A senior PCB official said there were no plans to challenge the ICC ruling in any court.
"The new ruling has been approved by the ICC general council and we like all other members have to follow it and implement it," PCB Chief Operating Officer Subhan Ahmad said.
Last week's ICC annual conference in Hong Kong upheld a constitutional amendment to provide for the principle of free elections.
"The council agreed that all member boards must implement the provisions before annual conference in June 2012 and a further 12 months (to June 2013) would be allowed before any sanctions would be considered," the ICC statement read.
Pakistan, Sri Lanka and Bangladesh are the three member countries that are directly affected by the ICC ruling as their governments have a direct say in appointment of the cricket set-up.
In Pakistan, the chief patron of the board, who is the President of the country, appoints the Chairman of the cricket board.
Ahmad said it would not be an easy process for Pakistan cricket but will be done.
"We are not thinking on lines of trying to block the ICC ruling we are thinking in terms of soon briefing concerned government officials about the new ruling," he said.
Ahmad said the board would study the new ICC ruling and after consulting its legal advisors and meeting government officials, would start working on making necessary amendments in its constitution to bring it in line with ICC requirements.
He said the whole process will take a few months but PCB should meet the ICC deadline.