FIA's Controversial Statute Revisions Spark Governance Debate

Formula One's governing body, the FIA, approved statute changes limiting audit and ethics committees' powers. Critics argue this reduces accountability and governance. The FIA asserts it ensures independent ethics assessment and limits media leaks. Financially, the FIA projects returning to profit by 2024 after years of losses.

The Formula One governing body made headlines on Friday by approving contentious statute changes. Critics, including key figures from Motorsport UK and Austria's motorsport federation, argue these adjustments curb the powers of essential committees meant to ensure accountability within the organization.

Despite the backlash, the International Automobile Federation (FIA) defended the revisions, highlighting that the ethics committee retains its independence. The FIA emphasized its aim to contain media leaks and safeguard the process of addressing complaints against individuals within the organization.

In a positive development, the FIA announced a projected return to fiscal health, forecasting an operating profit in 2024 for the first time in years. This financial recovery is attributed to recent reforms in governance and finance led by FIA president Mohammed Ben Sulayem.

(With inputs from agencies.)