Singapore’s Attorney-General calls for the arbitration community to self regulate

During his speech at the 21st International Council for Commercial Arbitration (“ICCA“) Congress on Monday, Singapore’s Attorney-General, Sundaresh Menon, called on the international arbitration community to self-regulate, put in place a code of conduct and ensure practitioners are up to acceptable standards.

Mr Menon raised particular concerns about “runaway” costs of arbitration and suggested that a unified code of conduct should be put in place to serve as a reference guide for arbitrators globally. The code would include rules on the fixing of costs.

Mr Menon also discussed the possibility of arbitral bodies acting as regulators in the way Bar associations do for lawyers and said that arbitral bodies could impose sanctions based on an internationally approved list of penalty benchmarks.

Mr Menon ended on a positive note however, saying: “The growth in numbers is testament to the fact that, despite all the worries and concerns that I have canvassed, arbitration is still the only choice for many who seek resolution to their disputes“.

Agreeing with Mr Menon’s comments about the need for self-regulation Professor Jan Paulsson, president of ICCA, said in his closing speech: “The time to innovate and reform is when you do so from a position of strength, not when you are heading to crash in the sand and are doing so out of desperation“.

What do you think? Should more be done to regulate arbitrators? Do we need more controls on costs?

This entry was posted in Arbitration, Asean and tagged , , , , , , , , . Bookmark the permalink.

5 Responses to Singapore’s Attorney-General calls for the arbitration community to self regulate

  1. Pingback: Judge of Appeal Justice Sundaresh Menon to be appointed as Chief Justice of Singapore | Singapore International Arbitration Blog

  2. Pingback: Seminar on Contemporary Challenges in Arbitration | Singapore International Arbitration Blog

  3. Pingback: Singapore International Arbitration Blog

  4. Pingback: Singapore Chief Justice awarded Global Arbitration Review’s “Best Lecture or Speech Award for 2012″ | Singapore International Arbitration Blog

  5. Pingback: Chief Justice Menon Keynote Address to CIArb International Arbitration Conference | Singapore International Arbitration Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s