David Risser’s Post

Yesterday, the OECD Council officially approved the revised OECD Guidelines on Corporate Governance of State-Owned Enterprises, an important milestone for better public governance. Indeed, not only the new guidelines recommend to clarify the policy objectives of State ownership, but also they reinforce the responsibilities of boards of directors (including the duty to consider stakeholders’ interests), placing sustainability at the heart of the governance of companies with public ownership 🍀🌏🍀. These new recommendations make sure that State-Owned Enterprises can act as accelerators of the sustainability transition and totally confirm the 9 priorities we defined at GUBERNA - Instituut voor Bestuurders/Institut des Administrateurs, in view of the upcoming federal elections, together with our group of experts Thibaut Georgin, Tina Coen, Jules Noten, Dirk Lybaert, Prof. Dr. Bruno Colmant, Myriam Van Varenbergh, Audrey Hanard and many others! Next week, our researchers at GUBERNA, Nicolas Coomans and Ewout Görtz will publish an overview of the new guidelines, so stay tuned! #StateOwnedEnterprises #CorporateGovernance #Sustainability

Malta’s Compliance Progress: OECD Report And Future Steps. Read more https://lnkd.in/eg2KYThN #malta #OECD #internationallaw #internationallawfirm #globalbusiness #generalcounsel #inhouselawyer

The recent agreement between Somaliland and Ethiopia regarding access to the Red Sea has sparked critical discourse and concerns about its long-term implications for Somalia. While potential economic benefits are touted, questions linger around sovereignty, international law, financial considerations, and the validity of the Memorandum of Understanding (MoU). Sovereignty Concerns: Fragmentation: Leasing such a crucial national asset by a regional government without national consultation risks setting a dangerous precedent for further territorial fragmentation. Legitimacy: The Somali government's lack of involvement raises questions about the agreement's legal standing and legitimacy, potentially leading to future disputes and instability. International Law Implications: UNCLOS Violation: The UN Convention on the Law of the Sea (UNCLOS) mandates that coastal states manage their Exclusive Economic Zones (EEZs) for the benefit of the entire nation. This MoU might be viewed as a violation of that obligation. Precedent Setting: Similar agreements in other conflict-ridden regions could be encouraged, further complicating maritime sovereignty issues. Financial Challenges: Transparency and Fairness: Equitable distribution of potential revenue from the lease remains unclear, raising concerns about financial benefits primarily accruing to Somaliland. Corruption Risks: Lack of robust oversight and transparency mechanisms could increase the risk of corruption and resource mismanagement. Legislative Issues: Constitutional Concerns: The agreement bypasses existing Somali federal laws on resource management and raises questions about its compliance with the constitution. Legal Precedent: Setting a precedent for bypassing national legislation through regional agreements could weaken the central government's authority. Binding Nature of the MoU: Legality of MoU: The MoU's binding nature and enforceability are uncertain, especially considering the lack of national government approval. Future Complications: Potential legal challenges based on the MoU's validity could further complicate future resource management and international relations. Moving Forward: Open Dialogue: Engaging in open and transparent dialogue with all stakeholders, including the Somali government, is crucial to address concerns and find a way forward that benefits the entire nation. Legal Clarity: Seeking legal opinions on the MoU's compliance with international law and the Somali constitution is necessary to solidify its validity and avoid future disputes. Prioritizing National Interests: Any decisions regarding the use of national resources must prioritize the long-term well-being and development of all Somalis.

My 8th and longest OECD - OCDE forum was, yet again, a remarkable experience. It is impressive how much in a few days you can learn and share on #duediligence Diligence and the broader #Sustainability.   Stakeholder engagement was consistently stressed as crucial to find common solutions to risks arising from expanding legislative obligations, two takeaways:   The EU due diligence legislation, #csddd , has not been delivered as planned and its next steps remain unclear. While this law fall short of both industry and other groups’ requests, other types of due diligence laws unroll in 3 EU Member States, further laws (#csrd ) and different interpretations pose risk of reporting fatigue. There is a need to simplify.   The Accord seems to remain the landmark accomplishment on Due Diligence. Some 10 years later and after the OECD Due Diligence Guidance, lots of progress has been made, while old issues and new acronyms remain to be addressed. The next landmark accomplishment is yet to be seen; probably it will have transparency and traceability at its core. Look forward to join the next one

