The Academy Awards, informally known as The Oscars, are a set of awards given annually for excellence of cinematic achievements. The Oscar statuette is officially named the Academy Award of Merit and is one of nine types of Academy Awards. Organized and overseen by the Academy of Motion Picture Arts and Sciences (AMPAS), the awards are given each year at a formal ceremony. The AMPAS was originally conceived by Metro-Goldwyn-Mayer studio executive Louis B. Mayer as a professional honorary organization to help improve the film industry’s image and help mediate labor disputes. The awards themselves were later initiated by the Academy as awards "of merit for distinctive achievement" in the industry.