Ferrari will retain F1 veto as part of new 2021 Concorde Agreement

The Italian outfit's right to block rules that it believes are not in its interests or those of F1 has been a controversial aspect of its relationship with the championship's bosses.

But while many, including FIA president and former Ferrari team boss Jean Todt, have suggested the team should lose the veto, the rules trigger has been retained as part of Ferrari's demands to remain in F1.

Ferrari chairman Louis Camilleri explained why it was important for the team to keep the veto, and said he felt others within F1 were also appreciative of it, as it ensures there is a check against radical rules being forced through in the future.

In an interview, elements of which have appeared in the Financial Times, Camilleri said: "We have retained the veto rights and those are critical not just for Ferrari but for F1 as well.

"Will we ever use it? I doubt it. [But] just the fact of having it, does it gets people's attention? I think so.

"It's something I think is important.

"Some of the teams think it's anachronistic and shouldn't be there but on the other hand some think it's a good idea to have an 'adult' in the room."

Ferrari last used the veto in 2015 when it blocked a move to introduce a maximum price for engines and gearboxes.

Discussions to frame the new Concorde Agreement are ongoing, and Camilleri said Ferrari does not see any roadblock that would prevent it from staying in F1, though he added a number of elements are not yet resolved.

"We are very committed," he said.

"The Concorde Agreement is really a beginning, it's not even the end of the beginning.

"Things will need to evolve over the coming months but the basic principles everyone agrees to and that's healthy.

"[There are] still lots of things to do.

"The key is to ensure F1 will always remain at the pinnacle of motorsport and there will be sufficient room for technological creativity and innovation which has been the driver of F1 historically.

"A year ago there was a push for standardisation of parts, but that has been diluted significantly, which is a good thing."