Paras 278 and 279 of the ICJ Advisory Opinion restates UN member states' obligations to cease dealings with Israel when they purport to act on behalf of the illegally occupied and illegally annexed Occupied Palestinian Territory - i.e. West Bank, Gaza and East Jerusalem. This belongs on LinkedIn because: 1. Economic sanctions are looming, possibly through the UN General Assembly (we know that it's unlikely to make the UN Security Council, thanks to the US veto). So if the UN itself doesn't sanction Israel, many countries are likely to do so, especially Global South nations and some European ones. 2. If you work in an organisation which is global in nature, this WILL impact the way you do business. 3. Not quite as publicised but very relevant... last week on July 25, the EU Directive on Corporate Sustainability Due Diligence came into effect, requiring enterprises that operate in the EU with over 1,000 employees and generate revenue from EU sales (including non EU companies) over EUR 450 million to conduct due diligence on their supply chains to ensure human rights, workers rights and environmental laws are not violated. Have you: 1. Contacted your government about complying with international humanitarian law as confirmed by the ICJ? 2. Prompted due diligence and risk assessments within your organisation to see how your organisation is impacted by the ICJ opinion? I am currently writing a paper on corporate risk and the ICJ opinion, so comment below or DM me if you're interested in knowing more. Is it binding? Yes. 12, 13, 14 (depending on the issue) of 15 judges, including judges from USA, Australia, Germany, China and India (who were part of the majority decision for every issue) went through international laws including the Fourth Geneva Convention, the International Convention on Elimination of All forms of Racial Discrimination 1965, the International Covenant of Economic, Social and Cultural Rights 1966, the International Covenant on Civil and Political Rights 1966 and the Rio Declaration on Environment and Development of 1992 - to advise how they apply to Israel, the OPT and member states. Apologies for the almost all highlighted parts... it's what I did as a law student! Alt Text is limited in characters so I'm putting the text in comments below.

'Priority Setting Paradox' Our first paper with Or Brook, on how developing countries and economies in transition could address the twin challenge of being in dire need of structured priorities, while often having no or limited priority setting powers. Priority setting (the power to choose which cases to pursue and which to disregard) is a crucial precondition for preserving societies’ resources to tackle the most harmful infringements. While such powers are essential to safeguard the quality and effectiveness of competition authorities, both in developed and developing jurisdictions, they are especially critical in light of the common challenges competition authorities in developing countries and economies in transition face. Based on an empirical mapping, our paper identifies a 'priority setting paradox' that exists in developing countries: while priority setting is particularly important to authorities in developing countries and economies in transition, many of them have no or very limited powers to set their enforcement targets. We argue that granting such authorities structured and controlled priority setting powers, while preserving valuable accountability mechanisms could remedy some of these challenges. #prioritysetting #developingcountries #economiesintransition #competitionlaw #UNCTAD https://lnkd.in/eceVnHj9

It was a stimulating experience to attend the 7th inter-sessional meeting on UNCITRAL: United Nations Commission on International Trade Law WGIII on ISDS Reform (7-8 March, Brussels) as an observer from ArbitralWomen. During the second day of the meeting, the UNCITRAL secretariat organized an insightful panel on possible models of a multilateral instrument on ISDS reform, where the three instruments (the Mauritius Convention, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting and the UNFCCC) were discussed as examples, which can be used for a potential legal structure of MIIR. All three discussed agreements are very different in content and subject matter. However, all of them offer sufficient flexibility to state parties in deciding on various options for adoption or opting out from specific measures (via reservations, additional protocols, etc.) Presentations of all three instruments can be found here: https://lnkd.in/e_rEHV6F   📍 The WG III still has to decide whether a standing mechanism should be created in parallel with the existing ISDS system or as a separate instrument that will replace it. Further, the WG III still needs to consider how a standing mechanism will be composed, such as a two-tier standing mechanism or only an appellate mechanism.    The draft statute (with annotations) prepared as a possible protocol to the multilateral instrument on ISDS reform (MIIR) is scheduled for further deliberation during the next 48th UNCITRAL WG III that will take place in April.   ➡ https://lnkd.in/eQbcb2t9 #ISDS #UNCITRAL #MIIR #IIAs #reform  

BREAKING: Very relevant for #INC #PlasticsTreaty process and Conflict-of-Interest issues: OECD updated Recommendation of the Council on Transparency and Integrity in Lobbying and Influence (after 14 years) "RECOGNISING that lobbying and influence actors, including companies, are under increasing scrutiny and that there is a need for a clear transparency and integrity framework on their engagement with public decision-making processes; (...)" Read:

In addition to the forthcoming revision of the EU’s FDI framework, it will be particularly interesting to see what the future has in store for outbound investments …

Why are joint interpretations of #investment treaties more complex than we often assume? Let's discuss this in the upcoming days in Athens! As I landed in Athens for the International Law Association biannual conference, I was thrilled to receive the news that the latest Columbia Center on Sustainable Investment 'FDI Perspectives' is out! This edition features our joint work led by Charles-Emmanuel Côté in collaboration with Shotaro Hamamoto and Xu QIAN, focusing on specific rules for joint interpretations under #InternationalInvestmentLaw. This is just a preview of our upcoming Academic Forum on ISDS paper for the UNCITRAL: United Nations Commission on International Trade Law negotiations on #InvestmentArbitration reform. Stay tuned for the full paper! In the meantime, if you’d like to learn more about it or talk about #InternationalArbitration and happen to be in Athens, let me know. Χαίρομαι να συναντηθούμε! There's never too much Greek coffee:)