Institute For The Works Of Religion

The Vatican Bank has appointed Giovanni Boscia as its next director general, promoting the current deputy director general following the retirement of Gian Franco Mammì after eleven years in the role. Boscia takes over at the Institute for the Works of Religion as the Holy See’s long-running programme of financial reform continues The Vatican Bank has selected one of its own senior executives as the next director general of the Institute for the Works of Religion (IOR). The IOR announced on 15 July that Giovanni Boscia, currently deputy director general, will take up the post on 1 October, succeeding Gian Franco Mammì, who is retiring after reaching the mandatory retirement age. Mammì, who has led the Institute since 2015, will remain in office until the end of September, bringing to a close an eleven-year tenure that encompassed one of the most significant periods of reform in the Vatican’s financial institutions. The appointment was approved by the Institute’s Board of Superintendence and the Supervisory Cardinals’ Commission. The Institute said the appointment reflects “a robust governance structure based on a clear distinction between the supervisory, governing, and management bodies, and designed to ensure transparency and stability”. Under the Institute’s governance model, the director general reports to the Board of Superintendence, which is itself overseen by the Commission of Cardinals. Alongside these governing bodies, the Institute is assisted by an on-site prelate, currently Msgr Battista Mario Salvatore Ricca, whose role is to help ensure that the Institute’s administration remains faithful to Catholic ethical principles and the religious mission for which it exists. The director general is responsible for directing and overseeing the Institute’s administration, organisation and personnel, making the position one of the most influential within the Holy See’s financial structures. Announcing the transition, outgoing director general Gian Franco Mammì reflected on the changes implemented during his years in office. “Since 2015, in close collaboration with the other governing bodies, I have led the IOR through an intense and challenging process of renewal and compliance with international financial sector regulations, while upholding the ‘unique’ mission that distinguishes it and consistently documenting the results in the Institute’s annual reports,” Mammì said. Mammì stated that the Institute had emerged from a demanding period in a considerably stronger position. “I leave my successor a solid, transparent Institute that is fully recognized internationally, the result of the expertise of the men and women who work there, their dedication, and their quiet commitment, which does not seek the limelight but constitutes the Institute’s most authentic strength,” Mammì said. Expressing gratitude for the confidence placed in him by Pope Francis when he assumed office, Mammì added that he handed responsibility to Boscia “with unity, prudence, and vision, in fidelity to the Institute’s mission”. The appointment also received the backing of François Pauly, president of the Board of Superintendence, who praised Mammì’s contribution to the Institute’s development. “On behalf of the Board of Superintendence, I wish to express our deep gratitude to Gian Franco Mammì for his eleven years of service to the Institute, carried out with dedication, a sense of responsibility, and constant attention to the IOR’s mission,” Pauly said. Reflecting on the reforms undertaken during Mammì’s tenure, Pauly added, “Under his leadership, the Institute has grown, strengthened, navigated delicate transitions, and progressively consolidated its commitment to transparency, governance, controls, and compliance.” Turning to Boscia’s appointment, Pauly emphasised both continuity and experience. “The appointment of Giovanni Boscia, who has risen through the ranks within the Institute, reflects his in-depth knowledge of the IOR and his solid experience in international financial markets. We are confident that he will lead the Institute with rigour and a spirit of service, in full accordance with its mission in support of the Holy Father, the Holy See, and the Universal Church.” Boscia graduated with honours from Bocconi University before completing both a Master’s degree in Finance and an Executive MBA at London Business School. He also holds internationally recognised financial qualifications, including CFA, CAIA and FRM certifications. Boscia, 55, has steadily risen through the ranks since joining the Institute in 2019 as head of finance and chief financial officer. Before arriving at the Vatican, he built a three-decade career in London, working for major financial institutions including Salomon Brothers, Citigroup, Royal Bank of Scotland and Credit Suisse First Boston. The modern reform of the Institute for the Works of Religion began under Pope Benedict XVI and accelerated significantly after the election of Pope Francis in 2013. Benedict established the Vatican’s first anti-money laundering framework in 2010 and invited the Council of Europe’s MONEYVAL committee to evaluate the Holy See’s financial system against international standards. MONEYVAL’s first full assessment in 2012 identified important progress but also highlighted significant shortcomings in anti-money laundering controls and financial oversight, prompting a sustained programme of legislative and institutional reform. Subsequent progress reports recognised that the Holy See had strengthened its legal framework, expanded international cooperation and improved supervision of the IOR. After his election, Pope Francis made financial reform one of the defining administrative priorities of his pontificate. Rather than abolishing the IOR, an option reportedly considered early in his papacy, Francis chose to modernise it. The Institute underwent extensive customer reviews, strengthened compliance procedures, adopted international banking standards and increased transparency through regular audited annual reports. In 2019, Francis approved new statutes for the IOR, making external audits mandatory, reinforcing governance structures and introducing stricter rules on conflicts of interest and employee conduct. The reform process continued throughout Francis’s pontificate. In 2022, a papal rescript required the Holy See’s dicasteries and institutions to transfer their liquid assets to the IOR, making the Institute the exclusive manager of the Holy See’s movable financial assets in an effort to centralise oversight and improve accountability. This was followed in 2023 by revised statutes aligning the IOR with the Apostolic Constitution Praedicate Evangelium . The new statutes simplified the Institute’s governance by placing executive authority in a single director general, clarified the responsibilities of the Board of Superintendence, and introduced tighter rules on appointments, mandates and conflicts of interest.