Eight ICC members voted in favour of the new proposals handing more power to India, England and Australia - Pakistan and Sri Lanka abstained from voting.
The new proposal hands more power to India - with BCCI chief N Srinivasan set to be named ICC chairman for at least two years in July - while Australia and England also got key positions.
India, which generates around 80% of the ICC's revenue, is set to benefit financially as well.
Minelle Fernandez reports on the reaction in Sri Lanka.
Source: Al Jazeera