Published online by Cambridge University Press: 21 July 2022
This article proposes to see the history of the international law on foreign investment as about the promotion of investor rights as much as the resistance to investor obligations. The argument is that the divide between investment protection and the responsibility of foreign investors is one of the most significant features of international investment law. The article shows that the different treatment of rights and obligations is grounded in the same business project and legal imagination. Maintaining this divide has never been easy, as this model faced resistance, particularly from Latin America, trade unions and human rights activists. The analysis concludes by noting that academics can contribute to reimagining the international law on foreign investment by bringing investment treaty law and business and human rights closer. This shift is already happening.
1 The 2016 Morocco–Nigeria investment treaty contains direct investor obligations to respect human rights; however, later treaties signed by these countries did not pursue the idea of direct investor obligations further. See Markus Krajewski, ‘A Nightmare or a Noble Dream? Establishing Investor Obligations Through Treaty-Making and Treaty-Application’ (2020) 5 Business and Human Rights Journal 105–129, 114–116; Barnali Choudhury, ‘Investor Obligations for Human Rights’ (2020) 35 ICSID Review 82–104.
2 Taylor, Charles, Modern Social Imaginaries (Duke University Press 2004) 63 CrossRefGoogle Scholar. Also, Taylor, Charles, A Secular Age (Harvard University Press 2007)Google Scholar.
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4 I develop this claim further in Section II. Similarly, see Deva, Surya, ‘International Investment Agreements and Human Rights: Assessing the Role of the UN’s Business and Human Rights Regulatory Initiatives’ in Chaisse, Julien, Choukroune, Leïla and Jusoh, Sufian (eds.), Handbook of International Investment Law and Policy (Berlin: Springer, 2021) 1733–1758 CrossRefGoogle Scholar.
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15 This issue was not discussed in the 1929 League of Nations conference, which again was shaped not by ‘lawyers and jurists’ but by ‘economists and business men’. Arthur K Kuhn, ‘The International Conference on the Treatment of Foreigners’ (1930) 24 The American Journal of International 570–573. Also, James Greene, ‘The Search for Common Ground; A Survey of Efforts to Develop Codes of Behavior in International Investment. A Special Report to the U.S. Committee, Pacific Basin Council’ (The Conference Board, 1971) 4.
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17 Cited in Ridgeway, note 6, 188.
19 ICC, note 6, 19.
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21 Ibid, 194; Slobodian, note 10, 125. On the role of the United States Council of the International Chamber of Commerce, see Janick Marina Schaufelbuehl, ‘Becoming the Advocate for US-Based Multinationals: The United States Council of the International Chamber of Commerce, 1945–1974’ (2021) Business History 1–18.
23 ICC, note 6, 10.
24 Ibid, 5.
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27 Perrone, note 3, 51.
28 Chernykh, Yuliya, ‘The Gust of Wind: The Unknown Role of Sir Elihu Lauterpacht in the Drafting of the Abs-Shawcross Draft Convention’ in Schill, Stephan W, Tams, Christian J and Hofmann, Rainer (eds.), International Investment Law and History (Cheltenham: Edward Elgar Publishing, 2018) 241–285 CrossRefGoogle Scholar.
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31 Larson, Arthur ‘Recipients Rights Under an International Investment Code’ (1960) 9 Journal of Public Law 172 Google Scholar; Larson, Arthur, When Nations Disagree (Baton Rouge: Louisiana State University Press, 1961) 174–176 Google Scholar (arguing that capital exporting and importing countries ‘should come together through the channels provided by the United Nations economic organizations’, instead of following the proposals made by some influential investors).
32 Hartley Shawcross, ‘The Promotion of International Investment’ Speech before the Society to Advance the Protection of Foreign Investments, Cologne 1959, in Society to Advance the Protection of Foreign Investments, Convention on Investments Abroad with Comments, Speeches and New Literature, Publication No. 3 (Bergisch Gladbach, J Heider, 1960) 46, 56–57.
