Introduction

This short note discusses a recent ICSID award that found a breach of a tax stabilization commitment made by the government of Peru to a foreign investor through a set of "Legal Stability Agreements".[1] As Duke v. Peru is the first published award on stabilization commitments since the 1980s, the reasoning of the tribunal is of particular interest. The note places the award within the broader context of ongoing debates on stabilization; discusses facts and key findings of the case; analyses the tribunal's reasoning on stabilization commitments, and ...