Among formal approvals and adoptions made during the meeting, the Board formally approved revised ICC Rules of Arbitration. The Rules were last updated in 2017 and are amended periodically to meet the needs of users and evolving dispute resolution and trade landscapes. Launch events are scheduled ahead of the entry into force of the new Rules on 1 January 2021. The Rules will remain confidential until officially launched later this year.
Presenting the Rules to the Executive Board, President of the ICC Court Alexis Mourre said: “The amendments to the Rules adopted today mark a further step towards greater efficiency, flexibility and transparency of the Rules, making ICC Arbitration even more attractive, both for large, complex arbitrations and for smaller cases.”
Comprising more than 25 CEOs and other corporate executives, the Executive Board is ICC’s senior governing body.
The 170th meeting of the ICC Executive Board is the first ICC Executive Board meeting to be chaired by Ajay Banga since the Mastercard CEO became ICC Chair in June. This meeting also saw the first-time participation of new board members Sheikh Khalifa bin Jassim bin Mohammad Al-Thani (Qatar), Sebastian Escarrer (Spain), Dario Gallina (Italy), Shinta Kamdani (Indonesia), Valentina Mintah (Ghana), Takeshi Niinami (Japan), Jane Sun (China).
During the three-hour virtual meeting, the Board heard reports from a range of ICC governing and working bodies, including from ICC Secretary General John W.H. Denton AO, as well as an address by guest speaker Richard N. Haass, President of the Council on Foreign Relations.