Vatican City, October 25^th, 2024 – The supervisory commission of Cardinals of the Istituto per le Opere di Religione (IOR) announces the election of His Eminence Christoph Cardinal Schönborn, Dominican friar, theologian and philosopher and archbishop of Vienna, as president of the Commission of Cardinals. His Eminence Cardinal Schönborn has been a member of this Commission since 2014. The Commission of Cardinals wishes to continue building on what has been accomplished over the last 10 years under the presidency of His Eminence Cardinal Santos Abril y Castelló, during the initial and most crucial stages of the IOR’s transformation.

The commission of Cardinals also announces that His Eminence Emil Paul Cardinal Tscherrig, former Apostolic Nuncio in Italy and the Republic of San Marino has become a new member.

Simultaneously, the Board of Superintendence announces the election of Javier Marin Romano as its vice-president as per article 8§2 lett. c) of IOR statutes. Javier Marin Romano joined the Board on 2016 and chairs the audit and risk committee of the Institute since February 2020. He has played a major role as board member in supporting and guiding the work of the director general and the executive team. In addition, the board has announced the appointment of Bernard Brenninkmeijer and François Pauly as new members following approval received from the Cardinals Commission and the ASIF. Both are highly regarded professionals with sound expertise in asset management and retail banking at an international level.

Bernard Brenninkmeijer, a Dutch national, educated in the United States has developed extensive financial expertise working in asset management in the U.S., U.K. and Switzerland.

François Pauly, a Luxembourg national, also boasts a successful career in the financial sector during which he has held several management roles across Europe.

The two new directors are succeeding Mauricio Larrain (‘former vice-president’ of the board) and

Scott Malpass, who were appointed respectively in September 2014 and December 2016.

The appointment of Bernard Brenninkmeijer and François Pauly will enable the Institute to further improve the quality of its offerings, in line with its mission to serve the Catholic Church around the world.

Changes at the level of the Board of Superintendence will continue over the next few months to ensure a smooth and staggered transition and increased diversity of its members.

His Eminence Cardinal Schönborn, President of the Commission of Cardinals, commented: “Over the past decade I have had the opportunity to work with the Commission of Cardinals and to witness its significant reforms, which have enabled the IOR to build a sound reputation internationally. Together with the Board of Superintendence, we will continue along the renewal path mapped out by Pope Francis, to maintain and develop further IOR professionalism, transparency while maintaining compliance with international regulations. On behalf of the Commission, I would also like to thank Cardinal Santos Abril y Castelló for his leadership and commitment to the Institute during a time of enormous reform”.

Jean-Baptiste Douville de Franssu, President of the Board of Superintendence, added: “On behalf of the entire Board, I would like to thank His Eminence Cardinal Santos Abril y Castelló for the trust he has shown towards the work of the board during his tenure as President of the Commission of Cardinals.

We also welcome Bernard Brenninkmeijer and François Pauly for 5-year terms, and I am grateful to Javier Marin Romano for having accepted to take on additional responsibilities as vice-president of the board. Their collective expertise in the financial sector will allow the IOR to continue to grow with a focus on quality of services and products to the benefit of its clients, its staff and the Holy See.

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¹ Thanks to the work of all the teams of IOR under the leadership of Gian Franco Mammì, the director general, the institute was able to pay a dividend to the Holy Father of Euro 13,6 mln (out of a profit of €30,598 mln). This amount takes into account the need for IOR to strengthen its capital according to the European banking sector best practices.