ICSID 2024 ANNUAL REPORT ABOUT ICSID ICSID is an international facility available to States and foreign investors for the resolution of investment disputes. Established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), it is the only global institution dedicated to international investment dispute settlement. Through its specialized rules of procedure, world-class facilities, and expert legal and administrative support, ICSID provides unparalleled dispute resolution services to States and investors. Cover: © Shutterstock Inside Cover: © Adobe ICSID ANNUAL REPORT 2024 1 LETTER OF TRANSMITTAL CONTENTS September 16, 2024 1 About ICSID Mr. Ajay Banga 2 Letter of Transmittal Chair, Administrative Council International Centre for Settlement of Investment Disputes 4 Global Leader in International Investment Dispute Settlement 6 Message from the Secretary-General Dear Mr. Banga, 7 Spotlight on the New Secretary-General I am pleased to submit the Annual Report on the operation of the International Centre for Settlement of Investment 8 Message from the President Disputes for approval by the Administrative Council. This Annual Report covers the fiscal year from July 1, 2023, to June 30, 2024. 10 Becoming a Better Bank The Report includes the audited financial statements of the Centre, presented pursuant to Administrative and 12 ICSID Retrospective Financial Regulation 21. 14 Caseload Trends 26 Membership Yours sincerely, 30 Panels of Arbitrators and of Conciliators 34 ICSID Secretariat Martina Polasek Secretary-General 38 Outreach and Training 46 Fifty-Seventh Annual Meeting 48 Finance 62 List of Member States 2 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 3 THE GLOBAL LEADER IN INTERNATIONAL INVESTMENT DISPUTE SETTLEMENT EXPERTISE RULES ICSID has administered more than 900 cases Encompassing rules for arbitration, mediation, in its 59-year history, representing over 70% conciliation, and fact-finding, ICSID provides of all known international investment cases. the first and longest-standing rules of The Centre’s legal counsel have exceptional procedure that are specifically designed experience in international investment law and for international investment disputes. In procedure, while ICSID’s finance, information 2022, ICSID completed a comprehensive technology, and hearings teams ensure that all modernization of its rules—putting them at administrative aspects of a case run smoothly. the forefront of dispute settlement procedures. The Centre also administers cases under other FACILITIES sets of procedural rules, such as those of the United Nations Commission on International ICSID has hearing centres in Washington, Trade Law (UNCITRAL). D.C., and Paris, France, as well as access to the World Bank’s offices in more than 130 countries. ICSID has also entered into facilities PARTNERSHIPS cooperation agreements with 35 dispute ICSID works with individuals and organizations settlement centres around the globe, allowing around the world to build knowledge and ICSID hearings to be held at their facilities. capacity in investor-State dispute settlement. Dedicated professionals manage all aspects of As one of the five organizations of the World a hearing, whether it is held in person, virtually, Bank, ICSID collaborates with its sister or in hybrid format. organizations—IBRD, IDA, IFC, and MIGA—to achieve the joint mission of creating a world free of poverty on a livable planet. Hearing in the case of Riverside Coffee, LLC v. Republic of Nicaragua. © ICSID 4 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 5 MESSAGE FROM THE SPOTLIGHT ON THE SECRETARY-GENERAL NEW SECRETARY- I am pleased to report that the Code of Conduct for Arbitrators in International Investment Disputes has been finalized. This was a joint project by ICSID and the GENERAL United Nations Conference for International Trade Law It is an honor to write to you in my first annual report as (UNCITRAL). The Code was formally adopted by ICSID’s new Secretary-General. UNCITRAL at its 56th annual session in July 2023. It is a soft law instrument that is available to ICSID disputing The ICSID annual report, published continuously since parties by consent or for inclusion in future treaties. 1967, tells the story of the institution’s incredible evolution. In my 23 years at ICSID—first as legal I am also pleased to announce that Martina Polasek has counsel and then as Deputy Secretary-General—I been elected as the next Secretary-General of ICSID, have been privileged to witness much of that progress commencing on July 1, 2024. Martina brings extensive firsthand. We have gone from being a Secretariat experience in investor-State dispute settlement and of fewer than 10 lawyers, communicating with fax has served as both ICSID legal counsel and Deputy machines and mail, to a staff of over 70 that works Secretary-General. largely free of paper. This is my final annual report after fifteen years as ICSID’s steady progression is evident in this year’s Secretary-General of ICSID. ICSID has grown in every report. ICSID administered 341 cases in the 2024 fiscal respect over that period, and I am very proud of what year. The Panels of Arbitrators and of Conciliators Meg Kinnear, Secretary-General of ICSID from June 22, 2009 we have accomplished together. In those 15 years, ICSID to June 30, 2024. © ICSID counted 731 members. Equatorial Guinea became the added 15 new member States, grew from a staff of 34 latest State to sign the ICSID Convention. to 76 persons, and more than doubled the average number The past year has continued recent trends at ICSID: of cases registered per year. Our technical assistance Looking ahead, I am excited about ICSID’s prospects. I Martina Polasek was elected Secretary-General of ICSID robust demand for our administrative services, a and publications programs have expanded, we regularly do have no doubt that we will continue to build on our by its Member States on April 30, 2024. Her term began on further expansion of our network of partnerships, and more than 150 presentations a year, and annually publish world-class service standards, and that technology July 1, 2024. © ICSID significant contributions to the modernization of three editions of the ICSID Review—Foreign Investment will make us an even more efficient institution. investor-State dispute settlement. Law Journal. We established a permanent hearing center in Strengthening our partnerships will also be a priority, Washington D.C., have vastly expanded our administrative including with our sister organizations within the ICSID registered 58 new cases under the ICSID Convention services, and have incorporated new technology at every World Bank Group: IBRD, IDA, IFC, and MIGA. Together and Additional Facility in FY2024. A further 17 cases stage of our case procedures. Starting on page 12 of this we share a mandate to expand private investment for were administered under UNCITRAL and other non- report, we provide a timeline of these and other milestones economic development, and each organization brings a ICSID rules. As of June 30, 2024, ICSID had registered from the past 15 years. This incredible progress would compelling mix of products, services, and expertise to 991 cases under the ICSID rules since the first case not have been possible without the dedication, collegiality, the table to achieve that result. registered in 1972. Interestingly, we are starting to see and skills of the ICSID staff, to whom I am eternally an increased number of cases initiated under grateful. I would also like to thank the Member States Finally, I would like to thank our Member State investment chapters in free trade agreements, many of of ICSID who have been so supportive throughout my representatives, clients, and ICSID colleagues for their which contain updated treaty obligations, reflecting the tenure and encouraged our progress at every step. support as I have taken on this new role. I look forward evolution in our discipline over the years. to working with you in the year ahead and reporting I look forward to contributing to investor-State dispute back on further progress in our 2025 annual report. ICSID continues to grow its membership. Equatorial settlement in new ways as I start the next phase in my Guinea signed the ICSID Convention on June 13, 2024, career, and to seeing this discipline continuously grow Martina Polasek becoming the 166th signatory to the Convention. As of and adapt in the service of economic growth and ICSID Secretary-General June 30, 2024, 158 States were members of the ICSID opportunity in all member States. Convention. Meg Kinnear ICSID Secretary-General 6 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 7 MESSAGE FROM THE PRESIDENT Recognizing that digitalization is the transformational opportunity of our time, we are collaborating with governments in more than 100 developing countries to enable digital economies. Our digital lending portfolio totaled $5.6 billion in commitments as of June 2024; and our new Digital Vice Presidency unit will lead our DELIVERING ON OUR efforts to establish the foundations of a digital economy. Key initiatives include building and enhancing digital and data infrastructure, ensuring cybersecurity and data privacy for institutions, businesses, and citizens, and COMMITMENTS REQUIRES advancing digital government services. Delivering on our commitments requires us to develop US TO DEVELOP NEW new and better ways of working. In fiscal 2024, we did just that. We are squeezing our balance sheet and finding new opportunities to take more risk and AND BETTER WAYS OF boost our lending. Our new crisis preparedness and response tools, Global Challenge Programs, and Livable Planet Fund demonstrate how we are modernizing our WORKING. IN FISCAL 2024, © Jodiann Anderson/World Bank approach to better drive impact and outcomes. Our new Scorecard radically changes how we track results. We are helping developing countries create jobs and WE DID JUST THAT. employment, the surest enablers of prosperity. In the But we cannot enable development on our own. next 10 years, 1.2 billion young people across the Global We need partners from both the public and private South will become working-age adults. Yet, in the same sectors to join our efforts. That’s why we are working period and the same countries, only 424 million jobs are closely with other multilateral development banks to expected to be created. The cost of hundreds of millions improve the lives of people in developing countries in AJAY BANGA of young people with no hope for a decent job or future tangible, measurable ways. Our deepening relationship is unimaginable, and we are working urgently to create with the private sector is evidenced by our Private opportunity for all. Sector Investment Lab, which is working to address the barriers preventing private sector investment in In response to climate change—arguably the greatest emerging markets. The Lab’s core group of 15 Chief challenge of our generation—we’re channeling 45 Executive Officers and Chairs meets regularly, and percent of annual financing to climate action by 2025, already has informed our work—most notably with In fiscal 2024, the World Bank Group adopted a bold development knowledge more accessible. And we have the development of the World Bank Group Guarantee deployed equally between mitigation and adaptation. new vision of a world free of poverty on a livable planet. reorganized the World Bank’s global practices into Platform. Among other efforts, we intend to launch at least 15 To achieve this, the Bank Group is enacting reforms to five Vice Presidency units—People, Prosperity, Planet, country-led methane-reduction programs by fiscal become a better partner to governments, the private Infrastructure, and Digital—for more flexible and faster The impact and innovations we delivered this year will 2026, and our Forest Carbon Partnership Facility has sector, and, ultimately, the people we serve. Rarely in engagements with clients. Each of these units reached allow us to move forward with a raised ambition and helped strengthen high-integrity carbon markets. our 80-year history has our work been more urgent: We important milestones in fiscal 2024. a greater sense of urgency to improve people’s lives. I face declining progress in our fight against poverty, an would like to recognize the remarkable efforts of our Access to electricity is a fundamental human right existential climate crisis, mounting public debt, food We are supporting countries in delivering quality, staff and Executive Directors, as well as the unwavering and foundational to any successful development insecurity, an unequal pandemic recovery, and the affordable health services to 1.5 billion people by 2030 support of our clients and partners. Together, we effort. It will accelerate the digital transformation in effects of geopolitical conflict. so our children and grandchildren will lead healthier, head into fiscal 2025 with a great sense of optimism— developing countries, strengthen public infrastructure, better lives. This is part of our larger global effort to and determination to create a better Bank for a and prepare people for the jobs of tomorrow. But half Responding to these intertwined challenges requires provide a basic standard of care through every stage better world. the population of Africa—600 million people—lacks a faster, simpler, and more efficient World Bank of a person’s life—infancy, childhood, adolescence, access to electricity. In response, we have committed to Group. We are refocusing to confront these challenges and adulthood. To help people withstand food-affected AJAY BANGA provide electricity to 300 million people in Sub‑Saharan not just through funding, but with knowledge. Our shocks and crises, we are strengthening social President of the World Bank Group Africa by 2030 in partnership with the African Knowledge Compact for Action, published in fiscal protection services to support half a billion people by and Chairman of the Board of Executive Directors Development Bank. 2024, details how we will empower all Bank Group the end of 2030—aiming for half of these beneficiaries clients, public and private, by making our wealth of to be women. 