Here’s a more detailed proposal building on my previous suggestion. Please do suggest alternative possibilities, explain why my suggestions won’t work, and point out the obvious things that I’ve forgotten!
What: A yearly award for the best fantasy novel of the previous year; a sub-award for the best first novel by a woman writer; and a second sub-award for fantasy artwork (cover, cartography, or illustration).
Eligibility: Must be arguably fantasy of some kind: high fantasy, low fantasy, epic fantasy, urban fantasy, rainbow fantasy, hamster fantasy if anyone decides to publish some. Must have first been published in English in the year since the last award. Can be submitted; may be co-opted.
Criteria: Quality, innovativeness, and an elusively magical sensibility. Sales, popularity, or past record will not be taken into account either positively or negatively.
Judging model: A jury of six, including a coordinator with a casting vote in the event of a tie. Each year, within three months after the award, the three longest-serving members resign and the remaining three co-opt three more members to serve for the next two years. If someone resigns during their term, another member can be co-opted immediately.
Shortlists: Shortlists should be published in good time before the presentation, and should show a commitment to inclusivity (without aiming to be comprehensively representative) and against discrimination of any form. At the same time, jury members should disclose any financial, professional, or personal interest they have in any of those books, their authors, or their publishers, and should consider recusing themselves from commenting on a book if they have such an interest. Those interests, on the other hand, shouldn’t preclude a book from consideration, or bias other jury members against it.
Award: An art object and a nontrivial sum of money, which should be raised through donations or sponsorship, but not co-branding, because having Mirrlees’s name on the award is important. Besides, that way people can say they officially have a Hope.