Document Type : Research Paper
Authors
1 Ph.D. Student, Public International Law, Faculty of Divinity, Political Science and Law, Science and Research Branch Islamic Azad University, Tehran, Iran
2 Associate Professor, Department of International Law, Faculty of Law, Shahid Beheshti University, Tehran, Iran
Abstract
International investment law protects shareholders’ rights through treaty-based arrangements. That is to say, a great number of bilateral investment treaties (BITs) identify shares as one of the types of protected investment as ICSID arbitral tribunals have recognized in several cases. Despite that, it should be considered that these Bilateral Investment Treaties do not, however, define shareholder or share and typically do not state whether shareholders must own a majority of the shares or control a company's administration to qualify for treaty protection. the absence of a general international law definition of shares or shareholders leads to the need to refer to such concepts as they are generally accepted by municipal legal systems and determine shareholders’ rights and obligations by way of renvoi to municipal rules. this process must preserve the integrity of the concept. tribunals and courts cannot modify or deform these concepts. This study examines the manner of interaction between municipal and international law in the field of shareholders' direct and indirect claims.
Keywords
کتابها
- شهبازینیا، مرتضی؛ حل و فصل اختلافات ناشی از سرمایهگذاری خارجی (تهران: مؤسسه مطالعات و پژوهشهای بازرگانی، 1386).
- عکاش، احمد؛ سرمایههای خارجی، آزادی اقتصادی، تجربه الجزایر، ترجمه مسعود محمد (تهران: دفتر مطالعات سیاسی، بینالملل، 1369).
- محبی، محسن؛ دیوان داوری ایران – ایالات متحده آمریکا: ساختار، ماهیت، عملکرد (تهران: فردافر، 1382).
مقالهها
- بروشه، آرون، «قانون حاکم و اجرای احکام در داوریهای موضوع کنوانسیون حل و فصل اختلافات ناشی از سرمایهگذاری بین دولتها و اتباع دول دیگر»، ترجمه محسن محبی، مجله حقوقی، شماره 10، (1368).
- مجتهدی، محمدرضا، «درآمدی بر حقوق حل و فصل اختلافات سرمایهگذاری بینالمللی بر مبنای کنوانسیون داوری ایکسید»، نشریه فقه و حقوق اسلامی، شماره 3، (1390).
- محبی، محسن، «رژیم قانون حاکم دیوان داوری ایران- ایالات متحده در دعاوی نفتی و تأثیر آن در روند داوری بینالمللی»، مجله تحقیقات حقوقی، شمارههای 17 و 28، (1378).
- میرعباسی، سیدباقر و حمیدرضا سیاوشپور، «حمایت دیپلماتیک در چارچوب معاهدات بینالمللی سرمایهگذاری»، فصلنامه مطالعات حقوق عمومی، دوره 49، شماره 4، (1398).
- هنجنی، سیدعلی و ابوالفضل استادزاده، «مفهوم سرمایهگذاری خارجی در قوانین داخلی، معاهدات بینالمللی سرمایهگذاری و آرای دادگاههای داوری بینالمللی»، تحقیقات حقوقی، دوره 20، شماره 3، (1396).
References
Books
- Balas, V., Review of Awards in Oxford Handbook of International Investment Law (Oxford: Oxford University Press, 2008).
- Bjorklund, Andrea K., NAFTA Chapter 11, in Commentaries on Selected Model Investment Treaties, Edited by Chester Brown (Oxford: Oxford University Press, 2013).
- Dolzer, Rudolf and Schreuer, C.H, Principles of International Investment Law (Oxford: Oxford University Press, 2012).
- Douglas, Zachary, The International Law of Investment Claims (Cambridge: Cambridge University Press, 2009).
- Gaillard, E., Identify or Define? Reflections on the Evolution of the Concept of Investment in ICSID Practice, International Investment Law for the 21st Century: Essays in Honour of Christoph Schreuer (Oxford: Oxford University Press, 2009).
- Kinnear, Bjorklund and Hannaford, Investment Disputes under NAFTA, an Annotated Guide to NAFTA Chapter 11 (Kluwer Law International, 2006).
- Kryvoi, Yaraslau, International Centre for Settlement of Investment Disputes (Kluwer Law International, 2010).
- Schreuer, C.H., The ICSID Convention: A Commentary (Cambridge University Press, 2009).
- Sornarajah, M., The International Law on Foreign Investment Law (Cambridge: Cambridge University Press, 2010).
- Vicuña (Francisco Orrego), The Protection of Shareholders Under International Law: Making State Responsibility More Accessible (Maurizio Ragazzi (ed), 2005).
- Watts, Arthur, Nationality of Claims’, in Fifty Years of the International Court of Justice, Essays in Honour of Sir Robert Jennings (Cambridge: Cambridge University Press, 1996).
Articles
- Alexandrov, Stanimir, “The Baby Boom of Treaty-Based Arbitrations and the Jurisdiction of ICSID Tribunals: Shareholders as “Investors” and Jurisdiction Ratione Temporis”, The Law and Practice of International Courts and Tribunals, Vol. 4, (2005).
