Candidates can be anyone, regardless of their social status. The winner does not get the prize for his own use, but instead directs it to the gender equality project of his or her choosing.

IGEP is the first gender equality award in the world. It was founded in 2017 to celebrate the 100th anniversary of Finnish independence. The second prize round will be launched on October 25, 2018 in Helsinki, in an event hosted by the Minister of Equality Annika Saarikko. The prize will be awarded during the Finnish Presidency of the EU in autumn 2019.

The first recipient of the award was German Chancellor Angela Merkel, who directed the prize money for a Nigerian NGO promoting women's and girls' rights (SOS Femmes et Enfants Victimes de Violence Familiale). The organisation plans to use the money to establish a residential shelter where women and children who are victims of gender-based violence will be safe and receive physical and psychological help. The award ceremony was held in Tampere in March 2018.