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Corporate Governance: Pope Leo XIII

The Istituto per le Opere di Religione (IOR) was established by Pope Pius XII in 1942, evolving from earlier charitable organizations initiated by Pope Leo XIII. Its primary mission is to manage and safeguard property for religious and charitable purposes, providing financial services to the Catholic Church globally. The IOR's governance includes a Commission of Cardinals, a Board of Superintendence, and a Directorate, with a focus on operational oversight and strategy.

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18 views2 pages

Corporate Governance: Pope Leo XIII

The Istituto per le Opere di Religione (IOR) was established by Pope Pius XII in 1942, evolving from earlier charitable organizations initiated by Pope Leo XIII. Its primary mission is to manage and safeguard property for religious and charitable purposes, providing financial services to the Catholic Church globally. The IOR's governance includes a Commission of Cardinals, a Board of Superintendence, and a Directorate, with a focus on operational oversight and strategy.

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in.rekhapatil
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© © All Rights Reserved
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Pope Leo XIII

The Istituto per le Opere di Religione (IOR) was founded on 27 June 1942 by Pope Pius
XII. It absorbed the Amministrazione per le Opere di Religione (Administration of the
Works of Religion), which had originated in the Commission for Works of Charity
(Commissione ad pias causas) established by Pope Leo XIII on 11 February
1887.[17][18] The IOR is not a department of the Roman Curia, the central administrative
structure of the Roman Catholic Church,[19] nor is it a central bank.[note 1]

The purpose of the IOR is "to provide for the safekeeping and administration of movable
and immovable property transferred or entrusted to it by physical or juridical persons and
intended for works of religion or charity".[17][18]

In 2014, the Vatican officially confirmed the IOR's mission as provider of "specialized
financial services to the Catholic Church worldwide." Furthermore, it was affirmed by the
Vatican that the "valuable services that can be offered by the Institute assist the Holy
Father in his mission as universal pastor and also aid those institutions and individuals
who collaborate with him in his ministry".[20]

Corporate governance
[edit]
According to its Statutes, in effect since 2023, [17] the IOR is composed of four bodies:

A Commission of Cardinals with five members, appointed for renewable five-year


terms, who elect their president.[21] As announced on 21 September 2020 the
Commission's members, appointed for two years ad experimentum, are: [22][23]

 Christoph Schönborn, former Archbishop of Vienna – President


 Luis Antonio Tagle, Pro-Prefect for the Section of Evangelization of Dicastery for
Evangelization
 Konrad Krajewski, Papal Almoner
 Giuseppe Petrocchi, Archbishop of L'Aquila
 Emil Paul Tscherrig, former nuncio to Italy and San Marino 2024.
Pietro Parolin's office of Secretary of State was omitted from the new Commission. [24]

The Prelate of the IOR, Mgr. Battista Ricca, appointed by the Supervisory Commission
of Cardinals with the Pope's approval, acts as secretary of the Commission and attends
meetings of the Board of Superintendence.

A Board of Superintendence, defining the strategy and ensuring oversight of


operations.[25][21][26]

 Jean-Baptiste de Franssu, President


 Lord Michael Hintze
 Javier Marín Romano
 Georg Freiherr von Boeselager
 Bernard Brenninkmeijer
 François Pauly
 Sheila Marie L. Uriarte-Tan
A Directorate, in charge of operational activities and accountable to the Board of
Superintendence.

 Gian Franco Mammì – General Director


Financial information
[edit]
Table with a comparison of IOR's financial performance over the last years.

Coverag
e
Total Operati of Catho
Equit Net ng lic
Intermediat TIE
Ye y profit expens ethics
ion margin R 1 Clien
ar es principl
(milli Rati ts
(milli (million €) es
on €) (million o
on €) €) (AUM
product
s)

59.78
2023 667.561 30.598 49.655 22.908 12361 100%
%

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