Introduction. International investment law's narrative and shareholders' claims for reflective loss; 1. Shareholders in international investment law; 2. International investment law's shareholders' claims for reflective loss: a clash of policies; 3. Shareholders' claims for reflective loss in domestic regimes, customary international law of diplomatic protection and human rights law; 4. International investment law on the standing of shareholders; 5. Legal uncertainty and inconsistency militating against shareholders' claims for reflective loss: the unpredictability of investment disputes involving shareholders; 6. Shareholders' claims for reflective loss and the dangers of parallel proceedings; 7. International res judicata as a solution to parallel proceedings arising from shareholders' claims for reflective loss in international investment law; 8. Calculating damages in shareholders' claims for reflective loss; Conclusion; Bibliography; Index.
This book studies shareholders' claims for reflective loss and explains why they are justified in international investment law.
Lukas Vanhonnaeker is a post-doctoral fellow at the Faculty of Law, McGill University, Montréal, Canada, where he is conducting research in the field of international economic law with an emphasis on international investment law and arbitration and international corporate law.
'This book explains why international investment law, unlike
domestic law and other areas of international law, protects
shareholders against reflective loss. Vanhonnaeker not only
meticulously describes this practice, which is based on treaty law
as well as on tribunal practice. He also explains the policies
behind this development and offers detailed solutions to the
problems engendered by it. Altogether an impressive scholarly
achievement.' Christoph Shreuer, Of Counsel, zeiler.partners
Vienna
'Lukas Vanhonnaeker's new monograph provides an invaluable
contribution to the literature on international investment law. In
a comprehensive and in-depth analysis, he carefully evaluates the
legal and policy bases for allowing shareholders' claims for
reflective loss, situating the analysis in the existing body of
domestic and international law on this topic. This is a 'must
read' for anyone interested in shareholders' claims in
international investment law.' Andrew Newcombe, University of
Victoria
'In recent years, investor-state tribunals have often permitted
shareholders' claims for reflective loss despite the
well-established principle of no reflective loss applied
consistently in domestic regimes and in other fields of
international law. Investment tribunals have justified their
decisions by relying on definitions of 'investment' in investment
agreements that often include 'shares', while the
no-reflective-loss principle is generally justified on the basis of
policy considerations pertaining to the preservation of the
efficiency of the adjudicatory process and to the protection of
other stakeholders, such as creditors. Although these policy
considerations militating for the prohibition of shareholders'
claims for reflective loss also apply in investor-state
arbitration, they are curable in that context and must be balanced
with policy considerations specific to the field of international
investment law that weigh in favor of such claims: the protection
of foreign investors in order to promote trade and investment
liberalization.' Lukas Vanhonnaeker, Post-Doctoral Fellow, Faculty
of Law, McGill University, Montréal
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