33 American Branch of the International Law Association, ‘Response to the Questionnaire of the International Committee on Nationalization, 1958’ in Society to Advance the Protection of Foreign Investments, Convention on Investments Abroad with Comments, Speeches and New Literature, Publication No. 3 (Bergisch Gladbach, J Heider, 1960) 81, 93 (footnote 22)
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38 St John has shown that the World Bank played an important role promoting ISDS, advising countries to incorporate ISDS clauses in investment treaties; St John, note 8, 183. Whether the Bank pursued this path to promote ICSID or acted upon the influence of the Geneva Association, the ICC or other business organizations remains to be determined. See, for instance, Hermann J Abs, Die rechtliche Problematik privater Auslandsinvestitionen. Vortrag gehalten vor der Juristischen Studiengesellschaft in Karlsruhe, am 16. Dezember 1968 (Müller 1969) 15.
39 American Bar Association, note 30, 58.
40 Metzger, note 29, 157, 167.
41 United Nations, Permanent Sovereignty over Natural Resources, General Assembly Resolution 1803 (xvii), 17th Session (14 December 1962); Schrijver, Nico, Sovereignty over Natural Resources: Balancing Rights and Duties (Cambridge: Cambridge University Press, 1997)CrossRefGoogle Scholar. This General Assembly resolution is often presented as a victory of the Global South; however, Novoa Monreal highlights the ambiguity of the text observing, among others, that it conflates nationalizations and expropriations. See Eduardo Novoa Monreal, ‘La nacionalización en su aspecto juridico’ in Jorge Castañeda (ed.) Derecho Internacional Económico (Fondo de Cultura Económica, 1976) 137, 161–162.
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43 OECD, ‘Report on the United Nations Panel Meeting in Amsterdam on Foreign Investment in Developing countries’ C/M(69)6(Prov.), item 48 (Edwin Martin Personal Papers, The John F Kennedy Library, Box 37).
44 Greene, note 15, 11–12.
45 United Nations, Panel on Foreign Investment in Latin America, Medellín, Colombia, 8–11 June 1970 (ST/ECA/131, 1971) 31.
46 This position was held by scholars from the North and the South. See Vagts, Detlev F, ‘The Multinational Enterprise: A New Challenge for Transnational Law’ (1970) 83 Harvard Law Review 739 CrossRefGoogle Scholar; Eduardo White and Carlos Correa, ‘El control de las empresas transnacionales y la Carta de Derechos y Deberes Económicos de los Estados’ in Jorge Castañeda (ed.), Derecho Económico Internacional (Fondo de Cultura Económica, 1976) 175.
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55 Cited in Greene, note 15, 14.
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59 Antonio Cassese, Five Masters of International Law: Conversations with R-J Dupuy, E Jiménez de Aréchaga, R Jennings, L Henkin and O Schachter (Oxford: Hart Publishing, 2011) 147.
60 Business and Human Rights Study Group, ‘Working Session’ Tuesday, 8 April 2014, Chair: Professor Myriam Senn (Switzerland), https://ila.vettoreweb.com/Storage/Download.aspx?DbStorageId=1400&StorageFileGuid=05e42598-a90b-452a-b117-19ceaf473e68 (accessed 24 September 2021).
61 International Chamber of Commerce, ‘1972 Guidelines for International Investment’ in UNCTAD, International Investment Instruments: A Compendium, vol 3 (United Nations, 1996) 279, 281–282, 286.
62 Business and Industry Advisory Committee, ‘Observations on the note by the Secretariat of the OECD Development Assistance Committee related to the International Chamber of Commerce Guidelines for International Investment’ Meeting on 25 June 1973 (Edwin Martin Personal Papers, The John F Kennedy Library, Box 37).
63 Secretariat of the OECD Development Assistance Committee, ‘Comments on the ICC Guidelines for International Investment’ DAC(73)19, 22 March 1973 (Edwin Martin Personal Papers, The John F Kennedy Library, Box 37) Annex.
64 F M Black, ‘Memorandum: Roundtable of Private Foreign Investment in Latin America’, OECD FMB/878, 27 February 1973 (Edwin Martin Personal Papers, The John F Kennedy Library, Box 37) 2.
