"We shall carefully select experts from each field, both in Taiwan and abroad, to compose the selection committee. With the most rigorous objectivity, this committee will select individuals or institutions that have demonstrated the most creative and influential research in the four fields. In this way, the Tang Prize will gradually acquire international credibility," he said.From 2014, the Tang Prize will be awarded once every two years, to individuals or institutions that have made the most outstanding contributions in the four areas. Each will receive an amount not less than NT$40 million (around US$1,360,000) in prize money, and a further NT$10 million (around US$341,000) will be allocated for the execution of a plan submitted by the prize recipient(s) to promote and cultivate research and talent in the related area within a period of five years. Nominations for the first Tang Prize will be drawn up by the Tang Prize selection committee, and invitations will be sent to eligible individuals and/or institutions in May 2013. The closing date for candidates to accept their nominations is September 30. The Tang Prize selection committee will present detailed reports on the final candidate(s) to the Tang Prize Foundation board at the end of April 2014. The Tang Prize Foundation board will announce the laureates on June 18, 2014. About the Tang Prize Foundation The Tang Prize Foundation was created in 2012 by chairman of the Ruentex Group, Dr. Samuel Yin, who invited a broad range of experts to serve on its board. The foundation is responsible for promoting the guiding principles of the Tang Prize and its sustainable management. It has commissioned Academia Sinica to organize a selection committee responsible for the nomination and selection process. The foundation will then select laureates based on the committee's professional advice. The foundation's website is www.tang-prize.org. About the Tang Prize The Tang Prize is an international award that recognizes the most original and influential researchers or institutes in the areas of Sustainable Development, Biopharmaceuticals Science, Sinology (excluding literary works), and Rule of Law. It is hoped that the prize will encourage scholars to dedicate themselves to research and development in these four areas and work towards sustainability and balanced development.