It has as its objective "the promotion of oratory among the students of the University, and the faculty of clear thinking and sound reasoning upon matters which may be deemed to be of vital importance".

In 1960, a debate on the motion "That the death-knell of Sinn Féin has sounded", due to be chaired by Owen Sheehy-Skeffington, was banned by the college authorities, leading to questions in Dáil Éireann.

The Lit & Deb found refuge during this suspension with the Dominican Nuns at Taylor's Hill, and held several debates in the Rosary Hall of their school there.

In recent times, the committee has resurrected the award and it is now an accolade that recognises the achievements of those outside the society, who excel in particular field.

Among the recipients of the award are; Roddy Doyle, Ardal O'Hanlon, Patrick McCabe, Prof. Noam Chomsky, US Senator Mike Gravel, Congressman Bruce Morrison, Desmond Tutu,[3] Nobel Prize winner Prof. Edmund Phelps[4] and former Taoiseach Bertie Ahern.