65 United Nations Department of Economic and Social Affairs, Summary of the Hearings Before the Group of Eminent Persons to Study the Impact of Multinational Corporations on Development and International Relations, ST/ESA/15 (United Nations 1974) 38, 414–415.
66 Ibid, 149–150.
67 United Nations Department of Economic and Social Affairs, The Impact of Multinational Corporations on Development and on International Relations, ST/ESA/6 (United Nations 1974) 5, 54.
68 Ibid, 55.
69 Jorge Castañeda, ‘Introducción’ in Jorge Castañeda, Derecho Internacional Económico (Fondo de Cultura Económica 1976) 13–15.
70 Héctor Gross Espiell, ‘El Grupo Latinoamericano en la Conferencia de la UNCTAD (Santiago de Chile, 1972) y la Carta de Derechos y Deberes Económicos de los Estados’ in Jorge Castañeda, Derecho Internacional Económico (Fondo de Cultura Económica 1976) 411.
71 White and Correa, note 46, 177, 183.
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75 Ibid.
76 Blanpain, Roger, The OECD Guidelines for Multinational Enterprises and Labour Relations, 1976–1979: Experience and Review (Berlin: Springer, 1979) 48 CrossRefGoogle Scholar.
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78 Petrini observes that the OECD Guidelines were also employed to resist the demands of trade unions in the EEC. Royal Dutch Shell’s John Blair played a central role here as well. Petrini, note 49, 9.
79 Ibid, 15.
80 Sauvant, Karl P, ‘The Negotiations of the United Nations Code of Conduct on Transnational Corporations: Experience and Lessons Learned’ (2015) 16 The Journal of World Investment & Trade 11–87 CrossRefGoogle Scholar.
81 This broader perspective becomes clearer if we look at the multiple negotiations that occurred in the late 1970s and early 1980s. See, e.g., the discussions at the Sixth UN Congress on the Prevention of Crime and the Treatment of Offenders, Caracas 1980, A/CONF.87/14/Rev.1, especially paragraphs 158–160.
82 Robinson, note 77, 197; Rowe, note 9, 137. Pitteloud has illustrated how Swiss MNCs cooperated during this period. Pitteloud, Sabine, ‘Unwanted Attention: Swiss Multinationals and the Creation of International Corporate Guidelines in the 1970s’ (2020) 22 Business and Politics 587–611 CrossRefGoogle Scholar.
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84 Nicolás M Perrone, ‘UNCTAD’s World Investment Reports 1991–2015: 25 Years of Narratives Justifying and Balancing Foreign Investor Rights’ (2018) 19 The Journal of World Investment & Trade 7–40.
85 See Sagafi-nejad and Dunning, note 50, 128–44.
86 Poulsen, note 34, 71–99.
87 UNCTC and ICC, Bilateral Investment Treaties (United Nations, 1992), E.92.II.A.16.
88 Beder, note 9, 175–176.
89 ICC, ‘ICC’s expectations regarding a WTO investment agreement’, Commission on Trade and Investment Policy, Document 103/234 rev 7 final, 7 March 2003.
90 Sagafi-nejad and Dunning, note 50, 185–187.
92 Rowe, note 9, 148.
93 Cited in ibid, 149.
94 Joshua Karliner, John Cavanagh, Phyllis Bennis and Ward Morehouse, ‘Perilous Partnership: The United Nations Development Programme’s Flirtation with Corporate Collaboration’, CorpWatch, IPS and CIPA (1999) 10, https://www.corpwatch.org/article/perilous-partnership (accessed 4 October 2021).
95 Konrad von Moltke, An International Investment Regime?: Issues of Sustainability (IISD 2000) iii, 19, 31.
96 Rowe, note 9, 147.
97 OECD, ‘The OECD Guidelines for Multinational Enterprises’ Policy brief, OECD Observer (2001).
98 Corporate Europe Observatory, ‘ICC: Powerhouse of Corporate-Led Globalization – ICC Fact Sheet #1’ (2000), archive.corporateeurope.org/icc/icc_intro.html (accessed 21 February 2003). See also Slobodian, note 10, 273.
