Publishing awards could enhance the reputation and status of arbitration, former Supreme Court president Lord Neuberger suggested today.
Arbitrations are typically held in private, making the process an attractive option for dispute resolution. However, delivering the keynote address at the main conference for London International Disputes Week, Neuberger suggested that privacy was an over-rated attribute. Publication of awards could ‘enhance the reputation and status of arbitration, and improve the standing of awards’, he said.
An arbitration law that strikes the right balance between confidentiality and transparency is one of 10 ‘London principles’ developed by the Chartered Institute of Arbitrators.
Transparency was a topic worth considering, Neuberger suggested. ‘As a judge, I was concerned to emphasise the importance of open justice when it comes to court hearings and decisions. Publicity for hearings and judgments are a vital aspect of the rule of law.’
When he practised at the bar, Neuberger was told privacy made arbitration attractive. ‘Having talked to general counsel, privacy is much less important than I have been led to believe. International enforceability through the New York Convention was seen as a particular attractiveness of arbitration.’
Awards have a ‘very significant and even near existential effect’, he said. Many contain rulings on points of law and publishing them could be helpful.
However, Neuberger told the conference that any change in policy would have to be implemented carefully. ‘It would be wrong to drive away potential arbitrating parties who want the benefits of privacy.’
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