8 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 9 BECOMING A (Clockwise, from top left): Africadventures/Shutterstock, Dominic Chavez/International Finance BETTER BANK Corporation, NicoElNino/Shutterstock, Emily Bartels-Bland/World Bank, Tom Perry/World Bank The world is confronting a set of intertwined challenges— poverty, the climate crisis, debt, food insecurity, pandemics, and fragility—and a need to accelerate access to clean air, energy, and water. Time is of the essence. We need a better Bank to address these challenges and the challenges GLOBAL EMERGING MARKETS of tomorrow. RISK DATABASE (GEMS) CONSORTIUM The G20 Leaders requested the World Bank Group to change and be a more WORLD BANK GROUP The GEMs Consortium comprises significant part of the solution. In response, we raised our ambition for speed, GUARANTEE PLATFORM 25 multilateral development simplicity, better leveraging our balance sheet, and engaging partners and the This new platform is delivering banks and development finance private sector. Here’s how we are enhancing our approach: simplicity and improved access to institutions. The World Bank Group our guarantee products, putting and the GEMs Consortium are KNOWLEDGE BANK us on a path to boost our annual driving transparency and mobilizing Knowledge has been critical to the guarantee issuance to $20 billion by private investment in emerging World Bank Group for 80 years, 2030—and multiply our mobilization markets by releasing comprehensive and we are refocusing ourselves not of private capital many times. credit risk data. just as a funding mechanism, but PRIVATE SECTOR also as a source of knowledge. To INVESTMENT LAB do this, we are bringing experts to The Private Sector Investment Lab is a the forefront of our country-driven collaborative initiative between the model, working with governments World Bank Group and directors of to craft focused development plans FINANCIAL INNOVATIONS leading global private sector that marry their ambition and our Our new financial instruments are institutions. Its goal is to develop expertise. The Knowledge Compact designed to boost lending capacity solutions that address existing for Action details this approach, and enable the World Bank Group barriers to private sector investment with a focus on four areas: new to take on more risk for shared in emerging markets and developing CRISIS PREPAREDNESS and updated knowledge products, global challenges. We’ve squeezed economies. The Lab’s core group of 15 WORLD BANK AND RESPONSE TOOLKIT strategic partnerships, enhanced $40 billion over 10 years from our CEOs and Chairs have delivered GROUP SCORECARD The World Bank Group is rolling out learning, and cutting-edge systems. balance sheet by adjusting our loan- recommendations on regulatory Accountability and focus underpin an expanded Crisis Preparedness to-equity ratio. We’ve launched a certainty, increased use of guarantees, all our work. Our new Scorecard is and Response Toolkit to help hybrid-capital instrument. Our Livable foreign-exchange-risk mitigation, and a yardstick of accountability and a developing countries better respond Planet Fund, launched in April 2024, increased use of originate-to-distribute cornerstone of our efforts for greater to crises and build resilience against offers governments, philanthropies, models for mobilization of private efficiency, impact, and results. This future shocks. Climate Resilient and other partners an opportunity capital. Their feedback has already tool allows our shareholders and Debt Clauses allow small states to Left: courage007/Shutterstock to contribute to our concessional informed the development of the taxpayers to clearly see the impact prioritize disaster recovery over debt Right: Gerardo Pesantez/World Bank resources for middle-income countries. World Bank Group Guarantee Platform. we are making, rewarding their trust. repayment when catastrophes hit. 10 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 11 2016 2022 Nauru joins ICSID ICSID Member States approve amended ICSID rules ICSID Secretariat grows to 70 staff members Kyrgyz Republic and Angola join ICSID Gonzalo Flores and Martina Polasek elected Deputy Secretaries-General ICSID administers 254 cases 2023 ICSID concludes a renewed cooperation ICSID and UNCITRAL finalize the Code of agreement with the Lagos Regional Centre for Conduct for Arbitrators in International International Commercial Arbitration. © ICSID Investment Disputes 2017 ICSID begins process of updating its rules and regulations 2024 ICSID registered a total of 991 cases by 2018 June 30, 2024 ICSID Mexico joins ICSID 158 Member States RETROSPECTIVE 731 members of the ICSID Panels of Arbitrators 2019 and of Conciliators ICSID establishes new hearings facilities in 76 ICSID staff members Washington, D.C. Martina Polasek elected Secretary-General 2020 ICSID has evolved significantly over the past fifteen class quality and efficiency in its case administration years. Demand for ICSID’s services has grown in services. And the sustained growth in membership has Djibouti joins ICSID concert with an increase in foreign investment and been a testament to the value States place in ICSID as COVID-19 prompts ICSID hearings to go fully an expanding network of international investment the only global institution dedicated to international virtual agreements. By leveraging new technologies and investment dispute settlement. ICSID and UNCITRAL begin work on the Code of modernizing procedural rules, ICSID has ensured world- Conduct for Arbitrators in International Investment Disputes 2009 2012 2021 305 cases registered South Sudan joins ICSID Ecuador rejoins ICSID Meg Kinnear elected to a third term as 143 Member States Young ICSID established Secretary-General 517 members of the ICSID Panels of Arbitrators ICSID launches a new mobile-friendly website and of Conciliators 2013 34 ICSID staff members Montenegro, Sao Tome and Principe, and Canada join ICSID Meg Kinnear elected Secretary-General 2010 2014 ICSID establishes its first electronic case San Marino signs the ICSID Convention management system ICSID introduces a state-of-the-art financial First webcast of an ICSID arbitration hearing system for case-related transactions ICSID launches statistics report in English, French, and Spanish 2015 ICSID celebrates 50th anniversary 2011 Qatar, Cabo Verde, Portugal, and Moldova ICSID registers its 500th case join ICSID San Marino and Iraq join ICSID ICSID Review celebrates its 25th anniversary An updated website introduces new interactive databases Meg Kinnear elected to a second term as ICSID Secretary-General 12 ICSID ANNUAL REPORT 2024 San Marino signs the ICSID Convention. © ICSID ICSID ANNUAL REPORT 2024 13 ICSID CASELOAD CASES ADMINISTERED AND REGISTERED IN FY2024 A total of 341 ICSID cases were administered in FY2024, compared to 329 the previous fiscal year. This is TRENDS the second largest number of cases ever administered at ICSID in a single fiscal year. The figure amounts to 34% of ICSID’s lifelong caseload, which stands at 991 cases under the ICSID Convention and Additional Facility Rules as of June 30, 2024. ICSID ADMINISTERED CASES BY FISCAL YEAR The 2024 fiscal year (FY2024) saw strong demand for ICSID’s services —with the second highest number of registered and administered cases in ICSID’s history. 18 17 19 22 Also notable over the fiscal year was the sustained progress in enhancing diversity of 17 21 346 arbitrators, conciliators, and ad hoc committee members appointed to ICSID cases. 332 341 14 329 This includes: 14 306 303 10 9 279 258  a record 49 nationalities were represented amongst the appointments made in FY2024 243 247  29% of all appointments involved women  50% percent of first-time appointees involved nationals of low- or middle-income economies Additional highlights in FY2024 include a record number of concluded proceedings, as ICSID continues to work with tribunals and parties to reduce the time of cases. Also, for the first time, a Regional Economic Integration Organization—the European Union—was a party to an ICSID proceeding. FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 NON-ICSID CASES ADMINISTERED BY THE SECRETARIAT (INVESTOR-STATE UNCITRAL ARBITRATIONS AND OTHER CASES) ICSID CASES ADMINISTERED BY THE SECRETARIAT 58 NEW CASES REGISTERED A total of 58 new ICSID cases were registered in FY2024. The majority were arbitrations instituted under the ICSID Convention (53 cases), followed by arbitrations invoking the Additional Facility Rules (four cases) and one conciliation under the ICSID Convention. 88 PROCEEDINGS CONCLUDED CASES REGISTERED UNDER THE ICSID CONVENTION AND ADDITIONAL FACILITY IN FY2024 53 341 CASES ADMINISTERED ICSID CONVENTION ARBITRATION CASES ICSID ADDITIONAL FACILITY ARBITRATION CASES ICSID CONVENTION CONCILIATION CASES 4 1 In addition, ICSID administered 17 cases governed by non-ICSID rules in FY2024. The majority (13 cases) applied the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). ICSID provided full administrative services in most of these cases; acted as appointing authority in three cases; and provided hearing organization services in one case. 14 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 15 BASIS OF CONSENT TO ICSID PROCEEDINGS STATE PARTIES TO ICSID PROCEEDINGS Arbitration and conciliation under the ICSID Convention and Additional Facility Rules are voluntary, and parties provide In FY2024, States from most geographic regions of the world were involved in ICSID proceedings. The largest share of cases consent to ICSID jurisdiction in a variety of investment laws, contracts, and bilateral and multilateral treaties. registered in FY2024 involved States in Eastern Europe and Central Asia (24%), followed by States in South America (19%), North America (16%) and Central America and the Caribbean (12%). New cases were evenly spread among Sub- BASIS OF CONSENT TO ESTABLISH JURISDICTION IN FY2024 Saharan Africa and Western Europe (10% each). The Middle East and North Africa region accounted for 7% of new cases. 53% BITs 2% Investment Laws Notably, for the first time, a Regional Economic Integration Organization was a party to an ICSID proceeding (2%). 