Nobel Prize

The Gift

The Nobel Prizes (definite form, singular, Swedish: Nobelpriset, Norwegian: Nobelprisen) are annual international awards bestowed by Scandinavian committees in recognition of cultural and scientific advances. The will of the Swedish chemist Alfred Nobel, the inventor of dynamite, established the prizes in 1895. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was instituted by Sveriges Riksbank in 1968 and was first awarded in 1969. Although technically not a Nobel Prize, its announcements and presentations are made along with the other prizes, with the exception of the Peace Prize which is awarded in Oslo, Norway. Each Nobel Prize is regarded as the most prestigious award in its field.

The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Nobel Memorial Prize in Economic Sciences. The Nobel Assembly at Karolinska Institutet awards the Nobel Prize in Physiology or Medicine. The Swedish Academy grants the Nobel Prize in Literature. The Nobel Peace Prize is not awarded by a Swedish organisation but by the Norwegian Nobel Committee.

Each recipient, or laureate, is presented with a gold medal, a diploma, and a sum of money which depends on the Nobel Foundation's income that year. In 2009, each prize was worth 10 million SEK (c. US$1.4 million). The prize cannot be awarded posthumously, unless the winner of the prize has passed away after the prize's announcement. Nor may a prize be shared among more than three people. The average number of laureates per prize has increased substantially over the 20th century.

The Nobel Foundation was founded as a private organisation on 29 June 1900, to manage the finances and administration of the Nobel Prizes. In accordance with Nobel's will, the primary task of the Foundation is to manage the fortune Nobel left. Another important task of the Nobel Foundation is to market the prizes internationally and to oversee informal administration related to the prizes. The Foundation is not involved in the process of selecting the Nobel laureates. In many ways the Nobel Foundation is similar to an investment company, in that it invests Nobel's money to create a solid funding base for the prizes and the administrative activities. The Nobel Foundation is exempt from all taxes in Sweden (since 1946) and from investment taxes in the United States (since 1953). Since the 1980s, the Foundation's investments have become more profitable and as of 31 December 2007, the assets controlled by the Nobel Foundation amounted to 3.628 billion Swedish kronor (c. US$560 million).

According to the statutes, the Foundation consists of a board of five Swedish or Norwegian citizens, with its seat in Stockholm. The Chairman of the Board is appointed by the Swedish King in Council, with the other four members appointed by the trustees of the prize-awarding institutions. An Executive Director is chosen from among the board members, a Deputy Director is appointed by the King in Council, and two deputies are appointed by the trustees. However, since 1995 all the members of the board have been chosen by the trustees, and the Executive Director and the Deputy Director appointed by the board itself. As well as the board, the Nobel Foundation is made up of the prize-awarding institutions (the Royal Swedish Academy of Sciences, the Nobel Assembly at Karolinska Institute, the Swedish Academy, and the Norwegian Nobel Committee), the trustees of these institutions, and auditors.

Source:wikipedia