From Aspiration to Public Policy: Imprinting UNGP-Aligned Footprints of Corporate Responsibility and Accountability into the Shifting Sands of International Arbitration Practice.

This article examines the evolving recognition and enforcement of corporate responsibility for human rights and the environment within international investment arbitration, focusing on the alignment of such responsibility with the UN Guiding Principles on Business and Human Rights (UNGPs). It highlights that while some international investment treaties and arbitral tribunals have begun to acknowledge corporate responsibilities, enforcement practices remain largely misaligned with the UNGPs, often prioritizing investor rights over human rights and environmental protection. The article explores the potential for developing an international public policy in arbitration that upholds corporate accountability, including its implications for admissibility of claims and damages assessment, but notes significant challenges such as the limited scope of investor-State dispute settlement (ISDS) mechanisms and the complexity of balancing diverse international law interests. Ultimately, it advocates for a multidisciplinary, multilateral approach involving States, corporations, and arbitration practitioners to strengthen corporate accountability in global investment governance.