14% ECT 2% CAFTA-DR DISTRIBUTION OF CASES REGISTERED IN FY2024 BY REGION 7% NAFTA 2% Mexico-Peru Free Trade Agreement 7% United States-Mexico-Canada 2% Canada-Panama Free Trade 24% Eastern Europe & 10% Sub-Saharan Africa Agreement Agreement Central Asia 10% Western Europe 6% Contracts 2% Central America-Panama Free 19% South America Trade Agreement 7% Middle East & North Africa 3% Comprehensive and Progressive 16% North America (Canada, Agreement for Trans-Pacific Mexico, & U.S.) 2% REIO* European Union Partnership 12% Central America & the Caribbean * A REIO may be a party to proceedings under the 2022 ICSID Additional Facility Rules and Regulations or under the 2022 ICSID Mediation Rules and Regulations. The chart above identifies the instruments relied upon by the requesting parties in ICSID cases registered in the past fiscal year. As in previous years, parties instituted proceedings most frequently on the basis of bilateral or multilateral treaties. In 34 cases parties asserted ICSID jurisdiction on the basis of a bilateral investment treaty and nine cases were brought on the basis of the Energy Charter Treaty. Parties also instituted proceedings relying on the North American Free Trade Agreement (NAFTA) and the United States-Mexico-Canada Agreement (USMCA) (five cases, all of which relied on both the NAFTA and the USMCA), the Central America-Panama Free Trade Agreement (one case), and the Dominican Republic- Central America Free Trade Agreement (one case). For the first time, two cases were brought on the basis of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a case was brought on the basis of the Mexico-Peru Free Trade Agreement, and a case was brought based on the Canada-Panama Free Trade Agreement. A further four cases were based on contracts between an investor and host-State, and one case was brought under an investment law. 16 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 17 DISTRIBUTION OF CASES REGISTERED IN FY2024 BY COUNTRY ECONOMIC SECTORS INVOLVED IN NEW CASES The economic sectors involved in ICSID proceedings in FY2024 are also diverse. Historically, the extractive and energy sectors have accounted for the largest share of cases, and this trend continued in FY2024. Twenty-eight percent of new 1 European Union cases involved the oil, gas, and mining industries, and 17% were related to electric power and other energy sources. The transportation and construction sectors were also prominent, accounting for 19% and 14% of disputes, respectively. 1 Denmark 1 Belarus Cases related to the finance sector accounted for 8%, while the information and communication sector, the water, 1 Poland sanitation and flood protection sector and the tourism sector represented 2% each. A mix of other industries accounted 2 Germany 1 Ukraine 1 Romania for the remaining 8% of cases registered in FY2024. 2 Belgium 1 Hungary 1 Georgia 1 Azerbaijan DISTRIBUTION OF CASES REGISTERED IN FY2024 BY ECONOMIC SECTOR 1 Spain 1 Turkmenistan 28% Oil, Gas, & Mining 8% Finance 19% Transportation 2% Water, Sanitation, & Flood Protection 17% Electric Power & Other Energy 2% Tourism 14% Construction 1 Croatia 2% Information & Communication 1 Serbia 8% Other Industry 1 Morocco 1 Armenia 9 Mexico 1 Algeria 1 Bulgaria 1 Guatemala 1 Senegal 1 UAE 3 Honduras 2 Panama 2 Rep.of North Macedonia 1 Saudi Arabia 1 Rep. of South Sudan 2 Colombia 2 Peru 1 Tanzania CONSTITUTION OF COMMISSIONS, TRIBUNALS AND AD HOC 3 Argentina 1 Trinidad and Tobago 1 Mozambique COMMITTEES 2 Venezuela 1 DR Congo A total of 197 appointments were made to ICSID tribunals and ad hoc committees in FY2024. These appointments were 2 Uruguay 1 Angola made to 48 tribunals in original arbitrations, one tribunal in a resubmission proceeding, one tribunal in a revision proceeding, one tribunal in a consolidation proceeding and one conciliation commission. Appointments were also made to 12 ad hoc committees. In addition, five appointments were made in reconstitutions of tribunals. Seventy-one percent of appointments were made either by the parties or by the party-appointed arbitrators, while the remaining 29% were made by ICSID based on agreement of the parties or the applicable default provisions. 18 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 19 DIVERSITY OF APPOINTMENTS STATE OF NATIONALITY OF ARBITRATORS, CONCILIATORS AND AD HOC COMMITTEE MEMBERS APPOINTED IN FY2024 ICSID continues to see progress in the diversity of arbitrators, conciliators, and committee members. Individuals of 49 nationalities were represented amongst the appointments made in the fiscal year. This is the greatest number of United States of America 19 United Kingdom 12 nationalities among arbitrators appointed to ICSID cases in a single year. Moreover, 32% of appointments involved France 11 nationals of low- or middle-income economies. Canada 10 Italy 9 Germany In total, 11% of appointments involved individuals appointed for the first time to an ICSID case. Notably, fifty percent of Spain 8 first-time appointees in FY2024 involved nationals of low- or middle-income economies and 23% were women. Belgium 7 Colombia Argentina Singapore 6 GEOGRAPHIC DISTRIBUTION OF APPOINTMENTS BY ICSID AND THE PARTIES IN FY2024 Switzerland 5 Argentina / Switzerland 4 40% Western Europe 4% Sub-Saharan Africa Australia / Switzerland Bahrain / France / Sweden 20% South America 4% Middle East & North Africa Netherlands 3 Peru / Switzerland 18% North America (Canada, Mexico 3% Central America & the Caribbean Argentina / Spain & U.S.) Australia / Ireland 2% Eastern Europe & Central Asia Bahamas 9% South & East Asia & the Pacific Brazil Canada / Italy Chile / El Salvador / Italy Chile / Lebanon Colombia / Ecuador Costa Rica France / Iran France / Mauritius / United Kingdom France / Panama 2 Ireland Italy / United Kingdom Kenya Mexico Mexico / Spain New Zealand Nigeria Nigeria / United Kingdom Peru Portugal Argentina / Brazil Argentina / Italy Argentina / United States of America Austria Bolivia Brazil / Switzerland Bulgaria Bulgaria / United States of America Canada / Ecuador Canada / New Zealand Chile Colombia / France Cyprus / United Kingdom Egypt Egypt / France 1 Finland France / Uruguay Germany / Mexico Japan Jordan Korea, Rep. of Latvia Malaysia Malta / South Africa New Zealand / United Kingdom Saint Kitts and Nevis / Venezuela Sweden United Kingdom / United States of America 20 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 21 Overall, women accounted for 29% of all appointments made to ICSID cases in FY2024 —an improvement over the 22% in POST-AWARD REMEDIES FY2023 and 24% in FY2022. Limited post-award remedies are available to the parties in ICSID proceedings. ICSID appointed 43% of all female appointees, respondents appointed 24%, and claimants appointed 9%. A further 19% of female appointments were made jointly by the parties and the remaining 5% were made by co-arbitrators. In FY2024, ICSID registered 23 applications and requests for post-award remedies under the ICSID Convention. These included three requests for rectification of an award, one request for a supplementary decision to the award, one request MEN AND WOMEN APPOINTED BY ICSID AND PARTIES IN FY2024 for rectification and supplementary decision, and one request to resubmit a dispute to a new tribunal after the annulment of an arbitral award rendered pursuant to the ICSID Convention. 71% Men In addition, 17 annulment applications were registered during the fiscal year. Ten of these applications were brought by 29% Women the respondent and seven by the claimant in the underlying arbitration. AWARDS RENDERED AND OUTCOMES IN ANNULMENT PROCEEDINGS UNDER THE ICSID CONVENTION, BY DECADE 225 111 96 LOCATION AND LANGUAGE OF PROCEEDINGS 56 35 25 In the course of the fiscal year, 174 sessions and hearings were held in the cases administered by ICSID. 18 13 8 11 4 9 3 5 7 5 1 1 1 Parties and tribunals opted for in-person, virtual, or hybrid hearings depending on needs of the case. Seventy-three 1971-1980 1981-1990 1991-2000 2001-2010 2011-2020 2021 percent of hearings and sessions included remote features. This was achieved using ICSID’s state-of-the-art audio and video-conferencing facilities and services. Ten percent of hearings and sessions were held in-person at the seat of the Centre in Washington D.C., and the rest were held at other venues agreed by the parties (London, 8%; Paris, 6%; other NUMBER OF ICSID CONVENTION AWARDS RENDERED venues, 3%). NUMBER OF DECISIONS REJECTING THE APPLICATION FOR ANNULMENT NUMBER OF DECISIONS ANNULLING THE AWARD IN PART OR IN FULL In FY2024, 140 cases were conducted in English (51%), 24 in Spanish (9%) and ten in French (4%). In addition, 100 NUMBER OF ANNULMENT PROCEEDINGS DISCONTINUED proceedings were conducted simultaneously in two languages (36%), with the English-Spanish combination continuing to be the most frequent (76 cases), followed by proceedings conducted in English and French (24 cases). AWARDS RENDERED AND DECISIONS ISSUED During the fiscal year, 46 awards were rendered, and 350 decisions and procedural orders were issued. ICSID publishes these rulings on its website with the parties’ permission. Where a party withheld permission to publish awards, ICSID published excerpts of the legal reasoning of the tribunal or ad hoc committee, as required by the ICSID Rules, or included bibliographic references to rulings made public by other sources on ICSID’s website and in its publications. 22 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 23 CHALLENGES TO ARBITRATORS, EXPERTS AND COUNSEL Parties to ICSID proceedings filed ten proposals for disqualification of individual arbitrators during the fiscal year. Three of these proposals were declined, one was upheld, and six disqualification proposals remained pending as of June 30, 2024. CASES CONCLUDED IN FY2024 A record 88 ICSID proceedings concluded in FY2024: 65 were original arbitrations and 23 post-award proceedings. Of the 65 original arbitration proceedings that concluded in FY2024, 19 were settled or otherwise discontinued, and 46 were decided by the tribunal. ARBITRATION PROCEEDINGS UNDER THE ICSID CONVENTION AND AF — OUTCOMES IN FY2024 71% Disputes decided by Tribunal 29% Disputes settled or procedding otherwise discontinued Among the disputes decided by the Tribunal, 24 awards upheld the investors’ claims in part or in full, 17 awards rejected all the investors’ claims on the merits, and five awards declined jurisdiction. In addition, nine arbitrations were discontinued at the request of both parties, seven at the request of one party, and three cases were discontinued for lack of payment of the required advances. In addition, 23 post-award proceedings were concluded. This includes four rectification proceedings, one supplementary decision proceeding, one rectification and supplementary decision proceeding, one revision proceeding, one interpretation proceeding and one resubmission proceeding. In addition, 14 annulment proceedings were concluded in FY2024, all of which related to awards rendered in original arbitration proceedings. In eight of these proceedings, ad hoc committees rejected the application for annulment, two committees annulled the award in part, one committee annulled the award in full, two annulment proceedings were discontinued for lack of payment of the required advances, and one annulment proceeding was discontinued at the request of a party. Comprehensive and up-to-date information about the procedural steps taken in each case, the composition of the tribunal, commission, or ad hoc committee, the party appointing each arbitrator, counsel representing the parties, and the outcome of proceedings can be found on the ICSID website at https:// icsid.worldbank.org/. 24 ICSID ANNUAL REPORT 2024 Hearing in the case of Mehmet Zeki Obuz and others v. ICSID ANNUAL REPORT 2024 25 Republic of Uzbekistan. © ICSID H.E. Crisantos Obama Ondo signs the ICSID Convention on behalf of Equatorial Guinea. © World Bank MEMBERSHIP Membership to ICSID has steadily expanded since the ICSID Convention opened for signature in 1966. By the end of FY2024, 166 States had signed the ICSID Convention, of which 158 have become Contracting States. On February 24, 2024, the World Bank received a written notice of denunciation of the ICSID Convention from the Republic of Honduras. Pursuant to Article 71 of the ICSID Convention, the denunciation took effect on August 25, 2024. On June 13, 2024, the Republic of Equatorial Guinea became the latest State to sign the ICSID Convention. All Contracting States are equally represented on the ICSID Administrative Council. As ICSID’s governing body, the Administrative Council adopts the Centre’s annual budget, elects the Secretary-General and Deputy Secretaries- General, and approves the annual report. Contracting States also have the right to propose and vote on amendments to the ICSID Convention and Rules, as well as to designate individuals to the ICSID Panels of Arbitrators and of Conciliators (see page 30 for further information on the Panels). 