The Financial Times has established the Jones-Mauthner Memorial Prize, an award to recognise outstanding reporting of international affairs by an FT journalist under 40. The award is being funded by current and former FT journalists and will consist of a first prize of £5,000 and a second prize of £2,000.

This honour will encourage the tradition of excellence exemplified by its namesakes, the late JDF Jones and Robert Mauthner. Jones, who served as foreign editor and the first editor of FT Weekend, was the driving force behind the expansion of the FT’s foreign network of journalists, which today boasts over 600 correspondents in every corner of the globe. Mauthner was a distinguished Paris correspondent, diplomatic editor and European analyst.

Lionel Barber, editor of the FT, said: “The Financial Times prides itself on clear, independent reporting of the top global stories of the day, from tracking down the tens of millions invested in Col Gaddafi’s sovereign wealth fund to explaining the intricacies of the euro debt crisis. We value the contributions of our foreign network around the world, as well as our specialist reporters in London, and that is why we are pleased to offer recognition of the best of FT journalism in the tradition of JDF Jones and Bob Mauthner.”

Within international affairs, subjects can have a political, economic, social, financial or cultural focus and may be produced in any combination of media, including print, blogs, videos and podcasts. The five-person panel of judges will be comprised of Lionel Barber, two senior FT journalists and two representatives of the donors.

The award will be granted for the first time in 2012, the first winner being announced in May. It will run for five years.