One of the specialized fields of international law is international investment law, which has roots almost as old as public international law itself. The recent emergence of bilateral investment treaties has naturally led to the establishment of an investor-state dispute settlement system. The responsibility arising from such claims is closely linked to the Draft Articles on State Responsibility for Internationally Wrongful Acts (2001). This article aims to examine the position of investment tribunals concerning Article 4 of the Draft Articles on State Responsibility. To this end, the first section explores the general approach to interpreting Article 4, while the second section assesses whether investment arbitration tribunals’ approach aligns with this general interpretation. The study concludes that, despite the overall alignment of investment arbitration practice with general rules of international law, including the 2001 Draft Articles, investment arbitration does not complete compliance to the general interpretation of Article 4. The arbitration procedure concerning investor-state dispute settlement differs in its approach to conflation of attribution criteria for determining wrongful conduct, applying attribution rules in contractual liability (such as the umbrella clause), and using  public international law standards concerning international state responsibility instead of the governing law and also the application of attribution rules as supplementary norms which restricts the attribution of responsibility to the state, has introduced distinctions in this legal framework.