MISSING IN TRANSLATION?
I visited the Vatican website today – The Holy See (vatican.va) – as I was looking for language editions of the Apostolic Constitution Praedicate Evangelium, Pope Francis’ document on the Roman Curia that went into effect on Pentecost Sunday, June 5. It was originally published on Saturday, March 15, without any fanfare or pre-announcement, and only in Italian. In fact, some corrections had to be made after that hasty publication.
I clicked on Apostolic Constitutions | Francis (vatican.va) and did not see any other official language editions/translations of this constitution posted. Will they be posted before the cardinals meet in August to discuss this document, as per invitation of Pope Francis? Will the cardinals be able to study the document in their own languages?
Interestingly enough, if you click on THE ROMAN CURIA, you see the message: “The updated Roman Curia section is currently available in Italian.” So I imagine there is some work to do on this site, in particular because what were once called Congregations or Pontifical Councils are now called dicasteries and all those names have to be changed.
If you do visit The Holy See (vatican.va), I honestly think you’ll find it an interesting site with decades of history.
INSTITUTE FOR WORKS OF RELIGIONS ISSUES ANNUAL REPORT
2021 FINANCIAL STATEMENTS GROWING INTEREST MARGIN AND ASSETS UNDER MANAGEMENT 18.1 MILLION EURO NET PROFIT
Vatican City, 7 June 2022 – For the tenth consecutive year, the Istituto per le Opere di Religione (IOR) publishes its Annual Report containing its 2021 Financial Statements prepared in accordance with IAS-IFRS international accounting standards.
These financial statements received a clean opinion from the auditor Mazars Italia S.p.A. and, on 26 April 2022, they were unanimously approved by the IOR Board of Superintendence. Subsequently, as provided for in the Statutes, they were then sent to the Commission of Cardinals for their review.
Given the soundness of the 2021 financial statements, and taking into account IOR’s capital requirements, the Commission of Cardinals decided upon the distribution of profits.
In 2021, the IOR achieved the following results in line with its strategic plan:
- EUR 18.1 million net profit
- + 15% net interest margin, + 22% net commission income, + 4% assets under management
- 38.54% TIER 1 ratio
- 59% cost/income ratio
Profits are in line with expectations, with the new HTCS (Held To Collect and Sell) business model adopted for investments and with a conservative risk profile.
Growth in assets under management reflects positively on the investment performance delivered to clients with respect the principles of the Social Doctrine of the Church. 70% of management lines performances were above the 5-year benchmark.
The cost/income ratio reflects a good control of costs notably as a result of the Institute’s decision to continue digitalisation of customer services, strengthening IT defence tools and hiring new resources with different seniority and specialisation profiles.
The Institute maintained all efforts to comply at any time with all rules and regulations, confirming the cultural transformation of the Institute. The best illustration of this strong compliant and risk control culture in 2021 was illustrated in the Moneyval review of the Holy See1
VATICAN INSTITUTES INVESTMENT COMMITTEE, NAMES MEMBERS
The Holy See Press Office on Tuesday announced the institution of the Investment Committee and the appointment of its members. The Investment Committee was provided for in Article 227 of the Apostolic Constitution Praedicate Evangelium, which entered into force on Sunday. It will be presided over by Cardinal Kevin Joseph Farrell, Prefect of the Dicastery for the Laity, Family and Life.
The four members of the Committee are: Jean Pierre Casey, Founder and Chief Executive Officer of RegHedge (Great Britain); Giovanni Christian Michael Gay, Managing Director of Union Investment Privatfonds GmbH (Germany); David Harris, Portfolio manager of Skagen Funds (Norway); and, John J. Zona, Chief Investment Officer of Boston College (United States of America).
According to Praedicate Evangelium, “the Committee, composed of high-profile professionals appointed for five-year terms, is called upon to ensure the ethical nature of the Holy See’s equity investments, in accordance with the Church’s social doctrine and according to the criteria of profitability, suitability, and moderate riskiness (in Italian: redditività, adeguatezza e moderata rischiosità).” (Vatican announces appointments to Investment Committee – Vatican News)