Vatican: No confidence vote for IOR President

On May 24, 2012 the Supervisory Board of the Institute for Works of Religion (IOR) met in regular session. Among the topics on the agenda was once again the Governance of the Institute. Over time, this has aroused progressive concern in the Council and, despite repeated notices to that effect IOR President, Professor Gotti Tedeschi, the situation has deteriorated further.

After some deliberation, the Board unanimously adopted a vote of no confidence in the President, for not having carried out a number of functions of primary importance to his office. On this basis the following statement was released.

"During the regular meeting of the Supervisory Board of the Institute for Religious Works, 24 May 2012, at 2 pm, this Council adopted a motion of no confidence in President Gotti Tedeschi and recommended the termination of his mandate as President and Board member.

Board members are saddened by the events that led to a vote of no confidence, but consider this action important to maintaining the vitality of the Institute.

The Council is now looking forward to the process of finding a new and excellent President, who will help the institute rebuild relationships between the institute and the financial community based on mutual respect based on internationally accepted banking standards".

Tomorrow the Commission of Cardinals will meet to deliberate the consequences of the Board’s decision and decide the most appropriate steps for the future.