Apart from Schumacher and Mosley, both of whom are FIA Foundation Trustees, other members of the panel include Nick Craw, President of the Automobile Competition Committee for the United States (representing National Sporting Associations), Jean Todt (Ferrari) and Norbert Haug (Mercedes) - last two representing the manufacturers involved in the espionage saga.

"The WMSC appointed the Management Committee for the Motor Sport Safety Development Fund, the body which will distribute the USD 60 million from the McLaren-Mercedes fine, for the benefit of motor sport worldwide. The Committee will control the Fund under the administration of the FIA Foundation," the FIA said in a statement.

"The intention is to disperse the fund over the next five years and to concentrate activities on a Young Driver Safety Scholarship Programme, an Officials Skills Safety Training Programme and a Facility Safety Improvement Consultancy Programme," it added.