We are pleased to report the launch of our comprehensive Empirical Study of ICSID Annulment Proceedings, co-authored by Dr Johannes Koepp and Jack Biggs of Baker Botts and Yarik Kryvoi of the British Institute of International and Comparative Law (BIICL).
The study examines over 150 annulment decisions rendered by ICSID ad hoc committees and offers a unique insight into how the ICSID system deals with annulment. It provides a detailed examination of the entire universe of publicly available annulment decisions rendered under the ICSID Convention.
The report also examines the trends and practices of ICSID annulment committees on key issues such as the success rate of annulment applications, the most frequently invoked annulment grounds, as well as the length and costs of annulments proceedings.
Among the most noteworthy findings are the following:
i) Annulment proceedings have increased dramatically in number over the last 10 years.
ii) The “success rate” of partial or full annulment remains relatively modest.
iii) States’ annulment applications are more frequent (although less frequent that in non-ICSID annulments) and tend to be more successful than investors’ claims.
iv) Just over half of annulments are followed by resubmission.
v) In very recent years, annulment committees have moved away from the presumption that stays of enforcement should be granted nearly as of right.
vi) ICSID annulments are less likely to succeed that non-ICSID annulments sought before state courts.
An online event was hosted early this year from London to present the empirical by the British Institute of International and Comparative Law (BIICL) and Baker Botts UK LLP chaired by the current president of the International Court of Justice, Judge Joan Donoghue study. A video recording of the launch produced by BIICL can be found here.