Barcelona Traction, Light and Power Company, Ltd. (Belgium v. Spain)
International Court of Justice
1970 I.C.J. 3
Barcelona Traction, Light and Power Company was incorporated in Canada, with several Belgian citizens (represented by Belgium, plaintiff) holding shares. Belgium sued Spain (defendant) before the ICJ, claiming Spain's government violated international law, directly injuring the Company and indirectly harming its Belgian shareholders by reducing their share value. Canada, the Company's national State, had itself engaged Spain diplomatically over the injury for a time before ceasing to do so, while retaining the right to resume.
Whether a State that is not the national State of a company, and has no equitable interest in the company, may exercise diplomatic protection and bring a claim on the company's behalf against another State.