Resumen de Corporate Nationality in International Investment Law: Substance over Formality
Since incorporation is usually codified in IIAs as sole criteria for the definition of protected corporate "investors", arbitral tribunals have traditionally interpreted and applied such provisions without requiring any thresholds of substantive bond between putatively covered investors and their alleged home State. By taking issue with the current status of international investment law and arbitration, the Author's main proposition is that states revise treaty provisions dealing with the determination of corporate ,nationality so as to insert real seat and (ultimate) control prongs in coexistence with the conventional test of incorporation. This proposal, which seems to be fostered in the recent state practice, is advocated on the grounds of legal and policy arguments with the aim to combat questionable phenomena of investors' "treaty shopping", including "round tripping", and, consequently, to strengthen the legitimacy of investor-State dispute settlement.
