Here's understanding the legacy and significance behind Hollywood's most prestigious honorary prize, the Honorary Oscars. Honorary Oscars recognise extraordinary lifetime achievement or special contributions to film. They're awarded by the Academy's Board of Governors. The recipients are not chosen via regular Oscar voting. The Honorary Oscars were first given as a Special Award at the inaugural Oscars in 1929. They were renamed Honorary Award in 1950. Interestingly, the winners are chosen by the Academy's Board of Governors in a spring meeting.