The ICSID Convention itself contains several procedural rules which regulate the conduct of arbitral proceedings. Amendment of these rules is, however, difficult as a matter of public international law. However, ICSID Rules of Procedure for Arbitration Proceedings, which are incorporated by parties into their arbitration clauses by reference, can be amended more easily, upon the approval of a majority of two-thirds of the Member States. This seems to be the approach preferred by the ICSID Secretariat.
Other options, which ICSID may consider include adopting agreed the State Parties interpretation of certain provisions of the ICSID Convention, publishing guidance or best practice notes on various procedural aspects of proceedings. Any of the State Parties to the ICSID Convention can make a unilateral interpretative statement. Such statement would then be binding on the State making the declaration, as well as on the States that have clearly accepted such a declaration.
