The Nobel Peace Prize winner will be announced today, but how does the world’s most secretive award actually get decided? Here is how it works.

Nominations close months earlier — this year 287 candidates were proposed. Only certain people, like heads of state, professors and past laureates, can nominate. All names stay secret for 50 years.

Five members of the Norwegian Nobel Committee, chosen by Norway’s parliament, pick the winner. They look for work advancing fraternity between nations, disarmament and peace congresses — Alfred Nobel’s original criteria from 1895.

The winner gets a gold medal, a diploma and 12 million Swedish crowns, about $1.2 million, plus instant global attention. The medal is presented on December 10 in Oslo, the anniversary of Nobel’s death. Unlike other Nobels, the peace prize is awarded in Norway, not Sweden.

Only the peace prize is awarded in Norway; the rest are decided in Sweden. The tradition dates to Alfred Nobel’s 1895 will, which named the Norwegian parliament to appoint the peace committee.