Diversity in arbitration optimises outcomes both in the boardroom & the hearing room: Alexander G Fessas explains how the ICC International Court of Arbitration is creating positive change
With studies suggesting that increased diversity leads to better outcomes in arbitration proceedings, the International Chamber of Commerce (ICC) International Court of Arbitration has implemented a number of innovative policies to increase the diversity of its memberships and appointments.- As it celebrates its 100th year, the ICC Court has pledged further action to build on its efforts towards diversity, equity and inclusion.
It is often said that, if arbitration is to retain its prominence as a preferred method to resolve commercial disputes, we must embrace the relevance of diversity in today’s world, acknowledge the steps made towards increased diversity in arbitration, and, importantly, take further action.
Superior value
The issue is not new. Studies indicate that diverse corporate teams are more profitable and more likely to create superior value. With regard to arbitration specifically, surveys suggest that greater diversity affects our perception of arbitrators’ independence and impartiality and,