99 Cited in Rowe, note 9, 147.
100 Ibid, 122, 148.
101 Burja, Vasile and Mihalache, Silvia-Stefania, ‘Corporate Social Responsibility. Example Rosia Montana Gold Corporation’ (2010) 12 Annales Universitatis Apulensis: Series Oeconomica 523 Google Scholar, 532.
102 See UNCTAD, International Investment Agreements Navigator, https://investmentpolicy.unctad.org/international-investment-agreements (accessed 4 October 2021).
103 Barnali Choudhury, ‘Human Rights in International Investment Law’ in Marc Bungenberg et al (eds.), European Yearbook of International Economic Law 2020 (Berlin: Springer, 2021) 175–94, 186. Ishikawa has recently argued that ‘a breach of CSR commitments by a corporation may cause legal responsibility’, and that states could rely on counterclaims in ISDS to enforce these breaches. This is not impossible theoretically, provided the ISDS clause is broad enough or that the investment treaty incorporates specific language, as in the case of the 2019 Netherlands Model Investment Agreement (article 5.3). Tomoko Ishikawa, ‘Materializing corporate social responsibility in investor-state dispute settlement’, FDI Perspectives No. 312, 23 August 2021.
104 See, e.g., Escobar, Arturo, Encountering Development: The Making and Unmaking of the Third World (Princeton: Princeton University Press 1995)Google Scholar.
105 United Nations Department of Economic and Social Affairs, note 67, 61.
106 Wettstein, note 5, 25.
107 Ibid, 25–26.
108 See, e.g., Ruggie, John G, Just Business: Multinational Corporations and Human Rights (New York: WW Norton & Company, 2013).Google Scholar
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110 Corporate Europe Observatory, ‘Shell Leads International Business Campaign Against UN Human Rights Norms’ CEO Info Brief, March 2004, http://archive.corporateeurope.org/norms.pdf (accessed 4 October 2021).
111 Cited in Martens, note 9.
112 Cited in Glen Whelan, Jeremy Moon and Marc Orlitzky, ‘Human Rights, Transnational Corporations and Embedded Liberalism: What Chance Consensus?’ (2009) 87 Journal of Business Ethics 367–383, 377.
113 ICC and International Organisation of Employers, ‘Joint views of the IOE and ICC on the draft “Norms on the responsibilities of transnational corporations and other business enterprises with regard to human rights”’ 2004, https://media.business-humanrights.org/media/documents/files/reports-and-materials/IOE-ICC-views-UN-norms-March-2004.doc (accessed 4 October 2021).
114 John Ruggie, ‘Interim Report of the Special Representative of the Secretary-General on the Issue of Human Rights and Transnational Corporations and Other Business Enterprises’ U.N. Doc. E/CN.4/2006/97 (2006).
115 Martens, note 9, 12–13.
116 López, note 7, 65. Also, see Sattorova, Mavluda, ‘The Foreign Investor as a Good Citizen: Investor Obligations to do Good’ in Jean Ho and Mavluda Sattorova, Investors’ International Law (Oxford: Hart Publishing, 2021) 45–70 Google Scholar.
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118 López, note 7, 76.
119 United Nations Guiding Principles on Business and Human Rights, HR/PUB/11/04, 2011.
120 ICC, IOE, BIAC, ‘Joint Statement on Business & Human Rights to the United Nations Human Rights Council Geneva’, (2011) (available at https://iccwbo.org/content/uploads/sites/3/2011/05/Joint-Statement-on-Business-Human-Rights-to-the-United-Nations-Human-Rights-Council.pdf).
121 López, note 7, 58–61.
123 Deva, note 7, 4, 10–12.
124 López, note 7, 75.
125 Rivera, Humberto Cantú, ‘¿Hacia un tratado internacional sobre la responsabilidad de las empresas en el ámbito de los derechos humanos? Reflexiones sobre la primera sesión del grupo de trabajo intergubernamental de composición abierta’ (2016) 16 Anuario mexicano de derecho internacional 425 CrossRefGoogle Scholar.