26 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 27 ICSID CONTRACTING AND SIGNATORY STATES AS OF JUNE 30, 2024 CONTRACTING STATES TO THE ICSID CONVENTION This map was produced by the Cartography Unit of the World Bank Group. The boundaries, colors, denominations and any other information shown on this map do not imply, on the part of the World Bank Group, SIGNATORY STATES TO THE ICSID CONVENTION any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries. IBRD 39525 | JUNE 2024 28 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 29 PANELS OF ARBITRATORS AND OF CONCILIATORS In fiscal year 2024, 21 Member States nominated 74 individuals to ICSID’s Panels of Arbitrators and of Conciliators. Panel members are vital to the effective functioning of the international investment dispute settlement system. For example, appointments to annulment committees must be made by the Chair of the ICSID Administrative Council from the Panel of Arbitrators. The Panels also provide a diverse and qualified pool of arbitrators and conciliators for parties to consider when making appointments in ICSID cases. Each ICSID Member State may designate up to four persons—of any nationality—to each Panel. In addition, up to 10 persons may be designated by the Chair of the ICSID Administrative Council. Each designee normally serves for a renewable six-year term. From July 1, 2023, to June 30, 2024, designations to the ICSID Panels were made by the governments of Albania, Chile, China, Colombia, Comoros, Egypt, Estonia, Lebanon, Lithuania, Mauritania, Mongolia, Nicaragua, Nigeria, Pakistan, Peru, Romania, San Marino, Sri Lanka, United Arab Emirates, United States, and Zambia. In addition, Ajay Banga, Chair of the Administrative Council, designated 10 persons to the Panel of Arbitrators and 10 persons to the Panel of Conciliators, effective June 25, 2024. Notably, 43% of Member State designations were women in FY2024, compared to 27% in FY2023. In addition, 55% of the Chair’s designations were women and, overall, the Chair’s designations represented all the regions of the world. By the end of FY2024, there were 731 individuals on the ICSID Panels of Arbitrators and of Conciliators. The names of these designees and the effective dates of their terms in office are listed below. Hearing in the case of Rasia FZE and Joseph K. Borkowski v. Republic of Armenia. © ICSID 30 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 31 DESIGNATIONS BY THE CHAIR Panel of Conciliators MAURITANIA SAN MARINO Designations effective May 16, 2024: Panel of Arbitrators and Conciliators Panels of Arbitrators and Conciliators Panel of Arbitrators Manjiao Chi, Hu Li, Sienho Yee Redesignation effective November 29, 2023: Designation effective February 22, 2024: Designations effective June 25, 2024: Jemal Ould Agatt Fabio Giovagnoli Mohamed Abdel Wahab, Dapo Akande, Cavinder Bull SC, COLOMBIA Jean E. Kalicki, Céline Lévesque, Judith Levine, Sofia Martins, Panel of Arbitrators MONGOLIA SRI LANKA Eduardo Siqueiros T., Erica Stein, Eduardo Zuleta Jaramillo Designations effective March 27, 2024: Panels of Arbitrators and Conciliators Panel of Arbitrators and of Conciliators Mairée Urán Bidegain, Ximena Herrera-Bernal, Diana Designations effective May 28, 2024: Designation effective December 22, 2023: Panel of Conciliators Correa Ángel, Anne Marie Mürrle Rojas Taivankhuu Altangerel, Dashpuntsag Erdenechimeg Toby Landau Designations effective June 25, 2024: Madeline Kimei, Wolf von Kumberg, Delcy Lagones De Panel of Conciliators NICARAGUA UNITED ARAB EMIRATES Anglim, Bill Marsh, Sam Rugege, Birgit Sambeth, Designations effective March 27, 2024: Panels of Arbitrators and of Conciliators Panel of Conciliators Carmen Sfeir, Geoff Sharp, Edna Sussman, May Tai Adriana María Polanía Polanía, María Cristina Charry Designation effective November 15, 2023: Designation effective January 8, 2024: Ruiz, Elisa Botero Duque, Melissa Ordoñez Pereira Carlos José Argüello Gómez Salem Ismail Alharthi DESIGNATIONS BY ICSID COMOROS NIGERIA UNITED STATES Panels of Arbitrators and of Conciliators CONTRACTING STATES Designation effective April 22, 2024: Panel of Arbitrators Panel of Arbitrators Designation effective December 7, 2023: Redesignation effective May 23, 2024: Hounaïdat Ali ALBANIA Olufunke Adekoya Paolo Di Rosa Panels of Arbitrators and Conciliators Redesignation effective August 16, 2023: EGYPT Panel of Arbitrators Panel of Arbitrators Cherie Blair Panels of Arbitrators and Conciliators Designation effective March 26, 2024: Designations effective May 23, 2024: Redesignation effective July 11, 2023: Babatunde Ajibade Rosemary Barkett, Sean D. Murphy Panels of Arbitrators and Conciliators Mohamed Sameh Amr Designations effective August 16, 2023: Panel of Conciliators PAKISTAN Designations effective May 23, 2024: Lucas Bastin, Dini Sejko, Merlin Papadhopulli ESTONIA Panel of Arbitrators Anna Spain Bradley, Kathleen E. Claussen, Mélida Panel of Arbitrators Redesignation effective February 7, 2024: Narcisa Hodgson, John L. Woods Jr. CHILE Redesignations effective December 29, 2023: Makhdoom Ali Khan Panel of Arbitrators Pirkka-Marka Põldvere, Toomas Vaher Redesignations effective November 15, 2023: Panel of Arbitrators ZAMBIA Andrés Jana Linetzky, Ricardo Vásquez Urra Panel of Arbitrators Designations effective February 7, 2024: Panel of Arbitrators Designations effective December 29, 2023: Ahmed Irfan Aslam*, Ashtar Ausaf Ali, Hussain Designations effective May 28, 2024: Panel of Arbitrators Carri Ginter, Eveli Lume Ali Almani Paulman Chungu, James Banda, Lungisani Zulu, Designations effective November 15, 2023: Dickson Jere Ximena Fuentes Torrijo, Sabina Sacco LEBANON PERU Panel of Conciliators Panel of Conciliators Panels of Arbitrators and Conciliators Panels of Arbitrators and Conciliators Designations effective May 28, 2024: Designations effective November 15, 2023: Designation effective February 5, 2024: Redesignation effective December 19, 2023: Geoffrey W. Simukoko, Kondwa Emily Sakala-Chibiya, Jerónimo Carcelén Pacheco, Johanna Klein Kranenberg, Nayla Comair-Obeid Fernando Piérola Castro Nkusuwila Nachalwe-Mbao, Martha Mukupa Julio Pellegrini Vial, Carolina Valdivia Torres Nalubamba Panels of Arbitrators and Conciliators LITHUANIA Designations effective December 19, 2023: CHINA Panel of Arbitrators *Pending acceptance Alonso Morales Acosta, Ricardo de Urioste Panel of Arbitrators Redesignation effective November 20, 2023: Samanamud, Carlos José Valderrama Bernal Redesignation effective May 16, 2024: Inga Martinkutė Xuehua Wang Panel of Conciliators ROMANIA Panel of Arbitrators Designations effective November 20, 2023: Panels of Arbitrators and Conciliators Designations effective May 16, 2024: Romualdas Drakšas, Paulius Čerka, Tomas Veršinskas Designations effective May 29, 2024: Mingchao Fan, Ming Fung Wong, Hong Zhao Crenguţa Leaua, Ştefan Deaconu Panel of Conciliators Panel of Conciliators Redesignation effective November 20, 2023: Redesignation effective May 16, 2024: Raimundas Moisejevas Jingxia Shi 32 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 33 ICSID SECRETARIAT The ICSID Secretariat carries out the day-to-day operations of the Centre. Its composition LEGAL COUNSEL Phoebe Ngan and principal functions are set out in the ICSID Convention (Articles 9 to 11) and the Francisco Abriani Pierre Nosewicz Administrative and Financial Regulations. Izabela Monika Chabinska Maria-Rosa B. Rinne Jonathan Chevry Federico Salon Kajganich The Secretariat provides professional legal, administrative, and financial services for cases. Ana Conover Anastasia Tsimberlidis A case management team is assigned to each case, led by an experienced legal counsel and Govert Coppens Anton Tugushev assisted by paralegals and legal assistants. A financial and administrative team oversees Mercedes Cordido-Freytes de Kurowski Marisela Vázquez Marrero the financial aspects of cases, as well as the ICSID budget. It also handles ICSID’s archives, Patricia Cruz Trabanino human resources, and information technology. A hearings team manages the planning Gabriela González Giráldez LEGAL ASSISTANT and logistics of ICSID sessions and hearings—whether held in person, remotely, or in a Verónica Lavista Alix Ahimon hybrid format. Finally, the institutional affairs team deals with matters relating to ICSID Ayong Lim Dante Herrera Guzmán membership and engagement with ICSID Member States, maintains the ICSID Panels of Sara Marzal Sebastian Shepherd Conciliators and of Arbitrators, and manages ICSID’s external communications. Elisa Méndez Bräutigam SR. EXECUTIVE ASSISTANT TO SECRETARY- Marco Tulio Montañés-Rumayor GENERAL The Secretariat also plays an important role in maintaining and publishing data on ICSID Leah W. Njoroge Cindy Ayento cases and fostering awareness of international investment dispute settlement more Oladimeji Ojo broadly through events, courses, and technical assistance. ICSID hosts an information-rich Yuichiro Omori PROGRAM ASSISTANT website, including online databases on cases, membership, and arbitrators, conciliators, and Marisa Planells-Valero Sherri Akanni committee members. Since 1986, ICSID has also published the world’s leading journal on Patricia Rodríguez Martín Anita Chen international investment law, the ICSID Review—Foreign Investment Law Journal. Ella Rosenberg Celeste Salinas Quero FINANCIAL AND GENERAL ADMINISTRATION Anna Toubiana STAFF SECRETARIAT STAFF AS OF JUNE 30, 2024 LEGAL COUNSEL— INSTITUTIONAL MATTERS TEAM LEADER/SR. PROGRAM MANAGER Daniela Argüello Javier Castro SECRETARY-GENERAL SENIOR LEGAL COUNSEL Celeste Mowatt Meg Kinnear Laura Bergamini SR. FINANCIAL OFFICER Aïssatou Diop LEGAL ANALYST - INSTITUTIONAL MATTERS Azeb Debebe Mengistu DEPUTY SECRETARY-GENERAL Geraldine Fischer Carlos Molina Gonzalo Flores Anneliese Fleckenstein FINANCIAL ANALYST Martina Polasek Benjamin Garel PARALEGAL, ADMINISTRATIVE AND CLIENT Dioma Seck Gueye Anna Holloway SUPPORT STAFF Walter Meza-Cuadra LEGAL STAFF Alex B. Kaplan PARALEGAL HEARINGS AND EVENTS ORGANIZER Catherine Kettlewell TEAM LEADER/SENIOR LEGAL COUNSEL Jaïdat Ali Djaé Lamiss Al-Tashi Alicia Martín Blanco Aurélia Antonietti Paulina Alvarado Medina Luisa Fernanda Torres HEARINGS AND EVENTS ASSISTANT Paul-Jean Le Cannu Vanina L. Bauza Jara Mínguez Almeida Rachel Evangelista Ana Cecilia Chamorro Frauke Nitschke Michelle Lemus Andrea Clavijo-Herrera Natalí Sequeira Colleen Ferguson EXTERNAL AFFAIRS OFFICER Ivania Fernández Damon Vis-Dunbar Ayling Kocchiu Shay Lakhter INFORMATION TECHNOLOGY ANALYST Pedro Magariño Manero Ranjini Balasubramaniam Ekaterina Minina Patricia V. Romero 34 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 35 ICSID Secretariat staff, former colleagues, and friends gather for Meg Kinnear’s retirement party. © World Bank 36 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 37 OUTREACH AND TRAINING ICSID delivers a comprehensive outreach and training program intended to build awareness of the ICSID dispute-resolution system, highlight trends and initiatives related to ICSID cases and operations, and contribute to the development of international investment law. In FY2024, the ICSID Secretariat participated in numerous events and training courses around the world, published a range of new reports, and continued to serve as a key source of data and analysis on investor-State dispute settlement. GLOBAL OUTREACH Over the course of FY2024, ICSID partnered with a wide range of national and international institutions to build awareness and capacity in the field of international investment dispute settlement. Highlighted below are some examples. Alex Kaplan and Martina Polasek speak at Washington Arbitration Week in an event hosted at ICSID. © ICSID 38 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 39 AUSTRIA UNITED STATES To mark the occasion of a new cooperation On May 21, 2024, ICSID partnered with the International agreement between ICSID and the Vienna Chamber of Commerce International Court of Arbitration International Arbitral Centre (VIAC), ICSID CZECHIA and the International Centre for Dispute Resolution of the and VIAC organized a panel discussion on Martina Polasek discussed the UNCITRAL American Arbitration Association on the 38th edition of the January 23, 2024, on the topic of enhancing and ICSID Code of Conduct at the 13th Joint Colloquium on International Arbitration. efficiencies in investment arbitration. Investment Treaty Arbitration Conference in Prague on October 26, 2023. JAPAN CÔTE D’IVOIRE Geraldine Fischer, ICSID Senior Counsel, Laura Bergamini, ICSID Senior Legal joined a panel at the 2024 Tokyo Forum Counsel, spoke at the second edition of on Dispute Resolution to discuss selected the African Arbitration and Mediation practice under the new ICSID Rules, Days on July 27, 2023. annulment and the enforcement of ICSID awards on March 13, 2024. PERU Celeste Salinas Quero, ICSID Legal Counsel, participated in a workshop for government officials on investment disputes organized by the Ministry of Economy and Finance in Lima on September 19-20, 2023. ABU DHABI For the third edition of their joint conference, Abu Dhabi Global Market and ICSID gathered world experts in Abu Dhabi on April 24, 2024, to discuss the settlement of international energy disputes in the Middle East. CHILE On August 30, 2023, Gonzalo Flores, ICSID Deputy Secretary-General, discussed trends and challenges in investor-State arbitration in Latin America at the Santiago Arbitration and Mediation Centre (CAM Santiago). 