The FIA has announced the launch of a new governance process that will include a fully independent financial audit of F1's governing body as well as the recruitment of a chief executive officer.
The initiative was one of the main decisions to come out of a meeting that took place on Thursday of the FIA's World Motorsport Council and the World Council for Automobile Mobility and Tourism, both of which were chaired for the first time by recently elected FIA president Mohammed Ben Sulayem.
"A new era has begun for the FIA, through the creation of a governance framework founded on openness and global diversity," said Ben Sulayem in a statement released on Friday by the FIA.
"This is a key pillar of our strategy and I warmly thank the World Councils’ Members, who have approved the changes.
"Responsibility and authority of World Councils, which emanate from our Members, will be increased.
"A more effective oversight model will be designed, stakeholders’ priorities will be aligned, and a responsibly profitable FIA operation will be ensured.
"To reach these objectives, the Federation’s governing bodies and administration will work closely together to make the FIA the global voice of motor sport and mobility."
To conduct its governance review, three working groups have been established to assist in the CEO recruitment, Governance and Financial reviews.
Regarding the FIA's decision to recruit a full-time CEO, the working group dedicated to this task will help "select an executive search firm, establish a budget and timeframe for the CEO recruitment, and recommend a shortlist of candidates to the World Councils and the Senate".
The working group which will assist the presidential will include two members of both of the FIA's world councils with, interestingly, Fabiana Ecclestone from Brazil, the wife of former F1 supremo Bernie Ecclestone, acting as a representative of the WMSC.
The next meeting of the WMSC is set to take place in Bahrain on March 19 on the eve of the Bahrain Grand Prix, the opening round of the F1 world championship.
The results of the FIA's comprehensive and all-important investigation into last December's controversial Abu Dhabi Grand Prix will be made public at the March 19 meeting.
Keep up to date with all the F1 news via Facebook and Twitter
Ferrari laid down an emphatic marker on the opening day of the Hungarian Grand Prix,…
Mercedes began its first day at the Hungarian Grand Prix hoping to uphold its momentum…
Adrian Newey believes Aston Martin's long-awaited B-spec challenger has made an encouraging first impression, even…
It was a chaotic opening day of running at the Hungaroring on Friday, with track…
Lewis Hamilton completed a Ferrari one-two in Friday's second practice for the Hungarian Grand Prix,…
Full results from Free Practice 2 for the Hungarian Grand Prix at the Hungaroring, Budapest,…