Finance

Pope’s plea to cardinals marks latest step in long-running financial reform

Published

1 year ago

September 21, 2024

Pope’s plea to cardinals marks latest step in long-running financial reform

ROME – A new letter to cardinals asking them to tighten their belts, help the Vatican seek new resources and exhibit an ethos of generosity, all towards the goal of a “zero deficit,” marks the latest move in Pope Francis’s long-running goal of financial reform.

In a letter to the College of Cardinals signed Sept. 16 and published Sept. 20, Pope Francis spoke of his 10 years trying to overhaul the Roman Curia, the Vatican’s central governing bureaucracy, which culminated with the publication in 2022 of Praedicate Evangelium, which outlines the new structure and roles of Vatican departments and their officials.

“Despite the difficulties and, at times, that temptation of immobility and rigidity in the face of change, the results achieved in these years have been many,” he said, and thanked the cardinals for their role and support in his reform efforts.

The pope said he would now like to focus on one of the topics that received the most attention in the general congregations prior to the 2013 conclave that elected him: namely, “the financial reform of the Holy See.”

“The past years have demonstrated that the requests for reform urged in the past by many members of the College of Cardinals have been far-sighted and have allowed us to acquire a greater awareness of the fact that the economic resources at the service of the mission are limited and must be managed with rigor and seriousness,” he said.

This, he said, must be done in order to ensure that “the efforts of those who have contributed to the patrimony of the Holy See are not wasted.”

For this reason, he said, “a further effort is now required from everyone so that a ‘zero deficit’ is not just a theoretical objective, but an actually achievable goal.”

Francis said the curial reforms he has carried out so far have laid the groundwork for “ethical policies” that improve the financial performance of existing assets, and he urged the institutions of the Holy See to seek external resources to cover operating costs, ensuring transparency and responsibility.

Pope Francis said the church must set an example in cost reduction, “so that our service is carried out with a spirit of essentiality, avoiding the superfluous and carefully selecting our priorities, encouraging mutual collaboration and synergies.

To this end, he urged those who are better off financially to help those who are in need, saying entities with a surplus “should contribute to cover the general deficit.”

“This means taking care of the good of our community, acting with generosity, in the evangelical sense of the term, as an indispensable prerequisite for asking for generosity also from the outside,” he said.

Pope Francis closed asking the cardinals to welcome his message with “courage, a spirit of service, and to support the ongoing reforms with conviction, loyalty, and generosity.”

The pope’s plea comes after several embarrassing financial scandals have rocked the Vatican in recent years.

Last year a mega-trial featuring the first-ever cardinal to be indicted and charged by the Vatican’s own court, Italian Cardinal Angelo Becciu, came to a close after more than a year. The trial centered around a $400 million investment into a London real estate venture that ended up costing the Vatican over $200 million.

The scandal surrounding the London property deal exposed both the incompetence of the Vatican officials managing the Holy See’s money, as well as the corruption of some of its business associates, with monsignors inside the system signing away controlling shares while agreeing to pay inflated fees to disreputable Italian financiers.

In recent years the Institute of Religious Works (IOR), also known as the Vatican Bank, has also faced pressure over the seizure of some $33 million in assets by three companies who sued the IOR over its withdrawal from an investment deal.

Many new laws implemented by the pope came amid the COVID-19 lockdown in 2020, as Francis faced increased pressure over a mounting economic crisis, including significant debts to its pension fund as well as pressure from European financial watchdogs pushing the Vatican to show improvement in the prosecution of financial crimes.

In 2020 alone, the pope named a new director for the Vatican’s Financial Information Authority, he fired five employees believed to have been involved in the London property deal, and he held various meetings with Vatican department heads to address the Vatican’s financial situation and outline potential reforms.

He also shut down a slew of holding companies based in Switzerland and which were created to manage various portions of the Vatican’s investment portfolio and real estate holdings.

That spring, the pope transferred the Vatican’s “Center for the Elaboration of Data,” which is essentially its financial monitoring service, from the Administration of the Patrimony of the Apostolic See (APSA) to the Secretariat for the Economy, in bid to create a stronger distinction between administration and oversight.

Francis then issued a new procurement law applicable to both the Roman Curia and the Vatican City State which, among other things, barred conflicts of interest, mandated competitive bidding procedures, required evidence that that contract expenditures are financially sustainable, and centralized control over contracting.

In august of that year, he issued an Ordinance from the President of the Governorate of Vatican City State requiring volunteer organizations and juridical persons of the Vatican City State to report suspicious activities to the Vatican’s financial watchdog entity, the Financial Information Authority (AIF).

Later, in early December 2020, Francis issued new statutes transforming AIF into the Financial Supervision and Information Authority (ASIF), confirming its oversight role for the so-called Vatican bank and expanding its responsibilities.