40 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 41 NEW PUBLICATIONS COLLECTIONS Background Paper on Compliance with and ICSID publishes a multi-volume loose-leaf collection of Enforcement of ICSID Awards Investment Treaties containing the texts of investment Published in June 2024, this paper provides a treaties and protocols concluded by over 165 countries comprehensive overview of the ICSID Convention’s from 1959 until the present. The Investment Treaties regime governing compliance with, recognition, collection has been published since 1986. enforcement and execution of an ICSID Convention 2024 Tokyo Forum on Dispute Resolution. © Japan Ministry of Justice Award. It responds to the interests of stakeholders in ICSID’s multi-volume loose-leaf collection, Investment understanding what happens after an award has been Laws of the World, features investment legislation and rendered and any post-award proceedings are concluded. contact information of national investment agencies from over 140 countries. Investment Laws of the World Background Paper on Annulment has been published since 1973 and the legislation Published in March 2024—and now in its third edition— reproduced is available in the official language(s) as ICSID’s Background Paper on Annulment surveys the provided to ICSID by the respective governments. drafting history of the ICSID Convention’s provisions on YOUNG ICSID Most Read annulment, details how the annulment process works in  Recent Trends in Investment Arbitration on the Right to Regulate, Environment, Health and Corporate Social practice, and draws from over fifty years of data to ICSID OFFICIAL DOCUMENTS Young ICSID was established to encourage professional Responsibility: Too Much or Too Little?, by Crina Baltag, highlight trends in annulment proceedings. development among international investment dispute  ICSID Provisional Regulations and Rules, Doc. resolution practitioners under the age of 45. The network Riddhi Joshi, and Kabir Duggal ICSID/1 (February 1967) (contains provisional texts continued to expand in FY2024 to over 3000 members. ICSID CASELOAD – STATISTICS of the Centre’s Regulations and Rules in effect from  Temporal Issues Relating to BIT Dispute Resolution, by February 2, 1967 to December 31, 1967), as set forth For the past several years, ICSID has profiled young Sean D Murphy The ICSID Caseload - Statistics contains a profile of the in Doc. AC/66/81 (Provisional Administrative and lawyers in the field of investment law and dispute ICSID caseload since the first case was registered in Financial Regulations of the Centre); Doc. AC/66/32 settlement, seeking insights into their career  Investment Contracts and the Reform of Investment 1972. Published in English, French and Spanish every 6 (Provisional Institution Rules of the Centre); Doc. development, lessons learned on the job, and advice to Arbitration: Towards Sustainability, by Sondra Faccio months, it is a valuable empirical reference about AC/66/43 (Provisional Arbitration Rules of the other young professionals. The Young ICSID profiles trends in international investment dispute settlement. Centre); and Doc. AC/66/54 (the Provisional published in the past fiscal year included special  The Meaning of Silence in Investment Treaties, by Two issues were published in FY2024: Conciliation Rules of the Centre) editions with practitioners based in Europe, and in East Simon Batifort and Andrew Larkin  The ICSID Caseload - Statistics (Issue 2023-2) – and Southeast Asia. covering trends in cases registered and administered  List of Contracting States and Other Signatories of  Shareholder Claims for Reflective Loss in Investor-State by ICSID in fiscal year 2023, spanning July 1, 2022 the Convention, Doc. ICSID/3 (periodic updates) As in previous years, Young ICSID joined forces with ICC Dispute Settlement: Proposing Reform Options for to June 30, 2023. (English, French and Spanish) Young Arbitration and ADR Forum and ICDR Young and States, by Anuki Suraweera International on an event ahead of the ICSID, ICC, and  The ICSID Caseload - Statistics (Issue 2024-1) – ICDR Joint Colloquium on International Arbitration. This Most Cited covering trends in cases registered and administered by year’s event, on May 20, 2024, asked how arbitration  Wherefore Art Thou? Towards a Public Interest-Based ICSID in the 2023 calendar year (January – December). practitioners should prepare and remain relevant in a Justification of International Investment Law, by multi-polar world with evolving global and regional Stephan W Schill and Vladislav Djanic The latest caseload trends for fiscal year 2024 are Left: UNCITRAL Academy Investor-State Dispute crises. From cybersecurity to humanitarian and contained in Issue 2024-2, published in August 2024, Settlement Capacity-Building Workshop. © UNCITRAL environmental law, the panel delved into the expertise  Abuse of Process in International Arbitration, by and reflected on pages 14–24 of this Annual Report. that will be required for the cases of tomorrow. Emmanuel Gaillard Right: Clarke Initiative for Law & Development in the Middle East & Africa. © Cornell University  An Overview of South Africa’s Bilateral Investment THE ICSID REVIEW—FOREIGN Treaties and Investment Policy, by Engela C. INVESTMENT LAW JOURNAL Schlemmer The ICSID Review–Foreign Investment Law Journal is the  Denunciation, Termination and Survival: The Interplay of premier peer-reviewed periodical devoted exclusively to Treaty Law and International Investment Law, by Tania foreign investment law and international investment Voon and Andrew D. Mitchell dispute settlement. Published three-times per year, each issue contains case comments, articles and notes  Investor Diligence in Investment Arbitration: Sources on diverse topics related to investment law and and Arguments, by Jorge E. Viñuales arbitration. 42 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 43  ICSID Additional Facility Rules, Doc. ICSID/11/Rev. 2  Memorandum on the Fees and Expenses of ICSID (April 2006) (contains the texts of the Additional Arbitrators (July 6, 2005) (English, French and Facility Rules in effect from April 10, 2006) (English, Spanish) (contains the text of the Memorandum of French and Spanish) Fees and Expenses of ICSID Arbitrators in effect from July 6, 2005)  ICSID Additional Facility Rules, Doc. ICSID/11/Rev. 3 (July 2022) (contains the texts of the Additional  Memorandum on the Fees and Expenses in ICSID Facility Rules in effect from July 1, 2022) (English, Proceedings (July 1, 2022) (English, French and French and Spanish) Spanish) (contains the text of the Memorandum of Fees and Expenses in ICSID Proceedings in effect  ICSID Basic Documents, Doc. ICSID/15 (January from July 1, 2022) 1985) (contains the texts of the Centre’s Regulations and Rules in effect from September 26, 1984 to  ICSID Schedule of Fees (July 1, 2023) (English, French December 31, 2002 and the text of the ICSID and Spanish) (contains the text of the ICSID Convention) (English, French and Spanish) Schedule of Fees in effect from July 1, 2023) (Previously revised on: July 6, 2005; January 1, 2008; London International Disputes Week. © Fraser Allan  ICSID Convention, Regulations and Rules, Doc. January 1, 2012; January 1, 2013; July 1, 2017; ICSID/15/Rev. 1 (January 2003) (contains the texts January 1, 2019 ; July 1, 2022) of the Centre’s Regulations and Rules in effect from January 1, 2003 to April 9, 2006 and the text of the  ICSID Annual Report (1967–2023) (English, French ICSID Convention) (English, French and Spanish) and Spanish)  ICSID Regulations and Rules, Doc. ICSID/4/Rev. 1 (January 1968) (contains the texts of the Centre’s  ICSID Convention, Regulations and Rules, Doc. Regulations and Rules in effect from January 1, 1968 ICSID/15/Rev. 2 (April 2006) (contains the texts of to September 25, 1984) (English, French and the Centre’s Regulations and Rules in effect from Spanish) April 10, 2006 and the text of the ICSID Convention) (English, French and Spanish)  ICSID Model Clauses, Doc. ICSID/5/Rev. 1 (February 1, 1993) (English, French and Spanish) (Internet  ICSID Convention, Regulations and Rules, Doc. edition only) ICSID/15/Rev. 3 (July 2022) (contains the texts of the Centre’s Regulations and Rules in effect from  Contracting States and Measures Taken by Them for July 1, 2022 and the text of the ICSID Convention) the Purpose of the Convention, Doc. ICSID/8 (English, French and Spanish) (periodic updates) (English)  List of Pending and Concluding Cases, ICSID/16  Members of the Panels of Arbitrators and of (Internet edition only) Conciliators, Doc. ICSID/10 (periodic updates) (English)  Bilateral Investment Treaties 1959–1996: Chronological Country Data and Bibliography, Doc.  ICSID Additional Facility for the Administration of ICSID/17 (May 30, 1997) (English) (Internet edition Conciliation, Arbitration and Fact-Finding only) Proceedings, Doc. ICSID/11 (June 1979) (contains the texts of the Additional Facility Rules in effect from  ICSID Mediation Rules and Regulations, Doc. September 27, 1978 until December 31, 2002) ICSID/18 (July 2022) (contains the texts of the ICSID (English, French and Spanish) Mediation Rules and Regulations in effect from July 1, 2022) (English, French and Spanish)  ICSID Additional Facility Rules, Doc. ICSID/11/Rev. 1 (January 2003) (contains the texts of the Additional  ICSID Fact-Finding Rules and Regulations, Doc. Facility Rules in effect from January 1, 2003 to April ICSID/19 (July 2022) (contains the texts of the ICSID 9, 2006) (English, French and Spanish) Fact-Finding Rules and Regulations in effect from July 1, 2022) (English, French and Spanish) XI Symposium on International Arbitration. © International Arbitration Center of the Peruvian Chamber of Commerce 44 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 45 FIFTY-SEVENTH ANNUAL MEETING OF THE ADMINISTRATIVE COUNCIL The ICSID Administrative Council is the governing The Resolutions adopted at the Meeting are body of ICSID. Its composition, functions and reproduced below. decision-making procedure are provided for in the ICSID Convention (Articles 4 to 8). AC(57)/RES/148—APPROVAL OF THE ANNUAL REPORT Pursuant to Article 4 of the ICSID Convention, The Administrative Council RESOLVES the ICSID Administrative Council is composed of one representative of each Contracting State. To approve the 2023 Annual Report on the In the absence of a contrary designation, the operation of the Centre. governor for the World Bank appointed by that State serves ex officio as its representative on the Council. Each member has one vote on the AC(57)/RES/149—ADOPTION OF BUDGET FOR Administrative Council. At the end of FY2024, FISCAL YEAR 2024 158 Contracting States were represented on the The Administrative Council RESOLVES ICSID Administrative Council. An up-to-date list of To adopt, for the period July 1, 2023, to June 30, 2024, members of the Administrative Council is available the budget set forth in paragraph 2 of the Report on the ICSID website. and Proposal of the Secretary-General on the Budget for Fiscal Year 2024, dated June 30, 2023. The President of the World Bank is the Chair of the Administrative Council (Article 5). The Chair has no vote on matters before the Administrative Council but convenes and presides over its meetings. On October 13, 2023, the Chair of the Administrative Council, Mr. Ajay Banga, presided over the 57th Annual Meeting of the Administrative Council, on the occasion of the Annual Meetings of the Boards of Governors of the World Bank and the International Monetary Fund. At its 57th Annual Meeting, the Administrative Council approved the Centre’s 2023 Annual Report and its administrative budget for FY2024. World Bank and International Monetary Fund Annual Meetings. © World Bank 46 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 47 INDEPENDENT AUDITOR’S REPORT AND FINANCE FINANCIAL STATEMENTS ICSID’s administrative expenditures in FY2024 were covered by fee income and by 50 Statement of Financial Position the International Bank for Reconstruction and Development (IBRD) pursuant to the Memorandum of Administrative Arrangements concluded between the IBRD and ICSID. 