Lorgat, formerly CEO of the ICC, is regarded as India's nemesis after a dispute with the BCCI which spilled over to lead to a shortened tour by the country at the end of last year.
Lorgat had been at loggerheads with the BCCI during his ICC tenure with the Indian Board reportedly advising CSA not to appoint him after the body dismissed disgraced CEO Gerald Majola in the wake of a financial scandal related to the 2009 IPL.
Faul served as acting CSA CEO until Lorgat was appointed last year. He is currently CEO of the provincial franchise side Titans.
"You can probably still accept the notion that these three countries generate the biggest revenue in world cricket, but as regards decision-making over the game, everybody must have an equal opportunity and you can't have just three countries deciding as it suits them," Faul said.
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"The guys would have done their homework and definitely canvassed votes already. Some of the smaller members could be offered rewards to vote in favour of their plans," Faul said.
Seven out of 10 votes are required for the proposal to be accepted at the ICC.
Analysts here have said that despite South Africa being the top Test side, it would generate less revenue than even Pakistan if the proposal is implemented.