Corporate Governance and Payment Systems Operators: A Study in Brazil and The United Kingdom Based on Recommendations of The Committee on Payments and Market Infrastructures

Resumo

The main objective of this study is to investigate the corporate governance characteristics of payment systems operators in Brazil and the United Kingdom, based on recommendations of the Committee on Payments and Market Infrastructure – CPMI. This study is descriptive, with a qualitative approach, using both bibliographical and documental research. We analyzed bylaws and other documents collected in August of 2015 of four payment systems operators intentionally selected from Brazil and the United Kingdom. In order to analyze the presence or absence of corporate governance characteristics of each payment system operator, we employed content analysis, considering a checklist composed of 20 key elements distributed along 7 key considerations based on the CPMI’s international recommendations for corporate governance. Data analysis also employed binomial statistic tests. The main results of 80 key elements’ analyses show that, in general, 65% of these key elements are present in the payment systems operators’ documents analyzed. The proportion of key elements present or absent is not equally distributed between key considerations. This study can bring corporate governance insights to academics and others stakeholders involved in the improvement of operation, regulation and supervision of payment systems, mainly in Brazil and the United Kingdom.