The Olof Palme Prize is an annual prize awarded for an outstanding achievement in the spirit of Olof Palme. The Prize consists of a diploma and 75,000 US dollars.The prize was established in February 1987 and is awarded by the "Olof Palme Memorial Fund for International Understanding and Common Security," a fund that was established by Olof Palme's family and the Swedish Social Democratic Party in honor of Olof Palme's memory.