Shortly after, Francis established a “Commission for Reserved Matters” determining which economic activities remain confidential. The commission itself, which covers contracts for the purchase of goods, property, and services for both the Roman Curia and Vatican City State offices, was part of new transparency laws enacted by the pope in June of that year.

In December of that year, the pope announced the creation of the “Council for Inclusive Capitalism with the Vatican,” a partnership between the Holy See and some of the world’s largest investment and business leaders, including CEOs from Bank of America, British Petroleum, Estée Lauder, Mastercard and Visa, Johnson and Johnson, Allianz, Dupont, TIAA, Merck and Co., Ernst and Young, and Saudi Aramco.

The pope also issued new legislation stripping the Secretariat of State of its ability to independently manage the hundreds of millions the Holy See receives annually in donations and investments, transferring that power to APSA.

Those funds are now consolidated by APSA into the Holy See’s consolidated budget, while the Secretariat for the Economy oversees spending.

Follow Elise Ann Allen on X: @eliseannallen

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Finance

Bérangère Michel announced as BBC Group Chief Financial Officer

Published

3 hours ago

December 12, 2025

Press Room

Bérangère Michel announced as BBC Group Chief Financial Officer

The BBC has announced that Bérangère Michel has been appointed to the role of Group Chief Financial Officer.

Bérangère brings extensive experience from her 16-year career at the John Lewis Partnership, where she held senior roles including Chief Financial Officer, Customer Service Executive Director, Operations Director and Finance & Strategy Director.

Prior to joining the John Lewis Partnership, Bérangère spent 11 years at the Royal Mail Group in a number of finance, change and strategy roles, including as Finance Director of the property division.

In an expanded role as BBC Group Chief Financial Officer, Bérangère will be responsible for the overall BBC Group financial strategy, with a remit across BBC Public Service, BBC Studios and the BBC’s commercial subsidiaries. She will play a leadership role and will sit on both the Executive Committee and, for the first time, the Board.

This position will strengthen the BBC’s financial leadership, support its transformation, and make the best use of the licence fee and commercial opportunities. Bérangère will report to the Director-General and will take up the role in early January.

Director-General Tim Davie says: “Bérangère brings a wealth of experience from her time at the John Lewis Partnership and will play a critical role in shaping our new financial strategy. I’m pleased to welcome her to the BBC, and to both the Executive Committee and Board.

“Bérangère’s appointment to this expanded role comes at an important time for the BBC, as we look ahead to Charter renewal and continue to accelerate our transformation to deliver outstanding value for our audiences.”

BBC Chair Samir Shah says: “The role of Group Chief Financial Officer will be hugely important as we build a BBC for the future, and I look forward to welcoming Bérangère to the Board.”

Bérangère Michel says: “I am delighted to be joining the BBC, an institution whose purpose and mission I have always admired. It’s a privilege to be part of shaping its exciting future at such a crucial moment and I cannot wait to get started.”

BBC Press Office

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Finance

ATI Promotes Longtime Leader to CFO and SVP of Finance

Published

15 hours ago

December 11, 2025

Press Room

ATI Promotes Longtime Leader to CFO and SVP of Finance

Rob Foster, incoming CFO of ATI Inc., effective Jan. 1, 2026 [Photo: ATI}

ATI Inc., a Dallas-based manufacturer of high-performance materials for the aerospace and defense industries, announced that James Robert “Rob” Foster will be promoted to senior vice president of finance and chief financial officer, effective January 1, 2026.

Foster succeeds Don Newman, who will serve as strategic advisor to the CEO beginning January 1. As previously announced, Newman will retire on March 1, 2026, and serve in an advisory capacity in that time to allow for a smooth transition.

“Rob is a proven P&L leader with enterprise-wide experience in the areas that matter most to ATI’s continued growth,” Kim Fields, president and CEO, said in a statement. “He brings deep expertise not only in finance but also as an operational leader. Rob played a pivotal role in the successful Specialty Rolled Products transformation, consistently helping ATI to deliver strong returns and shareholder value. I look forward to partnering with him as we enter our next phase of profitable growth.”

Foster, a longtime ATI leader, brings both operational expertise and financial discipline to the CFO role, the company said. He most recently served as president of ATI’s specialty alloys & components business, where he improved efficiency, grew capacity, and advanced the company’s role as a global leader in exotic alloys. Foster previously served as vice president of Finance, Supply Chain, and Capital Projects, overseeing ATI’s global finance organization, capital deployment processes, and enterprise supply chain performance. Earlier in his career, he led Finance for both ATI operating segments and the Forged Products business.

“I’m honored to become ATI’s next CFO,” said Foster. “ATI is well-positioned with a strong balance sheet, focused strategy, and significant opportunities ahead. I look forward to working with our team to drive disciplined investment, operational excellence, and long-term value creation for our shareholders.”

