The Nobel Foundation, a private institution established in 1900, has ultimate responsibility for fulfilling the intentions in Alfred Nobel’s will. A central task of the Nobel Foundation is to manage Alfred Nobel’s fortune in a manner that ensures a secure financial standing for the Nobel Prize over the long term and to protect the common interests of the prize-awarding institutions appointed in the will, making certain they are guaranteed independence in their work of selecting Nobel Laureates.

The Nobel Foundation is also entrusted with strengthening the Nobel Prize’s position through a number of public operations developed over time, with the aim of inspiring and disseminating knowledge about the Nobel Prize.

The Nobel Foundation’s board, which is based in Stockholm, is elected by the Trustees of the prize-awarding institutions.