Vatican shuffles top clergy in charge of Catholic Church's ethical investing practices
The committee is only the latest in a series of moves to improve the Vatican Bank's image internationally after a series of scandals.
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The Holy See has announced the creation of an official Investment Committee for the Vatican – meant to prevent a repeat of the past decade of financial scandals that rocked the church.
Cardinal Kevin Farrell of the United States is assuming the position of chairman for the committee, heading a team of financial professionals hired from inside and outside the Catholic Church.
The committee will oversee and guide the investment of funds by the Holy See. The body will be expected to ensure all investments and financial pursuits are ethical and in line with church morality.
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The Investment Committee will also include: RegHedge CEO Jean Pierre Casey, Boston College investment manager John Zona, SKAGEN Funds partner David Harris, and Union Investment Group head Giovanni Gay.
Pope Francis appoints new cardinal Archbishop of Dallas Kevin Joseph Farrell during the Ordinary Public Consistory at St. Peter's Basilica on Nov. 19, 2016, in Vatican City, Vatican. (Franco Origlia/Getty Images / Getty Images)
The committee was approved for creation in Pope Francis's apostolic constitution Praedicate evangelium, which states the group will oversee now only the moral implications of Vatican finances, but also the appropriateness and risk considerations.
Pope Francis has redoubled efforts to clean out the Vatican Bank after years of scandal related to improper investments and questionable connections to money laundering.
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American cardinals were among the most vocal in demanding a wholesale reform of the Vatican bureaucracy — and the Vatican bank — in the meetings running up to the March conclave that elected Francis pope. The demands were raised following revelations in leaked documents that told of dysfunction, petty turf wars and allegations of corruption in the Holy See's governance.
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The Vatican bank was founded in 1942 by Pope Pius XII to manage assets destined for religious or charitable works. Located in a tower just inside the gates of Vatican City, it also manages the pension system for the Vatican's thousands of employees.
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The Associated Press contributed to this report.