The philanthropic vision of the once-richest man in the world is embedded within three foundations:[1] Awardees are leading scholars who have a sustained record of outstanding research and intellectual achievement at the highest level.

The Award is made by a select committee and approved by the Trustees in December of each year.

The Secretary General of the Academy of Science of South Africa chairs the selection proceedings.

The remittance ceremony takes place in April following the year of the Award, at the Oppenheimers’ residence, Brenthurst, in Johannesburg.

The Award (a gold medal and a monetary prize) is bestowed by Mrs. Harry (Bridget) Oppenheimer.