In late 2005, the Caribbean Awards were launched publicly and in 2006 three winners received prizes of TT$500,000, a medal and a citation at a ceremony in Port of Spain. The annual ceremony continues to take place in Port of Spain (Trinidad). The awards are managed out of the programme office in Port of Spain, but the nomination committees are spread throughout the English-speaking Caribbean.
 
The prizes are fully funded by the ANSA McAL Foundation and the nominating committees and selection panel are entirely independent of the Foundation. There are Country Nominating Committees (CNC) in each English-speaking territory, who are responsible for nominating candidates from thier country or territory.
 
The CNCs are comprised of academics, professionals and other leading citizens who are highly regarded in their countries, and who have the appropriate local knowledge to identify local deserving candidates. The CNCs are located in Barbados, Guyana, Jamaica, the Organisation of Eastern Caribbean States (OECS) and Trinidad & Tobago.
 
Once the nominations are assessed and candidates identified, each CNC selects its three best candidates (one in each category) and makes presentations to the Regional Eminent Persons Selcetion Panel (EPP) which makes the final selections. The EPP consists of statesmen, academics, regional business professionals and accomplished, highly respected people in all fields.