Quantum and Reasons in Investment Treaty Arbitration: The Next Reasoning Frontier?

Abstract

Reasons are fundamental to the development of the investment treaty arbitration regime. Transparent and public awards, which set out how and why decisions are made, have provided a basis for the rapid development of international investment law. Reasoning of certain awards, notably those stemming from the Argentine financial crisis, has provided the basis for significant debate relating to consistency and predictability of arbitral awards and the obligations contained in investment treaties. This has informed and extended to critiques relating to the legitimacy of the entirety of the investment treaty regime. However, the discussion and critique on reasons have almost exclusively focused on procedural and substantive investment law aspects.1 Quantum is often given short shrift in investment treaty arbitration awards and scholarship.2 Despite its being the principal remedy sought in investment treaty awards, substantial numbers of awards provide scant insight into or analysis of quantum. At times, this...