The FIA has this morning (Sunday) issued the following:

Seven-time Formula One world champion Michael Schumacher has been elected Chairman of the newly established Motor Sport Safety Development Fund.

The Fund has been created to manage the distribution of motor sport safety-related grants from the FIA's $60 million share of the $100 million fine imposed on McLaren-Mercedes last year.

Chaired by Michael Schumacher, the Fund's Management Committee is made up of Max Mosley, FIA President; Nick Craw, President of the Automobile Competition Committee for the United States; Jean Todt, Member of the Board, Ferrari SpA and Norbert Haug, Vice President, Mercedes-Benz Motorsport.

Working in close collaboration with the FIA Institute the programme of Fund activities will roll out later this year and will include a Young Driver Safety Scholarship Programme, an Officials Skills Safety Training Programme and a Facility Safety Improvement Consultancy Programme.

Michael Schumacher said: "I'm proud to be able to help with the further development of safety in motor sport across the world. The FIA has achieved a great deal already in its safety activities but the grants available from this new Fund will make a huge contribution to improving motor sport safety, especially in emerging motor sport markets."

Max Mosley, FIA President, said: "From the outset we had intended that any fine imposed on McLaren-Mercedes would be used for the benefit of the grass roots of motor sport. I'm delighted that this money will be invested in a safer future for our sport."

Jean Todt, Member of the Board, Ferrari SpA, said: "I'm pleased that the unfortunate events of last year have given rise to a worthy project that will benefit all aspects of motor racing."

Norbert Haug, Vice President, Mercedes-Benz Motorsport, said: "The success of our sport at the top level depends on strong foundations at the grass roots. This new Fund will make a huge difference as we invest in improving the training and skills in motor sport across the world."