On 12 November 2013, the philanthropists Boris and Ināra Teterev and Latvian Academy of Sciences’ President Ojārs Spārītis reached an agreement on the provision of support to the Latvian Academy of Sciences (LAS) to recognise outstanding in science that benefit Latvian society and the nation as a whole.

Under the auspices of this programme, the Foundation provides support for the Latvian Academy of Sciences Grand Medal, which is the highest award awarded to Latvian and overseas scientists for outstanding creative achievements. Candidates can be nominated to receive the award by the LAS full members, honourable and overseas members, as well as LAS departments. The decision to confer the award is made by the LAS Senate. The LAS Grand Medal has been awarded since 1993. 

Every autumn, two Grand Medals are awarded - one to a Latvian scientist and the other to an overseas scientist with links to Latvia. Recipients of the award receive the cast bronze Grand Medal and a cash prize of EUR 10,000 (post-tax), which are funded by the Boris and Ināra Teterev Foundation.

On 24 November 2016, the Grand Medal and the prize of the Boris and Ināra Teterev Foundation received the Member of the LAS Talavs Jundzis for the research on the history of the restoration of independence of Latvia; and the Honorary Doctorate of the LAS Romans Lacis for the advancements in heart surgery in Latvia.

The laureates in 2015, in turn, are the Rector of Daugavpils University, Professor Arvīds Barševskis and the Director of the University of Latvia’s Institute of Solid State Physics Andris Šternbergs.

At a general meeting of the LAS on 27 November 2014, the Grand Medal and first two cash prizes were awarded to literary scientist and academic Dr. habil. philol. Viktors Ivbulis for his outstanding contribution to Indology and LAS overseas member Dr. habil. chem. Regīna Žuka for her important contribution to the development of the anti-cancer drug Ftorafur.