The restructuring will see the "Big Three" pocket greater share of the ICC revenue and occupy key posts within the governing body.
"This is a very sad day for our game," Federation of International Cricketers' Associations (FICA) executive chairman Paul Marsh said in a statement.
"This should be an indicator to the future for all of us, where self-interest and short-term deal making will override the long-term health of the game and views of its key stakeholders."
FICA had urged other test playing nations to block the proposals but only Pakistan and Sri Lanka abstained from voting in Singapore.
"Whilst unfortunately the final outcome had an air of inevitability about it once the process became clear, it again highlights how poorly our game is governed," Marsh said.
"Of extreme concern to all involved in FICA is the fact that so many key stakeholders in the game condemned the proposed changes ... yet the ICC Board still approved these changes," said Marsh, adding FICA and its members would continue to oppose the reforms.
(Reporting by Amlan Chakraborty; editing by Sudipto Ganguly)
