As a result, and as part of
the efforts to make investment disputes more transparent, provisions on
transparency have been adopted by several international institutions or are
under discussion. The cult of transparency does not mean, however, that there
is agreement on what transparency is and to which extent it should apply.
Practice suggests that transparency is limited. Then transparency would be a myth
based on a formal need to strengthen output-legitimacy of arbitral proceedings.
The push for transparency in investment arbitration, however, has been taken
well beyond the confines of the more traditional debate on what is confidential
and what is not. And there is a risk to create a right of access that goes far
beyond investment arbitration.