The Cannes Film Festival (French: le Festival de Cannes), founded in 1946, is one of the world's oldest and most prestigious film festivals. The private festival is held annually (usually in the month of May) at the Palais des Festivals et des Congrès, in the resort town of Cannes, in the south of France.
Prior to the beginning of each event, the Festival’s board of directors appoints the juries who hold sole responsibility for choosing which films will receive the blessing of a Cannes award. Jurors are chosen from a wide range of international artists, based on their body of work and respect from their peers.
The most prestigious award given out at Cannes is the Palme d'Or ("Golden Palm") for the best film. The Grand Prix is the second-most prestigious prize of the festival after the Palme d'Or. The Jury Prize (French: Prix du Jury) is considered the third most prestigious prize at the film festival, after the Palme d'Or and the Grand Prix.
(from Cannes Film Festival Wiki Site, wikipedia.org)