The Cyprus Academy of Sciences, Letters, and Arts is the highest intellectual institution of Cyprus in the fields of the sciences, the letters and the arts and the home of the most distinguished scientists, scholars and artists. The main objective of the Academy is to promote excellence in all its intellectual manifestations. The Academy was founded by Law as a legal entity under public law. The Academy is divided in three classes: The Class of Natural Sciences (Class A), the Class of Letters and Arts (Class B), and the Class of Ethical, Political and Economic Sciences (Class C). The Academy is fully independent and autonomous in its objectives. It holds monthly meetings of the Plenary of its members, and monthly meetings of its Senate. Each year it holds a major open ceremony in December to award its prizes and announce its new members.