The Volvo Technology Award is awarded annually at Volvo's AGM. Open to personnel within the Group as a whole, the prize was instituted in 1988 as a mark of recognition for outstanding technical advances which contribute to the enhancement of Volvo's high-tech competiveness and further the Group's technological expertise. Recipients over the years have included world-famous innovations, such as the Duoprop marine drive, the CityFilter used to purify truck and bus exhausts, and Volvo's side airbags (SIPS bags).
The objectives of the Volvo Technology Award are:

• to recognise outstanding technological achievements within the Volvo Group;
  
  
• to enhance the high-technology competiveness of the Volvo Group;
  
  
• to promote achievements which will clearly advance the Group's technological expertise.