The award - the first of its kind here - aims to recognise charities that have obtained the highest standards of governance and implemented best practices to ensure organisational effectiveness.
Award winners will be presented with a trophy, a certificate and a cash award to help further their charitable cause.
Nominations will open next month, and charities will be shortlisted only if they comply fully with the governance evaluation checklist under the Code of Governance, a set of guidelines issued by the Charity Council in 2007.
Charity Council chairman Fang Ai Lian said charities will then go through a validation process to inspect supporting evidence.
More details, such as whether the award will have different categories, will be released later. The council hopes to announce the winners in the fourth quarter of this year.
Acting Minister for Community Development, Youth and Sports Chan Chun Sing launched the award at the 7th Charity Council Governance Seminar yesterday.
He said: "To inspire confidence and encourage the giving of time, talent and money, we must have high standards of governance and organisation."
Mrs Fang said there is increasing emphasis on greater transparency, and charities are expected to maintain a high level of accountability.
The award will help to "promote self-regulation, greater public confidence and greater awareness in terms of progress and improvements of charities", she added.
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