The UNCITRAL Code of Conduct for Arbitrators in International Investment Disputes: Striking the Right Balance?

The UNCITRAL Code of Conduct for Arbitrators in International Investment Disputes (the ‘Code’) was adopted in July 2023 and published in February 2024, and is celebrated as a significant milestone in articulating unified ethical standards for arbitrators in investor-State dispute settlement (‘ISDS’). This article examines in particular two central issues in the Code’s scope and development: (I) the regulation of the “double-hatting” phenomenon, where individuals serve concurrently as arbitrators and counsel in separate proceedings; and (II) disclosure obligations that are designed to meet concerns of partiality and bias. The evolution of the Code’s double-hatting provisions are traced over time, from an initial blanket prohibition to a nuanced approach that permits concurrent roles under specified conditions. Acknowledging the Code’s attempts to balance competing interests, the article nonetheless argues that certain provisions may exert a chilling effect on the diversity and sustainability of the arbitrator pool, sidelining arbitrators from under-represented backgrounds. A critical evaluation identifies two major constraints on the Code’s effectiveness: its reliance on voluntary adoption by parties, and the lack of robust enforcement mechanisms in cases of non-compliance. The article concludes that while the Code marks an important step in ISDS reform, its fruitfulness will hinge on integration into binding treaty frameworks, and the political will of states and stakeholders to ensure meaningful enforcement.