126 Also, UN General Assembly, ‘Human rights-compatible international investment agreements. Note by the Secretary-General’ (Report of the Working Group on the issue of human rights and transnational corporations and other business enterprises), A/76/238, 27 July 2021.
127 Jan Eijsbouts, ‘Arbitration, a new Remedy in Business and Human Rights’, ICC The Netherlands (22 June 2020), https://www.icc.nl/2020/06/22/arbitration-a-new-remedy-in-business-and-human-rights/ (accessed 4 October 2021).
128 Lisa Sachs, Lise Johnson, Kaitlin Cordes, Jesse Coleman and Brooke Guven, ‘The Business and Human Rights Arbitration Rule Project: Falling short of its access to justice objectives’, Columbia Center on Sustainable Investment, September 2019, https://scholarship.law.columbia.edu/sustainable_investment_staffpubs/152/ (accessed 4 October 2021).
129 For a review of options to align investment treaties with human rights obligations and sustainable development, see J Anthony VanDuzer, Penelope Simons and Graham Mayeda, ‘Integrating Sustainable Development into International Investment Agreements: A Guide for Developing Countries’ (Commonwealth Secretariat, 2012).
130 See Steininger, Silvia, ‘Investment and Human Rights in the Shadow of the Pandemic: Recent Developments in 2020’ in Sachs, Lisa, Johnson, Lise and Coleman, Jesse (eds.), Yearbook on International Investment Law & Policy 2020 (Oxford: Oxford University Press, 2021) 221 Google Scholar, 224–225.
131 Ibid, 227.
132 Suez and others v Argentina (ICSID Case No. ARB/03/17) Decision on Liability, 30 July 2010, paras 238–240.
133 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Decision on Jurisdiction, Liability and Directions on Quantum, 9 September 2021, para 829.
134 See, e.g., Novenergia II and others v Spain (SCC Case No. 2015/063), Award, 15 February 2018; Antin Infrastructure Services v Spain (ICSID Case No. ARB/13/31), 15 June 2018; Masdar Solar v Spain (ICSID Case No. ARB/14/1), 16 May 2018; Greentech and others v Spain (SCC Case No. 2015/150), Award, 14 November 2018.
135 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Decision on Jurisdiction, Liability and Directions on Quantum, 9 September 2021, paras 768, 804–805.
136 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Partial Dissent of Philippe Sands, 9 September 2021, para 18.
137 Copper Mesa Mining Corporation v Ecuador (PCA Case No. 2012-02), Award, 15 March 2016; Bear Creek Mining Corporation v Peru (ICSID Case No. ARB/14/2), Award, 30 November 2017; South American Silver (SAS) v Bolivia (PCA Case No. 2013-15), Award, 22 November 2018.
138 See Krajewski, note 1, 121–128.
139 Urbaser and others v Argentina (ICSID Case No. ARB/07/26), Award, 8 December 2016, paras 1199–1210.
140 Partial Dissenting Opinion of Philippe Sands in Bear Creek v Peru (ICSID Case No. ARB/14/2), 12 September 2017, para 10.
141 Bear Creek Mining Corporation v Peru (ICSID Case No. ARB/14/2), Award, 30 November 2017, paras 664–666.
142 David R Aven and others v Costa Rica (ICSID Case No. UNCT/15/3), Award, 18 September 2018, paras 738–739.
143 See, e.g., the memorial of Romania and the non-disputing party in Gabriel Resources v Romania (ICSID Case No. ARB/15/31).
144 See, e.g., Chevron v Ecuador, UNCITRAL, PCA Case No. 2009–23; Shell v Nigeria (ICSID Case No. ARB/21/7); Barrick v Papua New Guinea (ICSID Case No. ARB/20/27).
145 Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston: Beacon Press, 2001) 233.
146 UN Working Group on the Issue of Human Rights and Transnational Corporations, and Other Business Enterprises, ‘Human Rights Compatible International Investment Agreements’ (UN Doc. A/76/238), 27 July 2021.
