Profitability and Ethics: The New Credo of Vatican Financiers

June 15, 2022
The Vatican Apostolic Palace

Within the framework of the reform of the Curia, expertise in finance seems to hold a prominent place, as evidenced by the creation of the Committee for Investments, a new entity provided for by the Apostolic Constitution Praedicate Evangelium.

On the morning of June 7, 2022, the bulletin of the Press Office of the Holy See announced, in the section “Renunciations and Appointments,” in application of article 227 of the Apostolic Constitution Praedicate Evangelium, the creation of the Committee for Investments, who has been reorganizing the Roman Curia since June 5th.

The official statement also indicates that the new body is chaired by Cardinal Kevin Joseph Farrell, prefect of the Dicastery for the Laity, Family, and Life, an Irishman close to the current Roman pontiff, who calls for greater involvement for women in the administration of the Church, especially in parish management.

The high prelate will reach the age limit of 75 next September. He should therefore combine a new position with the office of “camerlengo” of the Holy Church, that is to say administrator of the temporal goods of the Vatican, during the time of the vacancy of the Apostolic See which precedes the election of a new Pope.

The committee is also made up of several members known for their expertise: Jean Pierre Casey, founder and CEO of RegHedge (Great Britain); Giovanni Christian Michael Gay, Managing Director of Union Investment Privatfonds GmbH (Germany); John Zona, investment manager at Boston College (USA).

But also David Harris, a Swedish portfolio manager and partner of Skagen Funds, presented on Vatican News, the official information site of the Holy See, as having “extensive experience in global stock markets and sustainable investing.”

The Committee for Investments thus becomes the last of the six economic bodies provided for by Praedicate Evangelium.

It is supposed to ensure the “ethical character of investments in transferable securities of the Holy See, in accordance with the social doctrine of the Church and, at the same time, their profitability, suitability and risk.”

No doubt to avoid repeating the recent London fiasco by the Secretariat of State, of which one can get a small – and sad – idea, by rereading the articles devoted by FSSPX.News to the trial of Cardinal Angelo Becciu.