The Sakharov Prize for Freedom of Thought, commonly known as the Sakharov Prize, is an honorary award for individuals or groups who have dedicated their lives to the defence of human rights and freedom of thought.Named after Russian scientist and dissident Andrei Sakharov, the prize was established in December 1988 by the European Parliament. A shortlist of nominees is drawn up annually by the European Parliament's Committee on Foreign Affairs and Committee on Development. The MEPs who make up those committees then select a shortlist in September. Thereafter, the final choice is given to The European Parliament's Conference of Presidents (President and political group's leaders) and the laureate's name is announced late in October. The prize is awarded in a ceremony at the Parliament's Strasbourg hemicycle (round chamber) in December. The prize includes a monetary award of €50,000.