The Society was founded in 1994 by the Hudson's Bay Company (HBC) for the purpose of promoting greater popular interest in Canadian history principally through its publishing activities and outreach and recognition programs.

The Society receives a core grant from the Hudson's Bay Company History Foundation annually, but operates as an independent entity.

Its operating budget averages $2.7 million a year, and its largest share of revenues comes from its membership who in addition to subscribing to their magazines also contribute charitable donations.

[5] Canadian writer and historian Pierre Berton was the first recipient and agreed to lend his name to future awards.

The award honours those who have introduced Canadian characters and events of the past to the national and international public.