51 Statement of Activities It is therefore not necessary to assess any excess expenditures on Contracting States pursuant to Article 17 of the Convention. 52 Statement of Cash Flows Expenditures relating to pending arbitration proceedings are borne by the parties in 53 Notes to the Financial Statements accordance with ICSID’s Administrative and Financial Regulations. 60 Independent Auditor’s Report The Financial Statements of the Centre for FY2024 are presented in the following pages. 48 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 49 STATEMENT OF FINANCIAL POSITION STATEMENT OF ACTIVITIES June 30, 2024 and June 30, 2023 For the years ended June 30, 2024 and June 30, 2023 All amounts expressed in U.S. dollars unless otherwise noted All amounts expressed in U.S. dollars unless otherwise noted 2024 2023 2024 2023 Assets: Support and revenues: Cash (Note 2) $797,262 $824,452 Revenues/Fees from arbitration/conciliation proceedings Share of cash and investments in the Pool (Notes 2 and 3) 93,014,645 89,472,180 (Notes 2 and 6) $63,829,013 $66,110,753 Due from parties to arbitration/conciliation proceedings (Note 2) 220,142 694,632 In-kind contributions (Notes 2 and 8) 366,776 354,716 Total assets $94,032,049 $90,991,264 Net investment income (Notes 2, 3 and 9) 5,189,709 3,552,178 Sales of publications 150,351 83,146 Liabilities and net assets: Liabilities: Total support and revenues $69,535,849 $70,100,793 Payable to International Bank for Reconstruction and Development (Note 2) $3,539,742 $3,430,869 Other liabilities 25,000 25,028 Deferred revenue (Note 2) 8,275,827 7,785,627 Expenses: Accrued expenses related to arbitration/conciliation proceedings (Note 2) 8,591,739 10,453,583 Expenses related to arbitration/conciliation proceedings Advances from parties to arbitration/conciliation proceedings (Note 2) 62,771,663 59,988,269 (Notes 2 and 7) 45,665,363 49,873,222 Total liabilities $83,203,971 $81,683,376 Net assets, unrestricted (Note 4) 10,828,078 9,307,888 Administrative expenses (Note 8) 18,391,522 16,742,676 Total liabilities and net assets $94,032,049 $90,991,264 Net investment income applied to arbitration/conciliation proceedings (Notes 2, 3 and 9) 3,958,774 2,760,824 Total expenses $68,015,659 $69,376,722 Change in net assets 1,520,190 724,071 Net assets, beginning of the year 9,307,888 8,583,817 Net assets, end of the year $10,828,078 $9,307,888 The notes to the financial statements are an integral part of these statements. The notes to the financial statements are an integral part of these statements. 50 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 51 STATEMENT OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS For the years ended June 30, 2024 and June 30, 2023 June 30, 2024 and June 30, 2023 All amounts expressed in U.S. dollars unless otherwise noted All amounts expressed in U.S. dollars unless otherwise noted NOTE 1—ORGANIZATION The International Centre for Settlement of Investment Disputes (ICSID or the Centre) was established on October 14, 2024 2023 1966, by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). ICSID is a member of the World Bank (WB), which also includes the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), the International Development Cash flows from operating activities: Association (IDA) and the Multilateral Investment Guarantee Agency (MIGA). Under the ICSID Convention, the Centre Change in net assets $1,520,190 $724,071 provides facilities for the conciliation and arbitration of investment disputes between Member States (countries which Due from parties to arbitration/conciliation proceedings 474,490 (512,269) have ratified the ICSID Convention) and nationals of other Member States. Pursuant to Additional Rules adopted in 1978, Payable to International Bank for Reconstruction & Development 108,872 (270,825) ICSID also administers certain types of proceedings between governments and foreign nationals that fall outside the Other liabilities (28) — scope of the ICSID Convention. These include conciliation and arbitration proceedings for the settlement of investment Deferred revenue 490,200 571,752 disputes where either the home or the host country of the investor concerned is not a Member State. ICSID also administers investor-State proceedings under other sets of rules, such as the Arbitration Rules of the United Nations Accrued expenses related to arbitration/conciliation proceedings (1,861,843) 2,661,649 Commission on International Trade Law (UNCITRAL). Finally, the Centre also acts as appointing authority under various Advances from parties to arbitration/conciliation proceedings 2,783,395 8,375,485 arbitral rules and international treaties. In order to process the cases, the Centre constitutes arbitral tribunals, Net cash provided by operating activities 3,515,276 11,549,863 conciliation commissions and ad hoc committees, as necessary. On February 13, 1967, IBRD and the Centre entered into Cash flows from investing activities: Administrative Arrangements, which were effective as of the date of the establishment of the Centre. The Memorandum Share of cash and investment in the Pool (3,542,465) (11,104,228) of Administrative Arrangements (the Memorandum) provides that, except to the extent that ICSID, pursuant to its Net cash (used in) investing activities (3,542,465) (11,104,228) Administrative and Financial Regulations (the Regulations), collects funds from the parties to proceedings to cover its administrative expenses, IBRD shall provide reasonable facilities and services to ICSID without charge, as described in Net (Decrease)/Increase in cash (27,190) 445,635 Notes 2 and 8. Cash at beginning of the year 824,452 378,817 Cash at end of the year $797,262 $824,452 Effective February 2012, pursuant to Operational Guidelines for the Funding of the Operations of the Centre entered into by IBRD and the Centre, if at the end of each fiscal year the Centre’s total expenditure less the IBRD’s in-kind contribution is less than the revenues collected by the Centre, then the accumulated surplus amount will be retained by the Centre and may be carried forward indefinitely. In the event the Centre’s total expenditure, less the IBRD’s in-kind contribution, is greater than the revenues collected by the Centre during the year, the excess expenditure will be charged against the balance of any accumulated surpluses retained by the Centre before the Centre requests supplementary funding from IBRD. NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Financial Statement Presentation: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with the related disclosures as at the date of the financial statements. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the amount of accrued expenses and related revenues for ongoing cases at each year end; the fair value of the share of cash and investments in the pool. The notes to the financial statements are an integral part of these statements. Cash: Cash consists of cash held in a bank account. 52 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 53 Share of cash and investments in the Pool: Investments in the Pool (further described in Note 3) are reported at fair Administration fees: The Centre charges an annual administration fee of $52,000, increased from $42,000 as of FY24. value through profit or loss. Resulting gains or losses are reported as an increase or a reduction in Net investment income For proceedings registered on or after July 1, 2016, the fee is due on the registration of the request for arbitration, in the Statements of Activities. All income earned on advances from parties towards arbitration/conciliation costs is conciliation or post-award proceeding and annually thereafter. For proceedings registered before July 1, 2016, the fee is applied to the parties’ advance balances and is made available to be used for expenses when costs are incurred by ICSID due on the date of constitution of the Tribunal, Commission or Committee concerned and annually thereafter. The same in facilitating arbitration/conciliation proceedings. The Centre’s share of net investment income is included in the Net annual fee is charged in proceedings administered by the Centre under rules other than the ICSID Convention and the investment income on the Statement of Activities with further disclosure in Note 9. ICSID Additional Facility Rules. Due from parties to arbitration/conciliation proceedings: Direct expenses incurred by arbitrators, conciliators and The Centre collects administration fees from advance deposits from the parties to arbitration/conciliation proceedings. committee members in excess of advance payments made by the parties to ongoing proceedings are recognized as due Revenues are recognized on a straight-line basis, over the twelve-month period during which services are performed. The from parties and are payable in accordance with the Centre’s Regulations. unearned revenue at year-end is recorded as deferred revenue in the Statements of Financial Position and recognized in the subsequent fiscal year. Payable to IBRD: These amounts represent the balance of outstanding expenses incurred in the normal course of business, which are paid by IBRD on behalf of ICSID. Case attendance fees: The Centre charges an hourly fee of $200 when the Secretary of the Tribunal, Commission or Committee attends meetings as well as reimbursement of the travel and subsistence expenses of the Secretary when the Accrued expenses related to arbitration/conciliation proceedings: Accrued expenses are recorded when it is probable meetings are held away from the seat of the Centre. This is recognized as part of Revenues/fees from arbitration and that the expense has been incurred and the amount can be reasonably estimated. Management estimates the amount of conciliation in the Statement of Activities. unbilled expenses incurred by arbitrators, conciliators, committee members and other service providers, and related revenues, for ongoing cases at each year end. The nature of the cases handled by the Centre requires the use of external Value of services provided by IBRD and in-kind contributions: arbitrators, conciliators and committee members, who charge fees for their services based on time spent on the cases. The estimation process uses information received from those individuals about unbilled time spent and expenses incurred IBRD provides support services and facilities to the Centre including the following: on the cases through the end of the fiscal year. In some instances, the determination of fees and expenses incurred in 1) The services of staff members and consultants; and ongoing cases is based on estimated time spent by them in relation to the progress of the case and the number of 2) Other administrative services and facilities, such as travel, communications, office accommodations, furniture, hearings and sessions held during the year. Actual results of case-related fees earned and expenses incurred but unbilled equipment, supplies and printing. during the year may differ materially from management’s estimates. The Centre recognizes expenses, as incurred, for the value of services provided by IBRD, which is determined by the Advances from parties to arbitration/conciliation proceedings: In accordance with its Regulations, the Centre estimated fair value of such services. Cost approximates fair value for these services. Services by IBRD for which the periodically requests parties to proceedings to make advance payments to cover case administrative charges and the Centre provides no compensation are similarly recognized, measured, and are recorded as in-kind contribution revenue in fees and expenses of tribunal, commission and committee members. Advance balances not used to cover costs of the the Statements of Activities. proceeding during the period are recorded as liabilities. On completion of proceedings, if there is an excess of advances and investment income over expenditures for the proceedings, then the surplus is refunded to the parties in proportion to Relevant accounting and reporting developments: the amounts advanced by them to the Centre. Financial Accounting Standards Board (FASB): Revenues/fees from arbitration/conciliation proceedings: The Centre’s direct expenses attributable to proceedings are borne by the parties in accordance with the Centre’s Regulations. Pursuant to the