Nobel Foundation manages the fortune of Alfred Nobel and guards the independence of the prize-awarding institutions

Background

The Nobel Foundation is a private institution established in 1900. It carries the ultimate responsibility for fulfilling the intentions in the will of Alfred Nobel. Its main mission is to manage the fortune of Alfred Nobel so that the Nobel Prize keeps a secure financial standing over the long term, and so that the institutions which award the prizes stay independent when they choose the recipients. The Foundation also administers and develops the brands and intangible assets built up over the history of the Nobel Prize, and it works to safeguard the common interests of the prize-awarding institutions and to represent the Nobel organisation as a whole. Alfred Nobel himself designated the institutions responsible for choosing laureates for each prize. The Foundation has a Board of directors and is bound by its own statutes.