1. The University of Iceland Teaching Committee nominates three individuals who the committee believes should be rewarded for excellence or particular novelty in teaching.
2. The University of Iceland Science Committee nominates three individuals that have achieved excellent results in research.
3. The University Council appoints a three-strong committee to nominate three individuals that have achieved excellent results in areas other than teaching and research. The members of the committee shall be the vice-chairman of the University Council, a University Council representative of the general public, and a University Council representative of academic schools.
All nominations shall be accompanied by arguments in writing, taking into account the general premise for acknowledgements.
Nominations shall be handed in to the selection committee (at the office of the Rector), no later than 1st September each year and the selection committee's work shall be completed no later than 1st October of the same year. The results are announced at the graduation ceremony on the first day of winter, in October of the same year, at which occasion the Rector presents the acknowledgement.