The Israel Prize is an award handed out by the State of Israel and is generally regarded as the state's highest honor. It is presented annually, on Israeli Independence Day, in a state ceremony in Jerusalem, in the presence of the President, the Prime Minister, the Speaker of the Knesset (Israel's legislature), and the Supreme Court President. The prize was set up in 1953 at the initiative of the Minister of Education Ben-Zion Dinor, who himself went on to win the prize in 1958 and 1973.