Michael Schumacher with a school kid at the launch of the ‘Make Roads Safe’ campaign in London. (AP)

The seven-time Formula One world champion Michael Schumacher has emerged from his retirement home by the shores of Lake Geneva to declare his commitment to the pipe and slippers. Schumacher, who stood down last year after 248 grands prix and a record 91 victories, claims to be happy with his decision to walk away from the sport he dominated for almost 15 years.

How F1 might cope with the loss of its leading figure was a key question to which Lewis Hamilton has provided an intriguing answer. The Briton’s electric start to his F1 career has captured the imagination of the racing world and beyond. The driver dynamics at the top of the world championship, with Hamilton sharing the lead alongside his McLaren teammate, Fernando Alonso, and Schumacher’s replacement at Ferrari, Kimi Raikkonen, have largely filled in any gaps in interest.

Though no longer at the wheel, Schumacher, 38, remains an integral part of the Ferrari machine. His brand value was demonstrated in Poland, where he played a starring role at an event to celebrate oil giant Shell’s 60-year association with Ferrari, and on Monday in London, where he put his name to a United Nations-sponsored road safety campaign.

“I live a good life,” Schumacher said. “I’m very close to the racing. I’m involved with almost everything that’s happening. I’m not missing driving at the moment, and I’m a pretty happy man. I have had good times in the past and I have certainly better times now, that’s very clear."

Contentment is centred on his wife Corinna, children Gina-Marie and Mick, the horses and the dogs. “I spend more time at home now. I can draw my schedule in a way that at least in the holiday times I can be at home and spend the vacation with the kids. That is very nice for us.”

Schumacher has yet to visit a grand prix in 2007, restricting his involvement at race weekends to a seat in front of the television. “Watching is interesting, seeing it from a different side. But I’m not looking at it to learn something. I’m looking just to enjoy it with my family and my friends together, and enjoy the event as you do.”

Is it easier for young drivers to make an impact today as opposed to 1991, when he drove out at Spa in a Jordan? “You could have the impression, because there are many young drivers who come in and show up very good. Whether this is because they are more talented than other people have been in the past, or whether the characteristic of the cars allows you to dive into F1 more easily, it’s something we will not be able to answer 100 per cent. I don’t know." THE DAILY TELEGRAPH