Newman added, “Rob is an exceptional leader who understands ATI’s strategy, operations, and financial drivers. He has delivered transformative results across the organization. I look forward to supporting a seamless transition as we pursue this next step in our succession planning.”

Before joining ATI in 2012, Foster held senior finance roles at API Technologies Corp. and Spectrum Control Inc., where he led ERP implementations, acquisition integrations, and internal control enhancements. He began his career as an auditor at Ernst & Young (EY).

ATI produces high-performance materials and solutions for the global aerospace and defense markets, and critical applications in electronics, medical, and specialty energy.

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Finance

Abu Dhabi seeks to build bridge between new media & finance – The Times of India

Published

1 day ago

December 11, 2025

Press Room

ABU DHABI: Instead of waiting for the future of media, Abu Dhabi is building it. The city played host this week to leading names from media and entertainment industries at the Bridge Summit, aptly named for seeking to position the emirate at the intersection between new-age media, innovation and investment.The three-day event at Abu Dhabi National Exhibition Centre from Dec 8 to 10 buzzed with energy, new ideas, collaborations and MoU deals as thousands of content creators, media brands, communicators, tech developers, AI innovators, investors and academics — who have been working in isolation — converged to brainstorm ideas, analyse future trends in the media industry and discuss ways to monetise them. How to get around the associated risks of privacy violation, fake news and narratives, defamatory content and online harassment were a natural corollary to the discussions.The idea of Bridge Summit originated at a lunch meeting in Abu Dhabi earlier this year between Sheikh Abdulla Bin Mohammed Bin Butti Al Hamed, chairman of UAE National Media Office, and Richard Attias, the Moroccan events producer associated with the Clinton Global Initiative, Nobel Laureates Conference and Davos Forum. The two discussed how UAE could give media, creators, tech innovators, social media outlets and investors a platform to connect and build the future of media. Eight months later, that dream turned into reality with Bridge Summit.Al Hamed, in his opening address, outlined Bridge Summit’s mission to unite media, technology, finance, and culture in building a more trusted, inclusive, and resilient information order.Speaking to TOI on the sidelines of the summit, Jamal Mohammed Obaid Al Kaabi, DG, UAE National Media Office and Bridge Alliance vice-chairman, said the forum seeks to secure a win-win situation for all, be it govts, media, content creators, social media platforms, gamers, investors and technology providers. “We are trying to help everyone — those who have a story to reach production, a company to reach a customer and govts to understand what’s happening in the market”.He added: “We believe that Bridge can be the brand that people will trust and look at in the future. We can connect it with media initiatives around the world. We believe that positive narrative can be supported through Bridge”.The global media and entertainment industry generated over $2.8 trillion last year, with gaming alone rivaling film and television at nearly $200 billion. Streaming continues to reshape consumption, while nearly 70% of content creators are already using AI tools.Rubbing shoulders at the summit were former heads of state, journalists, representatives of social media platforms, AI innovators, gaming developers, entrepreneurs and media influencers from across the globe; actors Priyanka Chopra Jonas and Idris Elba and footballer Gerard Pique lent it star power.Over three days of fireside chats, panel discussions, workshops and MoU signing, content creators and influencers took lessons from experts and peers on how to tell their stories better and hold their audience’s attention till the last frame.With artificial intelligence (AI) tools revolutionising the media space and content creation industry, engagements delved into how to maintain a judicious balance between human intelligence and artificial intelligence while tailoring content to suit users’ preferences and attention span.Sessions reflected on how the traditional print and TV journalism is being rapidly taken over by digital news content. Justin Smith, CEO of independent global news company Semafor, predicted that human journalist will continue to be relevant as the primary resource for original information, but must learn to harness the power of AI to add value. Richard Attias, who is on the Bridge board of directors, had a word of caution: “Human intelligence needs to always challenge artificial intelligence. We should not be losing the control of AI, which is like a robot”.According to UK journalist and broadcaster Emily Maitlis, agenda-based journalism is inevitable in the age of social media as one with a louder voice and reach, who can put out his version of the story more convincingly, tends to control the narrative. Adeline Hulin, chief of media and information literacy unit at Unesco, revealed that a global survey had found that 62% users don’t do any fact-checking before forwarding information online; most content creators are unaware of the international standards of freedom of expression; and just 20% users report hate speech. “Unesco has developed a global curriculum for media information literacy. We are working to integrate it with formal education and getting local partners to organise hackathons,” she said.Former deputy PM of UK Oliver Dowden advocated industry-led responsibility over sweeping regulation, saying there should be “clear guardrails” as creator content becomes the primary source of information for young audiences.Al Kaabi said Bridge Summit is just the beginning and “pop up” events will be held each coming quarter across America, Asia, Europe and Africa. “We want to hold a mini-Bridge in India. Also, there shall be more of Bollywood, not just Priyanka, at the next edition of the summit here,” he said.(The writer was in Abu Dhabi at the invitation of Bridge Alliance)