The reforms, announced at an extraordinary congress in Zurich, also include the disclosure of salaries.
Later on Friday Fifa will elect a new president to replace Sepp Blatter.
The Swiss has held the position since 1998, and was re-elected for a fifth term last May.
The five candidates are Sheikh Salman bin Ebrahim al-Khalifa, Gianni Infantino, Prince Ali bin al-Hussein, Tokyo Sexwale and Jerome Champagne.
The election process is expected to begin at 12:00 GMT, but several rounds of voting may be required before a winner is known.
"We stand united in our determination to put things right, so that the focus can return to football once again," said acting Fifa president Issa Hayatou.
"The hard work of restoring trust and improving how we work begins now.
"This will create a system of stronger governance and greater diversity that will give football a strong foundation on which to thrive. And it will deter future wrongdoing."
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