He added that selectors had always taken character into account when picking test players.
"We need a serious cricketing figurehead, not a corporate cricket figurehead", he told Fox News.
The review, to be made public on Monday, handed down a number of recommendations including the creation of an ethics commission to look at the governance of the game, and the establishment of a cricket council to discuss major issues in Australian cricket.
The Australian Cricketers' Association has called on the Cricket Australia board to immediately lift the suspensions of the three Australian cricketers who were banned for their involvement in the ball tampering scandal in South Africa.
Bancroft was caught on camera tampering with the ball and after the end of the day's play Smith and Bancroft confronted the media admitting that the ball-tampering was a planned incident with the "leadership group" of the team involved. It had rejected one proposal that would excuse players from taking part in T20 cricket.
Cricket Australia have been branded as "arrogant" and "controlling" and accused of treating its elite players like commodities, allowing "alpha-male" egos to develop a win-at-all-costs approach, according to a wide-ranging report on Monday.
"We're the lucky ones playing for Australia".
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"Australian cricket has lost its balance. and has stumbled badly".
The review also found the ball-tampering scandal was not an aberration and players were reluctant to challenge their team mates' behaviour.
Tim Paine, who was promoted to team captain after the scandal, said he is not surprised by the report's findings. CA has agreed to this. "They've got a lot of people around the side that protect them and tell them how good they are and how everything's fantastic and sometimes you can lose touch with reality and I think that was best summed up when Steve Smith said that "we won't make that same mistake again and we'll just get on with it", Waugh said to ESPNcricinfo at a Laureus event in Paris.
The governing body said it would accept most of the report's recommendations. Players with leadership aspirations have been recommended to undertake formal training, including to help improve their "moral courage".
CA supports a recommendation that the role of vice-captain be "de-coupled" from that of "heir apparent" for the captaincy - a move made recently in the test and one-day worldwide teams.
In the wake of the ugly sledging in South Africa, CA has supported a recommendation for its anti-harassment code to include abusive sledging. "CA is perceived to say one thing and do another".
It exposed a dark culture, also manifest in players' aggressive conduct toward opponents. Howard had been criticised for his involvement.
CA chairman David Peever and new CEO Kevin Roberts have categorically denied there is any chance of the trio having their bans reduced, setting the scene for a tense showdown with the ACA.