Summary
Two official Catholic stock indices, developed by the Istituto per le Opere di Religione (IOR) in collaboration with Morningstar and officially announced on February 10, 2026, will serve as benchmarks for investments aligned with the Church’s social doctrine. This initiative was anticipated in a previous article published on 300 Denari in October 2025, where it was noted that the Catholic Church would no longer “adapt” to Environmental, Social, and Governance (ESG) standards but instead propose its own indicators. The document “Coniuncta Cura” by Pope Leo XIII was cited as a pivotal moment, signaling a shift in Catholic finance’s alignment with the Church’s mission. The new indices, Morningstar IOR Eurozone Catholic Principles and Morningstar IOR US Catholic Principles, include 50 medium and large-cap companies selected based on both financial criteria and their compliance with Catholic ethical principles. Exclusions are determined by clearly defined moral parameters related to life protection, personal dignity, and social responsibility. These benchmarks reflect the Church’s doctrinal guidelines in a measurable and replicable format. The move represents a structural shift for mainstream finance. Prior articles had highlighted Pope Leo XIII’s “Coniuncta Cura,” which opened up a reformed paradigm of Vatican finance: it moved from being merely a management tool to becoming fully aligned with the Church’s mission, incorporating moral guidelines into practical operational frameworks (what is known as an “ESG Catholic”). This recent announcement confirms this shift in emphasis.
Key Topics
Vatican City, ESG, Doctrine of the Catholic Church
