The meeting, which opened in Dubai on Tuesday, 'unanimously approved' several proposals that could have a big impact on the administration of the world game, although not all aspects of a controversial 'position paper' drafted by the Indian, Australian and English cricket boards were met with support.
ICC executive board members gave their backing to a wide range of changes, including the return of the Champions Trophy in place of the World Test Championship, and recognised the need for stronger leadership, with the 'BCCI (the Board of Control for Cricket in India) taking a central leadership responsibility'.
The meeting also approved all ICC members being able to play all formats of cricket, as well as, crucially, giving support for the establishment of an executive committee and financial and commercial affairs committee that will include England, India and Australia having a guaranteed place among its five members.
The 'position paper' has prompted strong criticism from Test-playing nations outside of the 'big three', with several voicing their concerns about the possible loss of their current standing over the governance of the game.
Cricket South Africa (CSA) wrote an open letter to the ICC earlier this month, in which they asked for proposals over a four-way committee responsible for governing the game to be withdrawn.
The Pakistan Cricket Board (PCB) have also been vocal on the matter, with chairman Zaka Ashraf telling ARY TV: "Bangladesh, Pakistan, South Africa and Sri Lanka – we all have one stance. Let us see what we vote inside. We will stick to our stance."
The next steps on the issue from the ICC remain to be seen, with a further meeting called for next month.
In a statement, CSA made it clear that each member board still has to approve the announced proposals before a final decision is taken.
"Cricket South Africa wishes to clarify the statement released by the International Cricket Council with regard to the 'unanimous' support at the ICC board meeting for key principles," said CSA president Chris Nenzani.
"The support is subject to the approval of the respective boards of the member countries after which a final decision will be taken at a follow-up ICC board meeting on February 8.
"We will be convening a joint session of our CSA board and certain key stakeholders as soon as is practically possible to consider the principles.
"Our position will be subject to full consideration by our board and other stakeholders."
While announcing the supported proposals, ICC president Alan Isaac did express disappointment at the leaking of the draft 'position paper'.
"Several months ago I encouraged BCCI, CA (Cricket Australia) and ECB (England and Wales Cricket Board) to enter into a constructive dialogue together to help resolve some of the key commercial and governance issues facing the game," explained Isaac.
"These leading cricket nations have worked tirelessly to produce a document which provided the basis for the past few weeks of extremely constructive discussions.
"It is obviously very disappointing that a draft position paper from these members was leaked as this prompted a debate that ignored the ongoing negotiations between all members and led to unwarranted criticism of many of those involved in the process.
"The principles agreed today (Tuesday) provide clear evidence that through the course of further discussions over the coming weeks we can be increasingly confident in achieving consensus."