The Prize shall be awarded by the Director‑General of UNESCO (hereinafter called "the Director‑General") at an official public meeting which shall be held every two years, on 24 July, or on a day very close to that date. The Prize was awarded for the first time on 24 July 1983, the date of the bicentenary of the birth of Simón Bolívar.
The Prize shall consist of a sum the amount of which shall be determined by the Director‑General in agreement with the Government of Venezuela. This sum shall be obtained from the interest yielded by a Special Account (hereinafter called "the Account") set up by the Director‑General, in accordance with the Financial Regulations of UNESCO, with funds contributed by the Government of Venezuela for that purpose. The investment of these funds shall be carried out in accordance with the procedures proposed by UNESCO and approved by the Government of Venezuela.
4. Selection of prize-winners
The prize-winners shall be selected by an international jury, whose decision must be unanimous.
The Jury shall consist of seven members:
- five eminent persons representing the various regions of the world, appointed in a personal and honorary capacity by the Director‑General for a period of four years;
- one eminent person appointed by the Government of Venezuela;
- one representative of the Director‑General.
The Jury shall adopt its Rules of Procedure unanimously. The Director‑General shall convene the Jury and prepare the agenda of its meeting. The Director‑General shall designate a member of the Secretariat of UNESCO to sit as Secretary to the Jury. The cost of meetings of the Jury shall be met from the Account.
The Prize shall be awarded to one or more individuals or institutions for each of whom a candidature has been submitted by the government of a Member State or Associate Member of UNESCO, by an intergovernmental organization, or by a non‑governmental organization having consultative and associate relations (category A) or information and consultative relations (category B) with UNESCO.
Should the Jury not reach a unanimous decision in favour of « any of the candidatures submitted, it may take into consideration any other candidature submitted to, it by at least two of its members.
The Prize shall be established for an unlimited duration. If the Goverment of Venezuela and UNESCO should decide to discontinue awarding the Prize, the liquid assets in the Account shall be returned to the Venezuelan authorities concerned, after deduction of any expenses remaining unpaid at the time of the discontinuance of the Prize.