Regulations, the Centre has full There are no accounting and reporting developments relevant to the Centre currently under consideration. administrative control and responsibility of these transactions to the extent that advances from the parties are received (see Note 7). As such, in line with ASC 606 requirements, the Centre recognizes direct expenses, which include fees and expenses of arbitrators, conciliators and committee members, as well as costs associated with meeting rooms and NOTE 3—SHARE OF CASH AND INVESTMENTS IN THE POOL AND FAIR VALUE support services for conducting proceedings as revenue. MEASUREMENT In addition, revenues from proceedings also include the following (see Note 6): Amounts paid to the Centre, but not yet disbursed, are managed by IBRD, which maintains an investment portfolio (the Pool) for all the trust funds administered by the WB. IBRD, on behalf of the WB, maintains the Pool’s assets separate and Registration fees: The Centre charges a non-refundable fee of $25,000 to parties requesting the institution of apart from the funds of the WB. arbitration/conciliation proceedings under the ICSID Convention and the ICSID Additional Facility Rules; applying for annulment of an arbitral award rendered pursuant to the ICSID Convention; or requesting the institution of fact-finding The Pool is a trading portfolio and is reported at fair value, with realized and unrealized gains/losses included in net proceedings under the ICSID Additional Facility Rules. The Centre charges a non-refundable fee of $10,000 to parties investment income. It is divided into sub-portfolios to which allocations are made based on fund specific investment requesting a supplementary decision to, or the rectification, interpretation or revision of, an arbitral award rendered horizons, risk tolerances, and/or other eligibility requirements for trust funds with common characteristics as determined pursuant to the ICSID Convention; requesting a supplementary decision to, or the correction or interpretation of an by IBRD. Generally, the Pool includes cash and financial instruments such as government and agency obligations, time arbitral award rendered pursuant to the ICSID Additional Facility Rules; or requesting the resubmission of a dispute to a deposits, money market securities, and asset-backed securities. Additionally, the Pool includes equity securities, new tribunal after the annulment of an arbitral award rendered pursuant to the ICSID Convention. A non-refundable fee derivative contracts such as currency forward contracts, currency swaps, interest rate swaps, and contracts to of $1,000 applies to requests of Mediations. Registration fees are recognized over the estimated time period in which purchase or sell mortgage-backed securities to-be-announced (TBAs). Payables and receivables associated with the ICSID fulfills its performance obligation. The unearned revenue from registration fees at year end is recorded as deferred investment activities are also included in the Pool. The Pool may also include securities pledged as collateral under revenue in the Statement of Financial Position and recognized in subsequent years. repurchase agreements, receivables from resale agreements, and derivatives for which it has accepted collateral. 54 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 55 The Centre’s funds are invested in a sub-portfolio of the Pool, which invests primarily in cash and money market instruments, such as overnight time deposits, time term deposits, certificate of deposits, and commercial paper with NOTE 5—RISKS ARISING FROM FINANCIAL INSTRUMENTS terms of three months or less recorded at par value which approximates fair value. The sub-portfolio also includes government and agency obligations as well as derivatives. The Centre’s financial assets consist of its share of cash and investments in the Pool, cash and due from parties to arbitration/conciliation proceedings. The Centre holds the cash in a depository bank account. The share in pooled cash and investments represents the Centre’s share of the Pool’s fair value at the end of each reporting period. Net investment income consists of the Centre’s allocated share of interest income earned by the Pool, The Pool is actively managed and invested in accordance with the investment strategy established by IBRD for all trust realized gains/losses from sales of securities, and unrealized gains/losses allocated based on ICSID’s share in the Pool. As funds administered by the WB. The objectives of the investment strategy are foremost to maintain adequate liquidity to explained in Note 2, net investment income on advances from parties is recorded as revenue and expense in the meet foreseeable cash flow needs and preserve capital and then to maximize investment returns. Statements of Activities, and it is applied to advances from parties to arbitration/conciliation proceedings to be used for expenses related to such proceedings. The Centre is exposed to credit and liquidity risks. There has been no significant change during the fiscal year to the types of financial risks faced by the Centre or its general approach to the management of those risks. The exposure and IBRD, on behalf of the WB, has an established and documented process to determine fair values. Fair value is based upon the risk management policies employed to manage these risks are discussed below: quoted market prices for the same or similar instruments, where available. Financial instruments for which quoted market prices are not readily available are valued based on discounted cash flow models. These models primarily use Credit risk: The risk that one party to a financial instrument will fail to discharge an obligation and cause the other party market-based or independently-sourced market parameters such as yield curves, interest rates, volatilities, foreign to incur a financial loss. Of the Centre’s financial assets, cash held in the depository bank account which is subject to U.S. exchange rates and credit curves, and may incorporate unobservable inputs. Selection of these inputs involves judgment. Federal Deposit Insurance Corporation (FDIC) insurance limits of $250,000 is not subject to credit risk to the extent that it is covered by insurance. Therefore, the Centre’s maximum credit exposure as at June 30, 2024 is equivalent to the The Pool’s financial instruments are categorized based on the priority of the inputs to the valuation technique. The fair gross value of the remaining assets amounting to $93,781,984 (2023: $90,741,264). The Centre does not hold credit value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), the enhancements or collateral to mitigate credit risk, and believes the Pool is adequately managed. next highest priority to observable market-based inputs or inputs that are corroborated by market data (Level 2), and the lowest priority to unobservable inputs that are not corroborated by market data (Level 3). When the inputs used to IBRD invests the Centre’s share of pooled investments primarily in money market securities. The Centre’s share of the measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is cash and investments in the Pool is not traded in any market. However, the assets within the Pool are traded in the categorized is based on the lowest level input that is significant to the fair value measurement of the instrument in its market and are reported at fair value. IBRD’s policy is to only invest in money market instruments issued or guaranteed entirety. Overnight time deposits and certain government obligations are categorized as Level 1 and the other money by financial institutions whose senior debt securities are rated at least A- in the U.S. markets or equivalent. market instruments, government and agency obligations as Level 2. The following table presents investment holdings in terms of the counterparty credit risk exposure categories as of June 30, 2024, and June 30, 2023. Hierarchy level June 30, 2024 June 30, 2023 Counterparty credit ratings June 30, 2024 June 30, 2023 Level 1 $12,291,871 $37,568,177 Level 2 86,858,967 45,769,863 AA- or greater 57% 50% Total $99,150,838 $83,338,040 A- or greater 100% 100% Cash & (payables)/receivables (6,136,193) 6,134,140 Fund balance of ICSID’s TFs $93,014,645 $89,472,180 ICSID defines the concentration of credit risk as the extent to which the pooled investments are held by an individual counterparty. The concentration of credit risk with respect to the Pool of investments is mitigated because IBRD has As of June 30, 2024, and June 30, 2023, ICSID’s share of cash and investments in the Pool does not include any financial investment policies that limit the amount of credit exposure to any individual issuer. instruments measured at fair value on a non-recurring basis. Due from parties to arbitration/conciliation proceedings result from the ordinary course of business. The amounts are neither past due nor impaired. All other financial assets and financial liabilities are carried at cost. Their carrying values are considered to be a reasonable estimate of fair value because these instruments tend to be very short-term in nature and none are Liquidity risk – The risk that an entity will encounter difficulty in raising liquid funds to meet its commitments. ICSID considered to be impaired. Regulations require parties to arbitration/conciliation proceedings to make advance deposits with the Centre to meet anticipated expenses of such proceedings. The Centre’s share of cash and investments in the Pool are substantially invested in highly liquid money market instruments and liabilities carried generally have no stated maturity. NOTE 4—NET ASSETS, UNRESTRICTED Net assets, unrestricted represents accumulated surplus in the amount of $10,828,078 (2023: $9,307,888). The amount may be carried forward indefinitely. 56 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 57 NOTE 6—REVENUES/FEES FROM ARBITRATION/CONCILIATION PROCEEDINGS NOTE 8—IN-KIND CONTRIBUTIONS Revenues/fees from arbitration/conciliation proceedings comprise: As described in Note 1, the Memorandum provides that, except to the extent that the Centre may collect funds from the parties to proceedings to cover its administrative expenses, IBRD will provide facilities and services to the Centre. 2024 2023 Therefore, in-kind contributions represent the value of services provided by IBRD, less amounts reimbursed by ICSID to Drawdown of advances from parties* $45,665,363 $49,873,222 IBRD using proceeds from non-refundable fees and the sale of publications. Administrative fees earned 15,445,559 13,538,264 A summary is provided below: Case lodging and other fees 2,718,091 2,699,267 Total $63,829,013 $66,110,753 2024 2023 Staff services (including benefits) $15,026,940 $13,656,462 *The Centre recognizes revenue to the extent expenses related to arbitration/conciliation proceedings are incurred. The details of such expenses are provided in Note 7. Contractual services 193,467 198,426 Administrative services 303,825 278,299 The movement in advances from parties and drawdown of advances during the period is summarized below: Communication and information technology 1,489,334 1,299,513 Office accommodation 1,205,210 1,205,472 2024 2023 Travel 172,746 104,504 Opening balance $59,988,269 $51,612,784 Total administrative services and facilities 18,391,522 16,742,676 Add: Advances received 44,489,983 55,487,884 Total recorded value of services and facilities 18,391,522 16,742,676 Less: Drawdown of advances (45,665,363) (49,873,222) Add: Investment income applied 3,958,774 2,760,824 Less: Proceeds from fees, investment income and sale of publications 19,544,936 17,112,031 Closing Balance of Advances Received $62,771,663 $59,988,269 Increase in net assets (1,520,190) (724,071) In-kind contributions $366,776 $354,716 NOTE 7—EXPENSES RELATED TO ARBITRATION/CONCILIATION PROCEEDINGS Direct expenses related to arbitration/conciliation proceedings are paid out of advances from parties to the proceedings NOTE 9—NET INVESTMENT INCOME to the extent that there are funds available and to the extent that due from parties are recognized in the balance sheet. These expenses comprise: 2024 2023 Net Investment Income from Share of Investment 2024 2023 in the Pool $5,189,709 $3,552,178 Arbitrators’ fees and expenses $38,312,291 $40,815,315 Less: Net Investment Income applied to advances Arbitration/conciliation meeting costs 6,999,093 8,661,230 from parties to arbitration/conciliation proceedings (3,958,774) (2,760,824) Travel expenses 344,313 386,313 Net Investment Income on ICSID’s Share in the Pool $1,230,935 $791,354 Other costs 9,666 10,364 Total $45,665,363 $49,873,222 NOTE 10—AUTHORIZATION OF FINANCIAL STATEMENTS ICSID’s management has evaluated subsequent events through August 26, 2024, the date the financial statements were approved and authorized for issue. 