Introduction

In a considerable number of ICSID proceedings, and in particular those of recent years, the stakes are daunting. Disputes often involve claims for damages amounting to hundreds of millions, or billions, of US Dollars, and require arbitrators -- typically, panels of no more than three individuals -- to scrutinise crucial government decisions having important policy implications. In these circumstances, the following observation by Eli Lauterpacht , made in the context of international dispute settlement more generally, may be considered particularly apposite: "A ...