Jurisdiction Ratione Personae: State-Owned Enterprises before Investment Arbitration

Article 25 of the International Centre for Settlement of Investment Disputes (icsiD) Convention, by regulating its jurisdiction, determines the subjective scope of disputes, limiting it to controversies taking place between a State and a national of another contracting State. Nevertheless, given the exponential growth of international public investment through state-owned companies, an interesting debate arises regarding whether it is possible for these entities to acquire ius standi before the investment arbitration tribunals. Although from the so-called "Broches test" arbitrators have allowed their appearance, it is necessary to establish adequate and precise criteria that allow clarifying the jurisdiction rationae personae of investment arbitration tribunals in disputes involving state-owned enterprises.