BCCI President N. Srinivasan will be the new Chairman of the International Cricket Council from July onwards for a period of two years. The decision was taken at the ICC Board meeting in Singapore today. A new model of Governance, finance and competition was also approved by voice vote. Pakistan and Sri Lanka abstained from the vote saying they need more time to consult their boards.N. Srinivasan will head the ICC Board, the apex decision making body of the world cricket. He will be assisted by a new Executive Committee chaired by Wally Edwards from Cricket Australia and the Finance and Commercial Affairs Committee chaired by Giles Clarke from the English cricket Board. This team will oversee the affairs of international cricket in the two year transition period till 2016. Later on, the full members of the ICC will elect a new Chairman while BCCI, CA and ECB – will be represented on both sub-committees, along with two representatives of the other Full Members who will be elected by the Board.Among other decisions, the full members will get a larger share of revenues based on their contribution towards the game, particularly in terms of finance, their ICC history and their on field performances in the three formats of the game. The World Test Championship will be replaced with an ICC Champions Trophy in 2017 and 2021. A Test Cricket Fund will be set up to promore test cricket. The fund will be available to all Test playing nations except India, England and Australia. All full members will enter into contractually binding bilateral agreements to ensure that Future Tours Program schedule is maintained till 2023. Besides, the winner of the next ICC Intercontinental Cup will be entitled to take part in a play-off against the bottom-ranked Full Member and, if successful can obtain Test status. The Associate and Affiliate members stakes would also be protected . ICC President Alan Isaac said that the Board has made some significant decisions which will ensure a bteer governance of world cricket in the years to come.ICC Chief Executive David Richardson said the directions of the board will be implemented.