In 1970, the New Libertarian Society Of Cinema Arts established its annual awards, officially named the New Libertarian Society Of Cinema Arts Prize Of Excellence. The award is commonly refered to as the Society Prize and is also nicknamed the “Libby.” After the Oscars, Golden Globes and BAFTA, the Society Prize has become one of the world’s most prestigious awards for the art of filmmaking. The award was first handed out in the spring of 1971 and has been awarded annually ever since.