Investor Presentaiton

143 regardless of whether any provisions in the applicable IIA specifically refers to them. O. Available remedies 166 Under general international law, tribunals have the power to grant remedies that are suitable in the circumstances of the case and that would satisfactorily resolve the dispute." Remedies can be divided into pecuniary (compensation) and non-pecuniary. Non- pecuniary remedies, and in particular restitution, may involve an order to the respondent to return certain property to the claimant (e.g., in the case of expropriation) as well as orders to revoke, annul or amend certain legislative, administrative or judicial acts. Governments may be less sensitive to payment of monetary compensation, as that type of remedy arguably interferes less with State sovereignty. 167 Some arbitral tribunals have affirmed their power to grant any remedy they consider appropriate and have ordered non-pecuniary remedies, solely or in combination with monetary compensation. However, in practice, investors rarely request non-pecuniary remedies, often because of the difficulties with their enforcement against a sovereign State. 168 166 See, e.g., Case Concerning the Rainbow Warrior Affair (New Zealand v. France), Award, 30 April 1990, para. 114, where an inter-State tribunal held that this power was "inherent" in a tribunal's competence. Similarly, the International Court of Justice has used a large range of remedies, including non-pecuniary ones. 167 168 For details, see Ripinsky with Williams, 2008, pp. 51-52. For example, the ICSID Convention's automatic enforcement mechanism applies only with respect to "pecuniary obligations" imposed by an award. Other reasons are discussed in Ripinsky with Williams, 2008, pp. 57-59. UNCTAD Series on International Investment Agreements II

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