International Centre for Settlement of Investment Disputes (ICSID)
International Centre for Settlement of Investment Disputes (ICSID) is the world’s leading forum for investor-State dispute settlement in most international investment treaties and in numerous investment laws and contracts.
It was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). This Convention was formulated by the Executive Directors of the World Bank to further the Bank’s objective of promoting international investment.
There are currently 160 signatory States and Contracting States to the ICSID Convention. Of these, 152 States have also deposited their instruments of ratification, acceptance or approval of the Convention to become ICSID Contracting States.
Principal organs of ICSID
The ICSID is consists of Administrative Council and a Secretariat. The Secretariat shall maintain a Panel of Conciliators and a Panel of Arbitrators.
Administrative Council: ICSID is governed by its Administrative Council which meets annually. It is composed of one representative of each Contracting State. An alternate may act as representative in case of his principal's absence from a meeting or inability to act. In the absence of a contrary designation, each governor and alternate governor of the Bank appointed by a Contracting State shall be ex officio its representative and its alternate respectively.
The Secretariat: It is consisting of a Secretary-General, one or more Deputy Secretaries-General and staff. It is the legal representative and the principal officer of the Centre and shall be responsible for its administration, including the appointment of staff, in accordance with the provisions of this Convention and the rules adopted by the Administrative Council.
The Panels: The Panel of Conciliators and the Panel of Arbitrators shall each consist of qualified persons, designated as hereinafter provided, who are willing to serve thereon.