[2][3] The prize encourages "informed public debate through the wider dissemination of history writing to new audiences around the world" and is awarded to an author whose book, published in the past year, demonstrates "historical scholarship, originality, literary quality and broad appeal".

No restrictions are set on the topic of the book or the nationality of the author, and English translations are permitted.

[4] The winners of the prizes are selected by a jury of prominent historians and writers chosen by McGill.

Cundill said that he "was surprised to learn there were no major prizes in history" and added that "I'm an investment researcher of finance and I think there's an analogy between the two disciplines – both study the past to understand the present and predict the future.

[11] Cundill died on January 24, 2011,[12] and the 2011 prize was limited to books that were published in English.