What is the Nobel Foundation?

About Nobel Foundation:

• The Nobel Foundation is a private institution established in 1900 based on the will of Alfred Nobel.
• The Foundation manages the assets made available through the will for the awarding of the Nobel Prize in Physics, Chemistry, Physiology or Medicine, Literature and Peace. 
• It represents the Nobel Institutions externally and administers informational activities and arrangements surrounding the presentation of the Nobel Prize.
• The Foundation also administers the Nobel Symposium Program.
• Headquarters: Stockholm, Sweden.
• Organisational Structure:
  • The assets of the Foundation are managed by the board of directors.
  • It consists of seven members and two deputies who are either Swedish or Norwegian.

Key Facts about the Nobel Prize:

• The Nobel Prizes are prestigious international awards presented annually in recognition of outstanding contributions to various fields.
• Recipients can be both individuals and organisations. 
• They were established in accordance with the will of Alfred Nobel, a Swedish inventor, engineer, scientist, and philanthropist who left the majority of his fortune to fund these prizes.
• They were first awarded in 1901 and have been awarded annually ever since.
• Categories:
  • There are six Nobel Prize categories: Physics, Chemistry, Physiology or Medicine, Literature, Peace, and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (commonly referred to as the Nobel Prize in Economics).
  • Each prize is awarded by a separate Nobel Prize-awarding institution based in Sweden or Norway, except for the Peace Prize, which is awarded in Oslo, Norway.
  • Selection Process: Recipients are selected by various committees based at institutions in Sweden and, in the case of the Peace Prize, a committee appointed by the Norwegian parliament.
• Ceremony:
  • The Nobel Prizes are traditionally awarded on December 10 each year, the anniversary of Alfred Nobel's death.
  • The award ceremonies take place in Stockholm, Sweden, for all prizes except the Peace Prize, which is awarded in Oslo, Norway.
• Nobel Medals and Diplomas: Each laureate receives a gold medal, an individualised diploma and a sum of money.