Maximum presidential terms limits, a new governance structure and financial transparency are among the reforms agreed by Fifa in the wake of its corruption crisis.

The 2016 Fifa Reform Committee, comprising representatives of the six confederations, have agreed “unanimously” on a number of conditions designed to transform the beleaguered world football governing body.

Presidents of the organisation will now only be allowed to serve for a maximum of 12 years – or three terms of four years – whether consecutive or not. Council members must also adhere to the same maximum tenure.

Sepp Blatter, the latest president who is currently suspended, has been in the post since 1998. A new president is due to be elected on 26 February 2016.

The Fifa Executive Committee will now be known as the Fifa Council. The body will perform a supervisory role with “no executive powers or direct managerial responsibilities”. Its size will be increased to “ensure wider participation and democracy”.

The president’s role will also be altered – the future incumbent will chair the Fifa Council, and be accountable to it, and act as an “ambassador” for the organisation. The general secretary will perform chief executive roles, with responsibility for the performance of the Fifa administration.

To ensure financial transparency, the Fifa Council will define policy and strategies to generate revenue and approve budgets and annual financial accounts, although it will have no decision-making role over the execution of allocated funds.

Compensation for the president, Council members and the general secretary will be reviewed by an independent Compensation Committee.

The involvement of women was addressed, with confederations having to reserve at least one voting Fifa Council seat for a female member, while the number of Fifa standing committees – which take decisions on competitions and football development – will be reduced from 26 to 9 to “improve efficiency”.

Integrity checks for all members of the standing committees will be conducted by an independent Fifa review committee. The proposals must be approved by Fifa's 209 member states in February.

The committee also discussed the prospect of expanding the Men’s World Cup from 32 teams to 40, although no final decision was announced.

“Fifa is currently going through the worst crisis in its history,” said a statement made by the Reform Committee. “The current crisis should also be considered as a unique opportunity for Fifa to renew itself.”