Unfortunately, the Board of Governors of the Academy of Motion Picture Arts and Sciences has decided to come up with a new annual event to present its special awards – the Irving G. Thalberg Memorial Award, the Jean Hersholt Humanitarian Award and the Honorary Award.
I say "unfortunately" because in my view the presence of veterans like, say, Deborah Kerr or Ennio Morricone, are the highlights of the Oscar ceremony. But then again, perhaps they'll now find some extra time to add more Hugh Jackman musical numbers for those who are into that sort of stuff.
From now on, special honorees will be selected and announced in September (instead of December); their awards will be presented at a black-tie dinner event in November. At the Academy Awards ceremony, they'll get only some sort of acknowledgement.
As per the Academy's press release, "the Academy's Board will hold a special meeting in September for the sole purpose of selecting the year's honorees. There will not be more than one Hersholt nor more than one Thalberg Award voted in any given year. No more than four testimonial awards will be given in a single year."
The Jean Hersholt Humanitarian Award and the Honorary Award are Oscar statuettes; the Irving G. Thalberg Memorial Award is a bust of the legendary MGM producer.