Abstract

Fair and equitable treatment is emerging as one of the core concepts of international investment protection and is frequently invoked and applied in investor-state dispute settlement under bilateral and multilateral investment treaties. The frequency with which it is applied and the expansive interpretation given to it by arbitral tribunals contrasts, however, with a lack of clarity concerning the principle's normative content. This raises salient questions about the accountability of investment tribunals and the legitimacy of the jurisprudence they develop. The paper proposes to ...