''Although the new six-year FTP that began in May provides an excellent framework for international cricket, there is no point in just sitting back and not thinking of the future beyond its duration,'' ICC President Ehsan Mani said in a statement here.
''This committee will examine possible structures and funding models for an international program beyond 2012,'' he added.
The make-up of the FSPC and its terms of reference will be ratified at the July 5 meeting of the ICC Executive Board at Lord's in London.
It is expected the committee, which was agreed to at the March Executive Board meeting in Dubai, will focus on a review of the funding policy that underpins the FTP and how matches between members are scheduled.
The current funding policy is that each member receives all the income from its home series while meeting the costs of the visiting side, excluding international airfares and player fees.
The committee will assess this model and examine possible alternatives, including those used in other sports, and make a recommendation on future policy.
It will also look at possible alternatives to the current scheduling policy, which requires each Full Member to play each other at home and away over a six year period in a minimum of two Tests and three ODIs.
The committee will canvass the views of all Full and Associate Members and may also seek external assistance before reporting back to the ICC Executive Board in November.