58 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 59 resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. INDEPENDENT AUDITOR’S REPORT In performing an audit in accordance with GAAS, we: Chairman of the Administrative Council and Secretary General of the • Exercise professional judgment and maintain professional skepticism throughout the audit. International Centre for Settlement of Investment Disputes • Identify and assess the risks of material misstatement of the financial statements, whether due to Opinion fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial We have audited the financial statements of International Centre for Settlement of Investment Disputes statements. (the “Centre”), which comprise the statements of financial position as of June 30, 2024 and 2023, and the related statements of activities and cash flows for the years then ended, and the related notes to • Obtain an understanding of internal control relevant to the audit in order to design audit procedures the financial statements (collectively referred to as the “financial statements”). that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Centre’s internal control. Accordingly, no such opinion is expressed. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Centre as of June 30, 2024 and 2023, and the results of its operations and its • Evaluate the appropriateness of accounting policies used and the reasonableness of significant cash flows for the years then ended in accordance with accounting principles generally accepted in the accounting estimates made by management, as well as evaluate the overall presentation of the United States of America. financial statements. Basis for Opinion • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Centre’s ability to continue as a going concern for a We conducted our audits in accordance with auditing standards generally accepted in the United States reasonable period of time. of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be We are required to communicate with those charged with governance regarding, among other matters, independent of the Centre and to meet our other ethical responsibilities, in accordance with the the planned scope and timing of the audit, significant audit findings, and certain internal control-related relevant ethical requirements relating to our audits. We believe that the audit evidence we have matters that we identified during the audit. obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in August 26, 2024 accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Centre’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement -1- -2- 60 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 61 LIST OF MEMBER STATES STATE China SIGNATURE Feb. 9, 1990 DEPOSIT OF RATIFICATION Jan. 7, 1993 ENTRY INTO FORCE OF CONVENTION Feb. 6, 1993 AS OF JUNE 30, 2024 Colombia May 18, 1993 July 15, 1997 Aug. 14, 1997 Comoros Sep. 26, 1978 Nov. 7, 1978 Dec. 7, 1978 Congo, Democratic Rep. of Oct. 29, 1968 Apr. 29, 1970 May 29, 1970 The 166 States listed below signed the Convention on the Settlement of Investment Disputes between States and Congo, Rep. of Dec. 27, 1965 June 23, 1966 Oct. 14, 1966 Nationals of Other States on the dates indicated. The names of the 158 States that have deposited their instruments of Costa Rica Sep. 29, 1981 Apr. 27, 1993 May 27, 1993 ratification are in bold, with the dates of deposit and the entry into force of the Convention for each of them. Côte d’Ivoire June 30, 1965 Feb. 16, 1966 Oct. 14, 1966 Croatia June 16, 1997 Sep. 22, 1998 Oct. 22, 1998 STATE SIGNATURE DEPOSIT OF ENTRY INTO FORCE OF RATIFICATION CONVENTION Cyprus Mar. 9, 1966 Nov. 25, 1966 Dec. 25, 1966 Afghanistan Sep. 30, 1966 June 25, 1968 July 25, 1968 Czechia Mar. 23, 1993 Mar. 23, 1993 Apr. 22, 1993 Albania Oct. 15, 1991 Oct. 15, 1991 Nov. 14, 1991 Denmark Oct. 11, 1965 Apr. 24, 1968 May 24, 1968 Algeria Apr. 17, 1995 Feb. 21, 1996 Mar. 22, 1996 Djibouti Apr. 12, 2019 June 9, 2020 July 9, 2020 Angola July 14, 2022 Sep. 21, 2022 Oct. 21, 2022 Dominican Republic Mar. 20, 2000 Argentina May 21, 1991 Oct. 19, 1994 Nov. 18, 1994 Ecuador June 21, 2021 Aug. 4, 2021 Sep. 3 2021 Armenia Sep. 16, 1992 Sep. 16, 1992 Oct. 16, 1992 Egypt, Arab Rep. of Feb. 11, 1972 May 3, 1972 June 2, 1972 Australia Mar. 24, 1975 May 2, 1991 June 1, 1991 El Salvador June 9, 1982 Mar. 6, 1984 Apr. 5, 1984 Austria May 17, 1966 May 25, 1971 June 24, 1971 Equatorial Guinea Jun. 13, 2024 Azerbaijan Sep. 18, 1992 Sep. 18, 1992 Oct. 18, 1992 Estonia June 23, 1992 June 23, 1992 July 23, 1992 Bahamas, The Oct. 19, 1995 Oct. 19, 1995 Nov. 18, 1995 Eswatini Nov. 3, 1970 June 14, 1971 July 14, 1971 Bahrain Sep. 22, 1995 Feb. 14, 1996 Mar. 15, 1996 Ethiopia Sep. 21, 1965 Bangladesh Nov. 20, 1979 Mar. 27, 1980 Apr. 26, 1980 Fiji July 1, 1977 Aug. 11, 1977 Sep. 10, 1977 Barbados May 13, 1981 Nov. 1, 1983 Dec. 1, 1983 Finland July 14, 1967 Jan. 9, 1969 Feb. 8, 1969 Belarus July 10, 1992 July 10, 1992 Aug. 9, 1992 France Dec. 22, 1965 Aug. 21, 1967 Sep. 20, 1967 Belgium Dec. 15, 1965 Aug. 27, 1970 Sep. 26, 1970 Gabon Sep. 21, 1965 Apr. 4, 1966 Oct. 14, 1966 Belize Dec. 19, 1986 Gambia, The Oct. 1, 1974 Dec. 27, 1974 J an. 26, 1975 Benin Sep. 10, 1965 Sep. 6, 1966 Oct. 14, 1966 Georgia Aug. 7, 1992 Aug. 7, 1992 Sep. 6, 1992 Bosnia and Herzegovina Apr. 25, 1997 May 14, 1997 June 13, 1997 Germany Jan. 27, 1966 Apr. 18, 1969 May 18, 1969 Botswana Jan. 15, 1970 Jan. 15, 1970 Feb. 14, 1970 Ghana Nov. 26, 1965 July 13, 1966 Oct. 14, 1966 Brunei Darussalam Sep. 16, 2002 Sep. 16, 2002 Oct. 16, 2002 Greece Mar. 16, 1966 Apr. 21, 1969 May 21, 1969 Bulgaria Mar. 21, 2000 Apr. 13, 2001 May 13, 2001 Grenada May 24, 1991 May 24, 1991 June 23, 1991 Burkina Faso Sep. 16, 1965 Aug. 29, 1966 Oct. 14, 1966 Guatemala Nov. 9, 1995 Jan. 21, 2003 Feb. 20, 2003 Burundi Feb. 17, 1967 Nov. 5, 1969 Dec. 5, 1969 Guinea Aug. 27, 1968 Nov. 4, 1968 Dec. 4, 1968 Cabo Verde Dec. 20, 2010 Dec. 27, 2010 Jan. 26, 2011 Guinea-Bissau Sep. 4, 1991 Cambodia Nov. 5, 1993 Dec. 20, 2004 Jan. 19, 2005 Guyana July 3, 1969 July 11, 1969 Aug. 10, 1969 Cameroon Sep. 23, 1965 Jan. 3, 1967 Feb. 2, 1967 Haiti Jan. 30, 1985 Oct. 27, 2009 Nov. 26, 2009 Canada Dec. 15, 2006 Nov. 1, 2013 Dec. 1, 2013 Honduras May 28, 1986 Feb. 14, 1989 Mar. 16, 1989 Central African Republic Aug. 26, 1965 Feb. 23, 1966 Oct. 14, 1966 Hungary Oct. 1, 1986 Feb. 4, 1987 Mar. 6, 1987 Chad May 12, 1966 Aug. 29, 1966 Oct. 14, 1966 Iceland July 25, 1966 July 25, 1966 Oct. 14, 1966 Chile Jan. 25, 1991 Sep. 24, 1991 Oct. 24, 1991 Indonesia Feb. 16, 1968 Sep. 28, 1968 Oct. 28, 1968 Iraq Nov. 17, 2015 Nov. 17, 2015 Dec. 17, 2015 62 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 63 STATE SIGNATURE DEPOSIT OF ENTRY INTO FORCE OF STATE SIGNATURE DEPOSIT OF ENTRY INTO FORCE OF RATIFICATION CONVENTION RATIFICATION CONVENTION Ireland Aug. 30, 1966 Apr. 7, 1981 May 7, 1981 North Macedonia Sep. 16, 1998 Oct. 27, 1998 Nov. 26, 1998 Israel June 16, 1980 June 22, 1983 July 22, 1983 Norway June 24, 1966 Aug. 16, 1967 Sep. 15, 1967 Italy Nov. 18, 1965 Mar. 29, 1971 Apr. 28, 1971 Oman May 5, 1995 July 24, 1995 Aug. 23, 1995 Jamaica June 23, 1965 Sep. 9, 1966 Oct. 14, 1966 Pakistan July 6, 1965 Sep. 15, 1966 Oct. 15, 1966 Japan Sep. 23, 1965 Aug. 17, 1967 Sep. 16, 1967 Panama Nov. 22, 1995 Apr. 8, 1996 May 8, 1996 Jordan July 14, 1972 Oct. 30, 1972 Nov. 29, 1972 Papua New Guinea Oct. 20, 1978 Oct. 20, 1978 Nov. 19, 1978 Kazakhstan July 23, 1992 Sep. 21, 2000 Oct. 21, 2000 Paraguay July 27, 1981 Jan. 7, 1983 Feb. 6, 1983 Kenya May 24, 1966 Jan. 3, 1967 Feb. 2, 1967 Peru Sep. 4, 1991 Aug. 9, 1993 Sep. 8, 1993 Korea, Rep. of Apr. 18, 1966 Feb. 21, 1967 Mar. 23, 1967 Philippines Sep. 26, 1978 Nov. 17, 1978 Dec. 17, 1978 Kosovo, Rep. of June 29, 2009 June 29, 2009 July 29, 2009 Portugal Aug. 4, 1983 July 2, 1984 Aug. 1, 1984 Kuwait Feb. 9, 1978 Feb. 2, 1979 Mar. 4, 1979 Qatar Sep. 30, 2010 Dec. 21, 2010 Jan. 20, 2011 Kyrgyz Republic June 9, 1995 Apr. 21, 2022 May 21, 2022 Romania Sep. 6, 1974 Sep. 12, 1975 Oct. 12, 1975 Latvia Aug. 8, 1997 Aug. 8, 1997 Sep. 7, 1997 Russian Federation June 16, 1992 Lebanon Mar. 26, 2003 Mar. 26, 2003 Apr. 25, 2003 Rwanda Apr. 21, 1978 Oct. 15, 1979 Nov. 14, 1979 Lesotho Sep. 19, 1968 July 8, 1969 Aug. 7, 1969 Samoa Feb. 3, 1978 Apr. 25, 1978 May 25, 1978 Liberia Sep. 3, 1965 June 16, 1970 July 16, 1970 San Marino Apr. 11, 2014 Apr. 18, 2015 May 18, 2015 Lithuania July 6, 1992 July 6, 1992 Aug. 5, 1992 Sao Tome and Principe Oct. 1, 1999 May 20, 2013 June 19, 2013 Luxembourg Sep. 28, 1965 July 30, 1970 Aug. 29, 1970 Saudi Arabia Sep. 28, 1979 May 8, 1980 June 7, 1980 Madagascar June 1, 1966 Sep. 6, 1966 Oct. 14, 1966 Senegal Sep. 26, 1966 Apr. 21, 1967 May 21, 1967 Malawi June 9, 1966 Aug. 23, 1966 Oct. 14, 1966 Serbia May 9, 2007 May 9, 2007 June 8, 2007 Malaysia Oct. 22, 1965 Aug. 8, 1966 Oct. 14, 1966 Seychelles Feb. 16, 1978 Mar. 20, 1978 Apr. 19, 1978 Mali Apr. 9, 1976 Jan. 3, 1978 Feb. 2, 1978 Sierra Leone Sep. 27, 1965 Aug. 2, 1966 Oct. 14, 1966 Malta Apr. 24, 2002 Nov. 3, 2003 Dec. 3, 2003 Singapore Feb. 2, 1968 Oct. 14, 1968 Nov. 13, 1968 Mauritania July 30, 1965 Jan. 11, 1966 Oct. 14, 1966 Slovak Republic Sep. 27, 1993 May 27, 1994 June 26, 1994 Mauritius June 2, 1969 June 2, 1969 July 2, 1969 Slovenia Mar. 7, 1994 Mar. 7, 1994 Apr. 6, 1994 Mexico Jan. 11, 2018 July 27, 2018 Aug. 26, 2018 Solomon Islands Nov. 12, 1979 Sep. 8, 1981 Oct. 8, 1981 Micronesia, Federated States of June 24, 1993 June 24, 1993 July 24, 1993 Somalia Sep. 27, 1965 Feb. 29, 1968 Mar. 30, 1968 Moldova Aug. 12, 1992 May 5, 2011 June 4, 2011 South Sudan Apr. 18, 2012 Apr. 18, 2012 May 18, 2012 Mongolia June 14, 1991 June 14, 1991 July 14, 1991 Spain Mar. 21, 1994 Aug. 18, 1994 Sept. 17, 1994 Montenegro July 19, 2012 April 10, 2013 May 10, 2013 Sri Lanka Aug. 30, 1967 Oct. 12, 1967 Nov. 11, 1967 Morocco Oct. 11, 1965 May 11, 1967 June 10, 1967 St. Kitts & Nevis Oct. 14, 1994 Aug. 4, 1995 Sep. 3, 1995 Mozambique Apr. 4, 1995 June 7, 1995 July 7, 1995 St. Lucia June 4, 1984 June 4, 1984 July 4, 1984 Namibia Oct. 26, 1998 St. Vincent and the Grenadines Aug. 7, 2001 Dec. 16, 2002 Jan. 15, 2003 Nauru April 12, 2016 April 12, 2016 May 12, 2016 Sudan Mar. 15, 1967 Apr. 9, 1973 May 9, 1973 Nepal Sep. 28, 1965 Jan. 7, 1969 Feb. 6, 1969 Sweden Sep. 25, 1965 Dec. 29, 1966 Jan. 28, 1967 Netherlands May 25, 1966 Sep. 14, 1966 Oct. 14, 1966 Switzerland Sep. 22, 1967 May 15, 1968 June 14, 1968 New Zealand Sep. 2, 1970 Apr. 2, 1980 May 2, 1980 Syria May 25, 2005 Jan. 25, 2006 Feb. 24, 2006 Nicaragua Feb. 4, 1994 Mar. 20, 1995 Apr. 19, 1995 Tanzania Jan. 10, 1992 May 18, 1992 June 17, 1992 Niger Aug. 23, 1965 Nov. 14, 1966 Dec. 14, 1966 Thailand Dec. 6, 1985 Nigeria July 13, 1965 Aug. 23, 1965 Oct. 14, 1966 Timor-Leste July 23, 2002 July 23, 2002 Aug. 22, 2002 64 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 65 STATE SIGNATURE DEPOSIT OF ENTRY INTO FORCE OF RATIFICATION CONVENTION Togo Jan. 24, 1966 Aug. 11, 1967 Sep. 10, 1967 Tonga May 1, 1989 Mar. 21, 1990 Apr. 20, 1990 Trinidad and Tobago Oct. 5, 1966 Jan. 3, 1967 Feb. 2, 1967 Tunisia May 5, 1965 June 22, 1966 Oct. 14, 1966 Türkiye June 24, 1987 Mar. 3, 1989 Apr. 2, 1989 Turkmenistan Sep. 26, 1992 Sep. 26, 1992 Oct. 26, 1992 Uganda June 7, 1966 June 7, 1966 Oct. 14, 1966 Ukraine Apr. 3, 1998 June 7, 2000 July 7, 2000 United Arab Emirates Dec. 23, 1981 Dec. 23, 1981 Jan. 22, 1982 United Kingdom of Great Britain May 26, 1965 Dec. 19, 1966 Jan. 18, 1967 and Northern Ireland United States of America Aug. 27, 1965 June 10, 1966 Oct. 14, 1966 Uruguay May 28, 1992 Aug. 9, 2000 Sep. 8, 2000 Uzbekistan Mar. 17, 1994 July 26, 1995 Aug. 25, 1995 Yemen, Republic of Oct. 28, 1997 Oct. 21, 2004 Nov. 20, 2004 Zambia June 17, 1970 June 17, 1970 July 17, 1970 Zimbabwe Mar. 25, 1991 May 20, 1994 June 19, 1994 66 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024 67 ICSID ANNUAL REPORT 2024 3 © 2024 International Centre for Settlement of Investment Disputes. 1818 H Street, N.W. Washington, D.C. 20433 U.S.A. Telephone: +1 (202) 458 1534 Email: ICSIDsecretariat@worldbank.org icsid.worldbank.org The content of this work may be reproduced for educational use only with copyright acknowledgment to the International Centre for Settlement of Investment Disputes. 4 ICSID ANNUAL REPORT 2024