Prem Nazir Foundation was Formed and registered on the 6th day of December 1990 in the city of Thiruvananthapuram by family members, relatives and well wishers of Late Padmabhushan Sri. Pream Nazir, the Evergreen Hero of Malayalam Cine Industry. The foundation is to give awards to the films and artists as may be adjudged as the best outstanding and the Award shall be known as the Prem Nazir Foundation Award.
The goal of the Foundation is to form and establish it as a Trust to perpetuate and sustain the memory of Sri. Prem Nazir through social, cultural, educational and humanitarian activities and to promote, organize, administer, establish, support, maintain or grant aid to any person, institution, society or organization, the objectives of which are in conformity with the Foundation
There shall be three types of members in the Foundation. They are:
The number of Trustees of the Board of Trustees are limited to Nine which shall be composed of six representatives elected by the founder Members from among themselves or their successors in the event of their death and three representatives elected by Life Members from them. The Associate members do not have any voting right in the Board of Trustees or any organizational body under the Trust.