X.2 LEGAL MAXIMS: SUMMARIES AND EXTRACTS FROM SELECTED CASE LAW

Resolute Forest Products Inc. v. Government of Canada, PCA Case No. 2016-13, Decision on Jurisdiction and Admissibility, 30 January 2018 Chevron Corporation (“Chevron”) & Texaco Petroleum Company (“TexPet”) v. Republic of Ecuador, PCA Case No. 2009-03, Second Partial Award on Track II, 30 August 2018...

The Chevron Saga: The Denial of Justice Standard under the Fair and Equitable Treatment and Customary International Law

The Chevron saga is a paramount example of parallel proceedings. It includes several judicial proceedings in Ecuador and the U.S., different settlements, decisions at all levels of the Ecuadorian judicial system, and enforcement proceedings before the courts of several countries. In 2009, Chevron Corporation and Texaco Petroleum initiated arbitration proceedings against the Republic of Ecuador claiming that Ecuador had breached Article ii of the Treaty between the United States of America and Ecuador concerning the Encouragement and Reciprocal Protection of Investment (the BIT) by failing to provide them fair and equitable treatment. Further, they also claimed that Ecuador committed a denial of justice. In its recent decision, the arbitral tribunal analysed the denial of justice standard under the fair and equitable treatment provision of the treaty and customary international law and concluded that Ecuador had in fact committed a denial of justice. The purpose of this case-note is to analyse the Tribunal’s findings on the denial of justice standard.

Organized criminals, human rights defenders, and oil companies

This article examines how the world’s arguably largest oil disaster, in the heart of Ecuador’s Amazon rainforest, has become a testing ground for new global forms of corporate power and the criminalization of dissent. Following the ongoing “trial of the century” between Chevron Corporation and plaintiffs representing tens of thousands of smallholder farmers and indigenous people affected by the disaster, we look at how the Racketeer Influenced and Corrupt Organizations Act has been applied against the affected people and their lawyers to sidestep the norm of international comity and alter the parameters for pursuing environmental justice. Specifically, we point to how the case—and a new crop of cases following suit—has threatened to criminalize the use of “lawfare” as a “weapon of the weak.”

Throwing our voices: ventriloquism as new media activism

Tipped off ahead of time about the Chevron company’s pending ad campaign designed to respond to consumer worries about the conduct of oil companies, the activist group The Yes Men produced its own copycat ads and fake press releases on Chevron’s behalf which spoke much more bluntly about the company’s misdeeds. Designed to be mistaken for the real, the dummy campaign was indeed picked up by the press, generating a series of reportage, retractions, and discussion. The Yes Men succeeded in temporarily ‘throwing their voice’ into the body of the Chevron corporation, using a savvy form of ventriloquism as a means of directing the public conversation. While it is reductive and inaccurate to speak of new media as inherently democratizing, it is essential to examine instances in which it is used strategically as such a force. In this case, Chevron, like most advertisers, was the first ventriloquist, seeking to speak through the bodies of seemingly satisfied consumers. However, the Yes Men successfully turned the tables by poaching on Chevron’s powerful public voice, seizing the multinational’s megaphone and encouraging others to join the conversation, providing a glimpse of a tactic tailored to capitalize on the democratic potential of new media.

MODEL BLACK-SCHOLES OPSI CALL DAN OPSI PUT TIPE EROPA DENGAN DIVIDEN PADA KEADAAN CONSTANT MARKET

Opsi tipe Eropa adalah suatu bentuk perjanjian berupa kontrak yang memberikan pemegang opsi suatu hak tetapi bukan suatu kewajiban untuk membeli atau menjual aset tertentu dengan harga tertentu pada waktu jatuh tempo. Opsi call memberikan hak kepada pemegang opsi untuk membeli saham pada waktu jatuh tempo. Sementara opsi put memberikan hak untuk menjual saham. Metode Black-Scholes merupakan salah satu metode untuk menentukan harga opsi. Asumsi yang digunakan pada model ini adalah adanya pembagian dividen. Dividen dibayarkan pada keadaan constant market. Harga saham yang berubah secara acak menurut waktu diasumsikan sebagai proses stokastik. Prediksi harga saham diasumsikan hanya dipengaruhi oleh harga saham saat ini dan tidak dipengaruhi oleh harga saham di masa lampau. Perhitungan harga opsi saham chevron corporation pada tanggal 16 November 2016 dengan mengaplikasikan model Black-Scholes. Hasil yang diperoleh menunjukkan bahwa pada keadaan constant market sebaiknya investor membeli opsi put di pasar saham dengan harga opsi yang lebih kecil dari harga opsi model Black-Scholes yaitu pada harga pelaksanaan 101, 102, 104, 105, 106, 107 dan 108, sedangkan untuk opsi call sebaiknya investor membeli opsi call di pasar saham untuk harga pelaksanaan 100 dan 101.Kata Kunci: Opsi tipe Eropa, Opsi call, Opsi put, Proses Stokastik, Dividen, Constant Market, Model Black-Scholes

Sustainable Case Study: Chevron Corporation

The Chevron Corporation is considered to be one of the five largest energy-producing companies in the world and they are trying to become a more sustainable company. To improve sustainability they are investing in local communities through health, education, and small business funds. They are researching and learning how they affect biodiversity, in ecosystems that they are drilling in. They are also finding ways to be more energy efficient and lower their emissions. Although there are many examples of these sustainable activities there are few concrete numbers that can be shown in order to show exactly how sustainable Chevron is.