- Alvarez, J., “Critical Theory and the North American Free Trade Agreement’s Chapter Eleven”, Miami Inter-American Law Review, Vol. 28, No. 2, (1997).
- Baltag, C., “Admission of Investments and the ICSID Convention”, TDM, Vol. 6, No. 1, (2009).
- Broches, A., “The Convention on the Settlement of Investment Disputes between States and Nationals of Other States”, Recueil des Cours, Vol. 136, (1972).
- Crawford, James, “The ILC's Articles on Diplomatic Protection”, South African Yearbook of International Law, Vol. 31, (2006).
- Feller, A. H., “The Mexican Claims Commissions”, American Journal of International Law, Vol. 30, (1936).
- Jones, J. M., “Claims on behalf of Nationals who are Shareholders in Foreign Companies”, BYBIL, Vol. 26, (1949).
- Kishoiyian, Bernard, “The Utility of Bilateral Investment Treaties in the Formulation of Customary Law”, JIL & Business, Vol. 14, (1994).
- McLachlan, Campbell, “Investment Treaties and General International Law”, The International and Comparative Law Quarterly, Vol. 57, No. 2, (2008).
- Schreuer, C.H., “Shareholder Protection in International Investment Law, in Essays in Honour of Christian Tomuschat”, TDM, Vol. 3, (2005).
- Staker, Christopher, “Diplomatic Protection of Private Business Companies: Determining Corporate Personality for International Law Purpose”, BYBIL, Vol. 61, (1990).
Documents
- Abs-Shawcross Draft Convention, 1959.
- Argentina – US BIT; Estonia – US BIT; and the Czech Republic – US BIT.
- Draft Convention on Investment Abroad’, in ‘The Proposed Convention to Protect Private Foreign Investment: Around Table’, J. Pub. L. 9 (Currently Emory Law Journal), 1960.
- Fourth Report on Diplomatic Protection by Mr John Dugard, Special Rapporteur, 13 Mar. 2003, UNDoc. A/CN.4/530.
- Harvard Draft Convention on the International Responsibility of States for Injuries to Aliens, 1961.
- History of The ICSID Convention (‘Documents Concerning the Origin and Formulation of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States’) published by ICSID, Vol. I, 2009.
- ICSID/Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 1965.
- ILC ‘Draft Articles on Diplomatic Protection with Commentaries’ (ILC Draft on Diplomatic Protection), in Report of the International Law Commission on the Work of Its Fifty-Eight Session, Ch. IV, UNDoc A/61/10, 1 May– 9 Jun.; 3 Jul.–11 Aug. 2006.
- Memorandum from the General Counsel, R 65-11, in History of the ICSID Convention, Vol. II, 19 Jan. 1965.
- North American Free Trade Agreement (NAFTA), 1994.
- OECD Draft Convention on the Protection of Foreign Property, 1967.
- Treaty of Friendship, Commerce and Navigation Between the United States of America and the Italian Republic, 1948.
- Vienna Convention, 1969.
Cases
- Alex Genin, Eastern Credit Limited, Inc. et A.S. Baltoil v. République d'Estonie, Final Award, 25 Jun. 2001, ICSID Reports 6, 2004.
- American Manufacturing & Trading, Inc. v. Democratic Republic of the Congo, Final Award, 21 Feb. 1997, ICSID Reports 5, 2002.
- Antoine Goetz and others v. Republic of Burundi, Final Award, 10 Feb. 1999, ICSID Reports 6, 2004.
- Asian Agricultural Products Limited V. Democratic Socialist Republic of Sri Lanka, Final Award, 27 Jun. 1990, ILM 30, 1991.
- Azurix Corp. V. Argentine Republic, Decision on Jurisdiction, 8 Dec. 2003, ILM 43, 2004.
- Barcelona Traction, Light and Power Company, Limited, Judgment, ICJ Reports 37, 1970.
- CMS Gas Transmission Company v. Argentina, ICSID Case No. ARB/01/8. Decision of the Ad Hoc Committee on the Application for Annulment Dated 25 Sep. 2007.
- Compañiá de Aguas del Aconquija-Vivendi (‘Vivendi’), Decision on Annulment of 3 Jul. 2002, ILM 41, 2002.
- Continental Casualty Company v. The Argentine Republic, ICSID Case No. ARB/03/9, Decision on Jurisdiction, 22 Feb. 2006.
- Diallo (Republic of Guinea v. Democratic Republic of the Congo), ICJ, Preliminary Objections 24 May 2007.
- Elettronica Sicula S.p.A. (‘ELSI’), Judgment of 20 Jul. 1989, in ICJ Reports 15, 1989.
- Foremost-McKesson HBOC Inc. & Others v. Iran, Award No. 220-37/231-1, 10 Iran-US Cl. Trib. Rep. 228, 1986.