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Fellowship of the Society, the oldest known scientific academy in continuous existence, is a significant honour. It has been awarded to many eminent scientists throughout history, including Isaac Newton (1672), Charles Darwin (1839), Michael Faraday (1824), Ernest Rutherford (1903), Srinivasa Ramanujan (1918), Albert Einstein (1921), Winston Churchill (1941), Subrahmanyan Chandrasekhar (1944), Dorothy Hodgkin (1947), Alan Turing (1951) and Francis Crick (1959). More recently, fellowship has been awarded to Stephen Hawking (1974), Tim Hunt (1991), Elizabeth Blackburn (1992), Tim Berners-Lee (2001), Venkatraman Ramakrishnan (2003), Atta-ur Rahman (2006), Andre Geim (2007), James Dyson (2015), Ajay Kumar Sood (2015), Subhash Khot (2017), Elon Musk (2018), and around 8,000 others in total, including over 280 Nobel Laureates since 1900. As of October 2018, there are approximately 1689 living Fellows, Foreign and Honorary Members, of which over 60 are Nobel Laureates.
Fellowship of the Royal Society has been described by The Guardian newspaper as "the equivalent of a lifetime achievement Oscar”
https://en.wikipedia.org/wiki/Order_of_Merit
"is a Commonwealth order of merit recognising distinguished service in the armed forces, science, art, literature, or for the promotion of culture. Established in 1902 by King Edward VII, admission into the order remains the personal gift of its Sovereign—currently Edward VII's great-granddaughter, Queen Elizabeth II—and is restricted to a maximum of 24 living recipients from the Commonwealth realms, plus a limited number of honorary members. While all members are awarded the right to use the post-nominal letters OM and wear the badge of the order, the Order of Merit's precedence among other honours differs between countries."
"Lord Barham and William Pitt, though nothing came of the idea. Later, it was thought by Queen Victoria, her courtiers, and politicians alike, that a new order, based on the Prussian order Pour le Mérite, would make up for the insufficient recognition offered by the established honours system to achievement outside of public service, in fields such as art, music, literature, industry, and science."
"Victoria's son, King Edward VII, eventually founded the Order of Merit on 26 June 1902 (the date for which his coronation had been originally planned) as a means to acknowledge "exceptionally meritorious service in Our Navy and Our Army, or who may have rendered exceptionally meritorious service towards the advancement of Art, Literature and Science". All modern aspects of the order were established under his direction, including the division for military figures."
"From the outset, prime ministers attempted to propose candidates or lobbied to influence the monarch's decision on appointments, but the Royal Household adamantly guarded information about potential names... The order's statutes were amended in 1935 to include members of the Royal Air Force and, in 1969, the definition of honorary recipients was expanded to include members of the Commonwealth of Nations that are not realms."
"There may be, however, only 24 living individuals in the order at any given time, not including honorary appointees, and new members are personally selected by the reigning monarch of the realms, currently Queen Elizabeth II, with the assistance of her private secretaries; the order has thus been described as "quite possibly, the most prestigious honour one can receive on planet Earth."